hot news

• The central bank and the China Banking and Insurance Regulatory Commission adjusted the differentiated housing credit policy, and the lower limit of the first-home loan interest rate was adjusted to no less than the corresponding term LPR minus 20 basis points

The central bank and the China Banking and Insurance Regulatory Commission issued a notice to adjust the differentiated housing credit policy: 1. For households who borrowed to buy ordinary self-occupied housing, the lower limit of the interest rate of the first commercial personal housing loan shall be adjusted to not lower than the market quotation interest rate of the corresponding term loan minus the reduction of the interest rate. 20 basis points, and the lower limit of the interest rate policy for commercial personal housing loans for second homes shall be implemented in accordance with the current regulations. 2. On the basis of the unified lower limit of loan interest rates across the country, the local offices of the People’s Bank of China and the China Banking and Insurance Regulatory Commission will guide the provincial market interest rate pricing self-discipline mechanism in accordance with the principle of “implementing policies according to the city”, according to the changes in the real estate market situation in the cities within the jurisdiction and the city’s According to the government’s regulation requirements, it can independently determine the lower limit of the interest rate of commercial personal housing loans for the first set and second set of housing in each city within the jurisdiction.

• Fed Mester: The possibility of raising interest rates by 75 basis points in September may be put on the agenda again

On Friday, Cleveland Fed President Mester said the possibility of a 75 basis point rate hike in September was on the agenda again. It expects the Fed to support a 50 basis point rate hike at its two meetings in mid-June and late July. If inflation fails to moderate by the September FOMC meeting, a faster pace of rate hikes may be necessary, she said. As a result, the Fed is likely to raise rates by 75 basis points after its Sept. 20-21 meeting.

• Goldman Sachs cuts U.S. GDP growth forecast to 2.4% in 2022

Economists at Goldman Sachs Group Inc. lowered their forecasts for U.S. economic growth this year and next to reflect financial market volatility caused by the Federal Reserve’s tightening monetary policy. The U.S. economy is now expected to grow 2.4% this year and 1.6% in 2023, down from 2.6% and 2.2% previously. “While slowing economic growth should help reduce job openings, it may also raise unemployment slightly, especially given that job openings typically only decline when unemployment spikes in recessions.” Goldman economists The unemployment rate is expected to rise to 3.7% by the end of 2023 after falling to 3.4% in the coming months.

• Food crisis is approaching! India, the world’s second largest wheat producer, announces ban on wheat exports

The Indian government said in an announcement late Friday that it would immediately ban wheat exports. Currently, the world’s second-largest wheat producer is trying to quell local price increases. In order to safeguard India’s food security, the Indian Trade Agency has revised its wheat-related export policy, according to documents from the Indian Ministry of Commerce and Industry. India will immediately ban Indian wheat exports, although those exports that have previously issued letters of credit can continue.

• Former Goldman Sachs CEO Blankfein: Companies should prepare for a U.S. recession

Goldman Sachs senior chairman Lloyd Blankfein on CBS’ “Face the Nation” on Sunday urged businesses and consumers to prepare for a U.S. recession, calling it “a very, very high risk.” “If I were running a big company, I would be well prepared for it… If I were a consumer, I would be prepared.” Recession “is not doomed,” there is a “narrow path” to avoid it . The former Goldman Sachs CEO said the Fed has “very powerful tools” to curb inflation and has been “responding well.”

• Bridgewater Fund and Jinglin Assets increase their positions in Alibaba and JD.com

On May 14, Bridgewater Fund, the world’s largest hedge fund, and Jinglin Assets, the world’s largest private equity fund, announced their holdings of U.S. stocks one after another. From the data point of view, both of them have focused on increasing their positions in Chinese concept stocks, especially Internet platform companies. $Alibaba (BABA.US)$ , $JD.com (JD.US)$ , etc. entered the top ten holding heavy positions.

• Don’t be afraid of “tumble”! Funds continue to flow in, and “Sister Wood” continues to buy, buy, buy

Wood sister’s flagship fund ARK Innovation ETF (ARKK.US) plummeted 10% last Wednesday, the third-biggest drop ever for the fund, but the fund still recorded net inflows. The inflow of $45 million that day was relatively small compared to the $7.8 billion in volume, but for 2022, the fund’s net inflow is more than $1.5 billion, and the fund has fallen as much as 61% over the same period. Bloomberg quoted Nate Geraci, president of consultancy The ETF Store, as saying that Cathy Wood’s belief in her strategy has not wavered at all, and in fact she is doubling down on her strategy.

US stocks resume trading

• The three major stock indexes rose across the board on Friday, with the semiconductor, Internet and new energy vehicle sectors leading the market

On Friday, the Dow closed up 1.47%, the Nasdaq closed up 3.82%, and the S&P 500 closed up 2.39%.

Internet technology, semiconductors, and new energy vehicle sectors skyrocketed across the board. Nvidia rose 9.5%, AMD rose 9.26%, Tesla rose 5.7%, Apple and Google rose nearly 3%, and Amazon rose 5.7%. Consumer stocks led the Dow higher, with Nike up 4.8% and Hermes up 4.3%. Most of the Chinese concept stocks closed up, Xiaopeng Motors rose more than 11%, Pinduoduo rose more than 10%, Weilai rose 9.24%, Li Auto rose 8.45%, Baidu rose more than 8%, NetEase and JD.com rose nearly 5%.

• Musk’s two words stirred up Twitter’s stock price volatility

Musk reprinted an article published by Reuters ten days ago, which reported that $Twitter (TWTR.US)$ said in a regulatory filing that it predicted that the proportion of false and spam accounts among the company’s monetizable daily active users in Q1 was less than 5 %. In response, the world’s richest man said the Twitter deal would be put on hold for the time being while waiting for specific details to back up the conclusion. However, as the market sentiment fermented, Musk added two hours later, “still committed to the acquisition.” Twitter closed down nearly 10% as of Friday.

• Unable to negotiate import tariffs, Tesla shelved its plan to enter the Indian market after “hitting a wall”

Tesla (TSLA.US) has shelved sales of electric vehicles in India after failing to secure lower tariffs on electric vehicle imports, Reuters reported on Friday (May 13), three people familiar with the matter said. plans to abandon the job of finding a showroom and reassign part of the Indian team. The decision also marks an end to more than a year of deadlocked talks with representatives from the Indian government after Tesla sought to test demand in the Indian market by importing electric vehicles from U.S. and Chinese production centers at lower tariffs.

• Weilai has a cash reserve of 52.65 billion yuan and will be listed in Singapore on May 20

$NIO (NIO.US)$ announced the supplementary documents for the second listing on the Singapore Exchange and disclosed the company’s latest financial information. As of February 28, 2022, NIO had cash and cash equivalents, restricted cash and short-term investments totaling 52.65 billion yuan. NIO will be officially listed on the SGX on May 20, and will become the first smart electric vehicle company listed in the three places.

• Apple’s major turnaround is imminent? It is said that the iPhone’s switch to the Type-C interface has been put on the agenda

According to Bloomberg, citing sources, $Apple (AAPL.US)$ switched to a USB-C interface (Type-C interface) in the process of testing future iPhone models, replacing the original Lightning interface. The source added that Apple is also developing a power adapter that will work with future and current iPhones. However, they point out that iPhones with Type-C ports won’t be announced until at least 2023, and phones before then will still use the Lightning port.

• Wedbush: Still bullish on Apple and Microsoft as top tech stocks

Wedbush analyst Dan Ives said the recent market correction is not a copy of the dot-com bubble, but it will make a clear distinction between different tech companies. In the current environment, the strongest companies are likely to emerge even stronger, the analyst said. He said tech companies that are “backbone” including Microsoft (MSFT.US)$ and Apple (AAPL.US)$ could see revenue declines in 2022 and 2023, in a worst-case scenario , the decline may not be less than 10%. He believes that Tesla (TSLA.US) is also in the same ranks as Apple and Microsoft, and the top tech stocks also include Palo Alto Networks (PANW.US) , $Check Point Software (CHKP. US)$ , $Zscaler (ZS.US)$ , $Fortinet Information (FTNT.US)$ , $Tenable Holdings (TENB.US)$ and $CyberArk (CYBR.US)$ .

Top 20 U.S. stocks by turnover last Friday

Hong Kong City Prospects

• Beishui added Meituan for the 23rd consecutive day, accumulatively exceeding HK$18 billion

Southbound funds bought a net 3.495 billion Hong Kong dollars last Friday, the fifth consecutive day of net purchases. Meituan-W, Tencent Holdings, and China Mobile received net purchases of HK$1.138 billion, HK$549 million, and HK$403 million, respectively; Xiaomi Group-W and SMIC sold nets of HK$207 million and HK$62.58 million, respectively. Among them, Nanxia Fund has bought Meituan for 23 consecutive trading days since March 28, with a total of about HK$18.094 billion.

• Ping An of China: From January to April, the premium income of the original insurance contract totaled 304.644 billion yuan

$ China Ping An (02318.HK) $ announcement, from January to April 2022, the company’s subsidiaries China Ping An Property Insurance Co., Ltd., China Ping An Life Insurance Co., Ltd., Ping An Annuity Insurance Co., Ltd., Ping An Health Insurance Co., Ltd. The original insurance contract premium income of 94.928 billion yuan, 196.38 billion yuan, 8.182 billion yuan, 5.154 billion yuan, a total of about 304.644 billion yuan.

• BeiGene: Net loss of 2.86 billion yuan in the first quarter

$BeiGene (06160.HK)$ announced that the operating income in the first quarter was 1.948 billion yuan, a year-on-year decrease of 50.4%; the net loss was 2.866 billion yuan.

• JPMorgan Chase: Downgrade Xiaomi Group to Neutral and target price to HK$12.5

JPMorgan issued a report saying that due to weak demand for smartphones and the Internet of Things, as well as cost pressure from increased investment in electric vehicles, it took a wait-and-see attitude towards Xiaomi Group-W (01810.HK)$ and downgraded its rating from Overweight To neutral, the target price was lowered from HK$19 to HK$12.5. JPMorgan lowered its adjusted net profit forecasts for Xiaomi in 2022 and 2023 by 24% and 31%, respectively, to reflect weaker demand and higher costs. In addition, Morton believes that Xiaomi may maintain a large investment in its electric vehicle project (3.5 billion to 4 billion yuan per year), which will affect the profitability in the next 1-2 years. Xiaomi continues to be flush with cash and the stock is moving into the value sector, but its earnings per share forecast may be downgraded for several quarters without an immediate catalyst.

• Macquarie: Downgrade the target price of Ideal Auto to HK$126.3, maintain the rating to outperform the market

$Ideal Auto-W(02015.HK)$ The total revenue in the first quarter of this year was 9.56 billion yuan, a year-on-year increase of 167.5%. Macquarie issued a report stating that Li Auto’s first-quarter net income was better than expected and its gross profit margin was strong. It maintained its Hong Kong stock rating to outperform the market, and the target price was lowered by 16% to HK$126.3, equivalent to a forecasted price-to-sales ratio of 3.5 times this year (previously 5.1x valuation forecast). The bank maintained its ideal sales forecast, raised its ASP and adjusted its product mix, thus raising its 2022-2024 revenue forecast by 7%, 5%, and 3%, respectively. After adjusting for revenue, gross margin and operating expenses, it raised its 2022 forecast from a loss of 156 million yuan to a profit of 138 million yuan, and raised its 2022 and 2023 net income forecasts by 8% and 6%, respectively.

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Keywords: Sohu/Tencent Music financial report

The busy week has begun, and the State Council Information Office will hold a press conference on the operation of the national economy.

For Hong Kong stocks, Man Wah Holdings (01999.HK) will release its earnings report.

For U.S. stocks, you can focus on:

• U.S. New York Fed manufacturing index for May;

• $Sohu (SOHU.US)$ , $Tencent Music (TM E.US)$ , $Tower Semiconductor (TSEM.US)$ will announce results.

• Minneapolis Fed President Kashkari will speak on energy and inflation in 2023.

Niu Niu Chen read:

A stock market downturn is as common as a January blizzard in Colorado, and it can’t hurt you if you’re prepared. The dip is an opportunity to pick up the bargains left by investors fleeing the storm in a hurry.

– Peter Lynch

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