[Today’s headlines]

iShares MSCI China ETF inflows hit a record high in a single day

Investors poured nearly $270 million into the iShares MSCI China ETF on Tuesday, the biggest one-day inflow since the fund was founded in 2011. The MSCI China index tracked by the ETF has gained nearly 7 percent this week. Charlie Wilson, who manages $1.1 billion in emerging-market stocks at Thornburg Investment Management, said he is overweight Chinese stocks. “The valuations of China’s big tech stocks have fallen to their lowest in more than a decade. I don’t think these companies will disappear.”

Zhitong Finance APP comment: The Hang Seng Technology Index has rebounded after experiencing a deep decline, which is mainly affected by the return of the US stock market to the concept sector. With the subsidence of plate prices in the early stage, OTC funds began to pay attention to the value of most of the manslaughter. In the later stage, the sentiment has recovered, and Hong Kong stocks will return to a rational track in the second half of the year.

The main function of the national unified e-cigarette transaction management platform has been completed and will be officially launched on June 15

Zhitong Finance APP was informed that the State Tobacco Monopoly Administration issued the “Answer to Questions Related to Electronic Cigarette Administrative Licensing and Product Technology Review”, revealing that it will approve and issue a batch of tobacco monopoly production enterprise licenses for electronic cigarette-related production enterprises that meet the administrative licensing conditions in the near future. .

At present, the main function of the national unified e-cigarette transaction management platform has been completed and will be officially launched on June 15. At that time, market entities such as e-cigarette nicotine manufacturers, atomizer manufacturers, and e-cigarette manufacturers that have obtained tobacco monopoly licenses in accordance with the law should gradually trade and settle on the platform.

On May 27, the Office of the State Tobacco Monopoly Administration and the General Office of the State Administration for Market Regulation issued the “Notice on Regulating the Inspection and Testing of Electronic Cigarettes” to further strengthen the supervision of electronic cigarettes, ensure the quality and safety of electronic cigarette products, and standardize the inspection of electronic cigarettes. Check the work.

According to the data of the “2021 Blue Book of Electronic Cigarette Retail Formats” jointly released by Volume Think Tank and IECIE, by the end of 2021, there will be about 190,000 electronic cigarette retail outlets nationwide, including about 55,000 professional electronic cigarette shops. In terms of quantity, the e-cigarette retail license plans issued by China Tobacco in various provinces basically conform to the law of stock replacement. The number of 29 provincial licenses that have been announced is 48,740.

Zheshang Securities believes that the implementation of domestic e-cigarette policies and measures is advancing in an orderly manner, and from the perspective of regulatory attitudes, it is more moderate than the previous pessimistic expectations of the market. Analysts at Zheshang Securities also said that under stricter standards and norms, brand leaders with strong technical strength are still worthy of attention. Pay attention to the long-term value of Smol International (06969). At the same time, it focuses on the high-quality targets of the China Tobacco industry chain, such as Jinjia (002191.SZ) and Huabao International (00336).

【General Outlook】

Overnight popular Chinese concept stocks continued to rise, Hang Seng index continued to rebound

Overnight, the three major U.S. stock indexes closed down collectively, the Dow fell 0.81%, the Nasdaq fell 0.73%, and the S&P fell 1.08%; popular Chinese concept stocks rose sharply for three consecutive trading days, Alibaba rose by more than 14%, and Pinduoduo rose by more than 9%. %, Jingdong rose more than 7%. The ADR index of Hong Kong stocks rose, and closed at 22,224 points on a proportional basis, up 209.75 points or 0.94% from the Hong Kong closing. Overnight, popular Chinese concept stocks in US stocks continued to rise, and Hong Kong stocks Hang Seng Index continued to rebound.

【Hot spot prospect】

1. Passenger Car Association: According to preliminary statistics, the retail sales of the national passenger car market in May was 1.354 million units, a year-on-year decrease of 17%

According to the preliminary statistics of the Passenger Car Association, from May 1 to 31, the national passenger car market retailed 1.354 million units, a year-on-year decrease of 17% (the decline narrowed by 17 percentage points compared with the same period last month) and a month-on-month increase of 30%; national passenger car manufacturers Wholesale 1.557 million vehicles, down 3% year-on-year (the decline narrowed by 23 percentage points from the same period last month), and a month-on-month increase of 64%. From June 1 to 5, the retail sales of passenger cars was 168,000 units, a year-on-year decrease of 5%, a month-on-month decrease of 47%, and a month-on-month increase of 6%; the nationwide passenger car wholesale of 163,000 units, a year-on-year decrease of 7%, month-on-month It fell 64% last week and was up 17% from a month earlier.

At present, the peak of the domestic epidemic has passed, the resumption of work and production is gradual, and the implementation of support policies is accelerated. Changchun’s auto manufacturing capacity was quickly revived in May. The resumption of work and production started by some enterprises in Shanghai in mid-to-late April is gradually advancing. In May, the supply is facing a state of gradual improvement, which will meet the normal supply and demand of the industrial chain as soon as possible. At present, enterprises in the automobile industry chain are gradually changing from “fire-fighting” emergency response to normalized high-resilience supply chain management. Production and sales gradually returned to normal.

CITIC Construction Investment released a research report on the automobile industry, saying that it is recommended to seize the economic recovery and policy inflection points and actively increase allocations. According to the report, from the vehicle side, the upward trend of the auto industry’s business cycle and the increase in the market share of self-owned brands have all contributed to the improvement of the auto industry’s profitability. Reviewing the history, under the stimulus policy, OEMs with large stock bases and strong product cycles will benefit the most. Relevant targets: Changan Automobile (000625.SZ), BYD (01211, 002594.SZ), GAC Group (02238), SAIC Group (600104.SH), Great Wall Motor (02333), Geely Automobile (00175).

2. A quarter of the world’s central banks intend to increase their holdings of gold

According to the World Gold Council, a quarter of the world’s central banks are looking to increase their gold holdings over the next 12 months as concerns over the global financial crisis continue to mount. The World Gold Council said that “respondents were more concerned about the shift in global economic power and less optimistic about the role of the US dollar as a reserve currency” and were therefore more willing to increase their gold holdings. Part of the reason for this is as a buffer against a “balance of payments crisis” and gold as a backstop for the domestic financial system.

The relevant Hong Kong stocks involved include: China Gold International (02099), Zijin Mining (02899), Shandong Gold (01787), Zijin Mining (02899), Zhaojin Mining (01818), etc.

3. American consulting agency: It is expected that there will be a surplus of 200,000 tons of aluminum in 2022

U.S. consultancy Harbor said aluminum prices are expected to fall back to $2,310 a tonne by December 2022 as demand falls. The aluminum inventory is expected to be 17.1 million tons in 2022, and the excess supply of aluminum is expected to be 220,000 tons in the same period, and is expected to reach 1.1 million tons by 2023. The relevant Hong Kong stocks involved include: Aluminum Corporation of China (02600), China Hongqiao (01378), Rusal (00486), etc.

[Single stocks are sunny]

1. BYD: It is proposed to adjust the upper limit of the repurchase price not to exceed 400 yuan per share

BYD announced that it plans to adjust the plan to repurchase the company’s shares in 2022: to adjust the upper limit of the A-share repurchase price from no more than 300 yuan per share to no more than 400 yuan per share.

Nomura released a research report saying that it maintained the “buy” rating of BYD (01211) and listed it as the industry’s top choice, raised its earnings per share forecast for this year and next year by 22%/23%, and raised the assumption of electric vehicle sales from 1.08 million/1.39 million units To 1.5 million/2 million units, the target price was raised from HK$347 to HK$360.

The bank said the company’s recent launch of three new models reaffirmed that it has minimised supply problems and that sales are highly visible for the rest of the year. The bank said year-to-date sales have exceeded its optimistic estimates, and it is expected to benefit from the vertically integrated business model and the undisturbed launch of new models equipped with its own blade batteries, and management said the chip shortage has gradually improved.

2. BeiGene (06160): The latest clinical results of zanubrutinib are positively ushering in a period of explosive performance

At the 2022 American Society of Clinical Oncology (ASCO) annual meeting held recently, BeiGene (06160) presented data reports from eight studies in its rich solid tumor and hematological tumor drug portfolio. These include the latest clinical data from the BTK inhibitor Baiyueze (zanubrutinib): long-term safety and efficacy of the Phase 3 ASPEN clinical trial of zanubrutinib versus ibrutinib in patients with Waldenström’s macroglobulinemia Results from the primary analysis of the Phase 2 ROSEWOOD trial of zanubrutinib plus octuzumab versus octuzumab monotherapy in patients with relapsed/refractory follicular lymphoma.

Zhitong Finance APP comment: Zanubrutinib is the company’s largest self-developed commercial product, with global sales of US$104 million in 2022Q1, a year-on-year increase of 371.9%. At present, zanubrutinib has been approved for multiple indications in 47 markets including the United States, China, the European Union, and the United Kingdom, and the global development layout is gradually being realized. CITIC Securities said that it is expected that with the launch of new products and new indications, BeiGene is expected to usher in a period of explosive performance.

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