Original link: https://www.latepost.com/news/dj_detail?id=1757
In the first half of the year, the growth rate of resident consumption was higher than the growth rate of income
The National Bureau of Statistics announced important economic data for the first half of the year on July 17. Spokesperson Fu Linghui concluded at a subsequent press conference, “The economy is recovering and improving, and transformation and upgrading are progressing steadily. However, we must also see that The international political and economic situation is complicated, and the recovery of the world economy is sluggish, so we still need to work harder to promote the continuous recovery of the economy.”
After deducting price factors, GDP grew by 5.5% and 6.3% in the first half and the second quarter respectively
According to preliminary calculations by the Bureau of Statistics, the GDP in the first half of the year was 59,303.4 billion yuan, a year-on-year increase of 5.5% after deducting price factors (calculated at constant prices). In the second quarter, due to the low base, the year-on-year growth rate recovered to 6.3%. The proportion of government, enterprise and household consumption expenditure in GDP has increased significantly, approaching 78% in the first half of the year.
The growth rate of household consumption is higher than the growth rate of income, and the proportion of medical care expenditure is close to 10%
In the first half of the year, the per capita disposable income of the national residents was about 19,672 yuan, and the per capita consumption expenditure was about 12,739 yuan. After deducting the price factor, revenue and expenditure increased by about 5.8% and 7.6% year-on-year, respectively. Analysts said that the growth rate of consumption was higher than that of income, which to a certain extent indicated that it was not “demand” that restricted the further recovery of current consumption.
Among various consumption purposes, “health care” is the item with the most obvious increase in proportion, from 6.3% ten years ago to 9.57%, which is a high point since statistics are available.
E-commerce growth slows, but its share of retail sales recovers
In the first half of the year, the national consumption of goods and services exceeded 22 trillion yuan, a year-on-year increase of 8.2%. Among them, e-commerce contributed about 6.0623 billion yuan in retail sales of physical goods, accounting for 26.6% of the total, but the growth rate slowed down to 10.8%.
Weak real estate weighs on fixed-asset investment
In the first half of the year, the national fixed asset investment was approximately 24,311.3 billion yuan, a year-on-year increase of 3.8%.
Real estate investment accounted for nearly a quarter of the country’s fixed investment, and its investment in the first half of the year was 7.9% less than the same period last year. While infrastructure investment is picking up, it’s not enough to offset weakness in the housing market. According to real estate investment data released on the same day, the area of newly started construction in the first half of the year decreased by nearly 24% year-on-year.
Urban Survey Unemployment Rate Falls
In the first half of the year, the average surveyed urban unemployment rate across the country was 5.3%, down 0.2 percentage points from the first quarter. In June, the national surveyed urban unemployment rate was 5.2%, unchanged from May. Among them, the surveyed unemployment rate of 16 to 24-year-old population is 21.3%. (Gong Fangyi)
Amazon’s promotion, what are Temu and SHEIN doing?
Although Amazon has publicly stated that it will not compare prices with Temu, the industry increasingly believes that the e-commerce giant has actually felt threatened and is quietly taking action.
July 11th to 12th is Amazon’s annual Prime Day promotion (paid membership promotion day). According to statistics, Amazon’s discounts this year are significantly higher than in previous years. For example, the price of electronic products was reduced by about 6% last year, and this year it has expanded to 16%. The price of toys and other categories has also been reduced by more than 10%. According to Hugo Cross-Border, due to the large amount of traffic in the big promotion, Amazon’s background was down for a while. Some Chinese sellers said that they felt that the platform spent a lot of money on this big promotion.
But sales appear to have fallen short of expectations. According to Adobe Analytics, during Prime Day, U.S. e-commerce consumption increased by 6.1% year-on-year, which was lower than the market forecast of 9.5%.
The industry believes that Amazon’s increase in promotions is not only because American consumers have bottomed out their excess savings in the early stage and began to reduce spending, it is also related to the competition between Temu and SHEIN. According to data from the analysis company GWS, since April this year, the number of daily active users of Amazon in the United States has dropped from 54 million to 46 million, and the number of daily active users in the UK has decreased by 1 million from the beginning of the year to 8.3 million.
During the same period, daily active users of SHEIN and Temu both increased. According to Sensor Tower data, SHEIN currently has more than half of Amazon’s global monthly active users, and Temu is about one-fifth of Amazon’s.
According to Google Trends, on the first day of Prime Day, Amazon’s search interest more than doubled that of usual times, and SHEIN’s search interest soared on the first day after Prime Day, which seems to be a staggered promotion with Amazon.
The popularity of Temu is more stable, and there is no follow-up promotion. On the first day of Prime Day, a blogger posted a Temu unboxing video on TikTok titled “What else is Amazon Prime Day with Temu”. We have previously introduced that Temu cooperates with social media KOLs such as Youtube to release unboxing videos.
Although the combined search popularity of Temu and SHEIN is still less than a quarter of that of Amazon, more and more discussions believe that Temu and SHEIN are posing a substantial threat to Amazon.
SHEIN, which was considered a competitor of Zara in the past, is now also on the platform. According to media reports, its key investment targets include Amazon sellers with annual sales of more than 2 million US dollars, free of commission and advertising fees for the first three months. In addition, high-end brands such as Paul Smith and Stuart Weitzman can already be purchased at SHEIN US station.
Temu’s momentum doesn’t appear to be slowing down. Some people in the industry told Wanwan Finance that the number of new listings on Temu has become tighter recently, and sellers have to grab new ones every day. It may be that the order growth is too fast, and Temu’s warehouse capacity or manpower has not kept up.
At present, domestic sellers uniformly send their products to Temu’s domestic warehouse in Guangzhou. After quality inspection and a series of work, they will be shipped according to the order and sent to overseas consumers. The platform naturally hopes that the more abundant the products, the better, but if the warehousing and logistics cannot keep up, too many new products will only cause a backlog of goods, occupy space, and even affect the speed of delivery.
Meanwhile, Amazon has publicly encouraged sellers on its own platform to complain about Temu. One of the reasons is that dozens of Amazon sellers said they found the same pictures and descriptions of their products on Temu. According to “Wired” magazine, which first mentioned the matter, a seller said that “it is very expensive to lead on Amazon.” He carefully took pictures and invested a lot of advertising expenses, but sales of his two products fell last month. At least 20%, or related to the same product with a lower price on Temu.
According to the report, the seller said that he had complained to Temu many times, but Temu replied that it could not deal with it because the information it provided was not enough to determine the ownership of the pictures and texts, and asked it to provide more information. At present, the same picture can still be found on Temu. (Lin Guangying)
Typhoon strikes, Hong Kong Stock Exchange is closed today
The Hong Kong Stock Exchange announced on the 17th that due to the Typhoon Signal No. 8 being in effect, trading will be suspended for the whole day. Some mainland stockholders expressed puzzlement, saying that it “suspended the market arbitrarily” and “is it open-air trading?”
According to the regulations of the Hong Kong Stock Exchange, if a typhoon signal No. 8 or above is in effect at 9:00 am, trading will be suspended in the morning; if the signal is still in force before 12:00 noon, trading will also be suspended in the afternoon. In 2017, 2019, and 2020, Hong Kong stocks were closed for half a day or a day due to typhoons.
The Hong Kong Stock Exchange is one of the few exchanges in the world that is closed on strong typhoon days. Different from the mainland, where under the strong typhoon, the transportation and service industries will be shut down. If an employee travels in an accident, the Hong Kong Stock Exchange will also need to bear legal responsibility.
In addition, according to the Securities Times, a number of brokers in Hong Kong said that many local investors of the older generation rely on phone calls to place orders. If there is a power outage or signal problem during a typhoon, it will bring losses to investors and affect market fairness.
In February of this year, Chen Maobo, the financial secretary of Hong Kong, China, said that in view of the frequent typhoons in the area, the Hong Kong Stock Exchange is exploring how to maintain the normal operation of Hong Kong stocks under severe weather, but the assessment is still in its early stages. The Hong Kong Securities Regulatory Commission said the initiative is generally beneficial to Hong Kong. (Lin Guangying)
The IPO has been known for a long time丨The core vehicle energy supplier Weimax applied for the purchase today, and its net profit has doubled on average in the past three years
A total of 4 companies subscribed for A shares today:
- Weimax: A manufacturer of core components for new energy vehicles, issued a total of 42.1 million shares at a purchase price of 47.29 yuan, with a price-earnings ratio of 73.98 times. The company mainly produces the core on-board power supply and charging piles of new energy vehicles. It is the upstream supplier of SAIC Motor, Geely Automobile, Li Auto and other companies. The same industry includes Xinrui Technology, Inbrel, Jingjin Electric, etc. From 2020 to 2022, the company will achieve operating income of 657 million yuan, 1.695 billion yuan, and 3.833 billion yuan, respectively, with a compound annual growth rate of 73.90%; realize net profit attributable to the parent company of 0.06 billion yuan, 0.75 billion yuan, and 295 million yuan, with an annual compound growth rate of 1.5 billion yuan 105.16%.
- Shengbang Security: a supplier of network security products, issued a total of 18.88 million shares at a purchase price of 39.90 yuan, with a price-earnings ratio of 26.71 times. The company mainly provides network security products and services for industries such as electric energy, education, and finance, and its customers include H3C, State Grid, and Nanchang University. From 2020 to 2022, the company will achieve operating income of 152 million yuan, 203 million yuan, and 236 million yuan, respectively, with a compound annual growth rate of 30.31%; realize net profit attributable to the parent company of 31 million yuan, 48 million yuan, and 46 million yuan, with an annual compound growth rate of 31 million yuan 36.66%.
- Junyi Digital: a smart city solution provider, issued a total of 30.8 million shares at a purchase price of 31.33 yuan, with a price-earnings ratio of 54.65 times. The company mainly provides digital transformation solutions for customers in various industries by providing information systems. From 2020 to 2022, the company will achieve operating income of 328 million yuan, 354 million yuan, and 410 million yuan respectively, with a compound annual growth rate of 11.81%; The growth rate is 9.94%.
- Sunyu shares: a company that provides sewage treatment and secondary water supply services, issued a total of 41.16 million shares at a purchase price of 20.93 yuan, with a price-earnings ratio of 38.20 times. The company mainly provides secondary water supply for urban residents in Anhui and sewage treatment services for rural areas. From 2020 to 2022, the company will achieve operating income of 528 million yuan, 645 million yuan, and 752 million yuan, respectively, with a compound annual growth rate of 31.66%; realize net profit attributable to the parent company of 87 million yuan, 97 million yuan, and 101 million yuan, with a compound annual growth rate of 31.6% 23.24%.
A total of 3 companies listed on A shares today:
- Zhidi Technology: A manufacturer of computer peripheral products, actually raised 632 million yuan, with a total market value of 3.126 billion yuan, an increase of 23.68% on the first day.
- Xinyin Electronics: A connector manufacturer whose products are mainly used in notebook computers, consumer electronics and automobiles. It actually raised 903 million yuan, with a total market value of 4.852 billion yuan, an increase of 35.76% on the first day.
- Huitong New Materials: a manufacturer of metal fibers and their products, actually raised 166 million yuan, with a total market value of 656 million yuan, an increase of 34.66% on the first day. (Intern Lin Hongsheng)
OTHER NEWS
In the third quarter, the issuance scale of local government bonds reached nearly 1.85 trillion yuan.
According to 21 Finance and Economics, as of the 12th, a total of 22 localities across the country have disclosed their plans for the issuance of local bonds in the third quarter, with a total plan to issue nearly 1.85 trillion yuan of local bonds. Guangdong Province ranks first in the country in debt scale. Therefore, there is a high probability that the planned issuance of local government bonds in the third quarter will exceed the 2.33 trillion yuan in the second quarter, forming a peak issuance within the year.
SMIC replaced the chairman.
SMIC, the largest wafer factory in mainland China, announced today that Chairman Gao Yonggang resigned due to work adjustments, and Vice Chairman Liu Xunfeng took over, effective immediately. According to public information, Gao Yonggang began to concurrently serve as the chairman of Changdian Technology, a domestic packaging and testing leader, in March, and Liu Xunfeng was recommended by the “Big Fund” to serve as the vice chairman of SMIC in May this year. Chairman of Yi Group (a chemical state-owned enterprise), most of his previous work experience was concentrated in the chemical field. In the second half of 2021, SMIC will experience a series of high-level changes. Chairman Zhou Zixue and vice chairman Jiang Shangyi have resigned. Gao Yonggang, the chairman of Dian Technology, once again took over.
China Evergrande will have a net loss of 800 billion yuan from 2021 to 2022.
China Evergrande announced on the Hong Kong Stock Exchange this evening:
- As of the end of 2021, the total liabilities of the group are 2,580.15 billion yuan, of which 893.34 billion yuan is payable;
- As of the end of 2022, the total liabilities of the group are 2,437.41 billion yuan, of which 1,002.26 billion yuan is payable;
- By the end of 2021, the group has a land reserve of 260 million square meters; it has participated in 93 old renovation projects;
- By the end of 2022, the group has a land reserve of 210 million square meters; participated in 79 old renovation projects;
- In 2021, the group’s revenue will be 250.01 billion yuan, with a net loss of 686.22 billion yuan, including 585.15 billion yuan in losses related to write-down of properties, land recovery, and financial asset impairment;
- In 2022, the group’s revenue will be 230.07 billion yuan, with a net loss of 125.81 billion yuan, including 69.37 billion yuan in non-operating losses such as land repossession and financial asset impairment.
Nayuki’s Tea opened 145 new stores in the first half of the year, maintaining the goal of opening about 600 new stores throughout the year.
According to the company’s announcement, in the second quarter of this year, Naixue’s tea net added 88 tea shops and closed 10. As of the end of June, there were a total of 1,194 stores. According to the announcement, due to the low pricing of new products, the unit price of customers in the second quarter decreased slightly from the previous quarter, but the order volume increased; in the first half of this year, Nayuki’s tea opened a total of 145 new stores, and still plans to open about 600 new stores throughout the year . According to the consumer self-media “Bright Company”, Nayuki’s tea may open for franchise this month.
The operating profit of Salia’s Asian business, including China, increased by more than 60% year-on-year.
In the nine months to May this year, Salia’s revenue increased by 23% year-on-year to 132.1 billion yen (about 6.9 billion yuan), and its operating profit increased 2.4 times year-on-year to 3.5 billion yuan (about 180 million yuan). Among them, the operating profit of the Asian market excluding Japan increased by 60% year-on-year to 4.9 billion yen, but the Japanese market continued to suffer losses due to rising raw material prices. Almost all of Salia’s profits come from Asia. It raised prices outside of Japan, but said it would not raise prices in Japan to ensure passenger flow.
China’s demand rebounded strongly, and the sales of Cartier’s parent company in the second quarter increased by 14% year-on-year.
Cartier’s parent company Richemont Group’s sales in the second quarter of this year increased by 14% year-on-year to 5.32 billion euros, of which mainland China achieved double-digit growth, and Hong Kong and Macau achieved triple-digit growth. During the same period, sales in the Americas fell 2% year-over-year, while sales in Europe rose 11%. According to management, the growth in the European market is partly due to the increase in tourist spending from China, the United States, and the Middle East.
ICBC responded by “renegotiating the interest rate of existing mortgages”, saying that it has not received any formal notice.
According to The Paper, recent screenshots show that as long as ICBC’s stock mortgage customers have no bad records such as arrears of repayment within two years, they can apply to the loan handling bank to re-sign the mortgage contract, and the interest rate will be implemented according to the latest lending rate. The reporter said that he has paid attention to the market news reports about the adjustment of the stock housing loan interest rate, but has not yet received a formal notice from the relevant department. On July 14, Zou Lan, Director of the Monetary Policy Department of the Central Bank, publicly stated that he supports and encourages commercial banks to independently negotiate with borrowers to change the contract agreement, or to issue new loans to replace the original stock loans.
The Secretary-General of the Passenger Federation suggested restarting measures such as tax incentives for the purchase of fuel vehicles.
Cui Dongshu, secretary-general of the Travel Association, wrote an article a few days ago that due to the debt squeeze, the demand for the auto market is relatively sluggish compared to the property market. The sales relationship between the two in 2023 is 45 square meters house: 1 car. He said that in recent years, the consumption of passenger cars in the country has continued to slump. With the high base in July and the pressure of negative growth, it is possible to introduce tax incentives for fuel vehicle purchases, reduce and exempt individual tax for car buyers, send cars to the countryside, and encourage marriage to buy cars. Promote auto market consumption and economic growth.
Alibaba leads investment in AR startup “Salute to the Unknown”.
On July 17, the AR glasses start-up company “Salute to the Unknown” announced the completion of an angel round of financing of US$10 million, led by Alibaba. Tribute to Unknown was founded last year by Wu Dezhou, former Smartisan partner and former general manager of Huawei Honor product line. It is expected to release the first consumer-grade AR glasses by the end of this month. Prior to this, Ali also led the investment in another AR startup Nreal (now renamed Xreal).
Tencent confirmed that WeChat accounts that have not logged in for a long time may be cancelled, and those with small change can be spared.
Today, the news about “WeChat accounts that have not been used for a long time have been recycled” sparked discussions among netizens. In this regard, Tencent posted on Weibo that WeChat accounts that are inactive after registration, have not logged in for a long time, and have no change will be canceled by the system. According to the “Tencent WeChat Software License and Service Agreement”, the ownership of the WeChat account belongs to Tencent, and the user can obtain the right to use it after registration.
After being fined nearly 5 billion yuan, Xiaomi still plans to increase its presence in the Indian market.
On July 16, the president of Xiaomi India said that it will increase investment in offline stores in India to boost sales in the Indian market. Specific measures for expansion include increasing the number of stores, supplying more products other than mobile phones, and recruiting more people. It is expected that by the end of next year, the number of Xiaomi’s store employees in India will triple from the beginning of this year. Prior to this, the Indian authorities had seized about 4.8 billion yuan of funds from Xiaomi and accused it of illegally sending money abroad. However, India is still the second largest mobile phone market in the world, and it is difficult for Xiaomi to give up, especially considering that they have just lost the number one position in the local market share not long ago.
Foxconn also wants to make chips in India.
According to local media reports in India, after withdrawing from the $19.5 billion core-making project of a joint venture with Vedanta, Foxconn is negotiating cooperation with TSMC and Japan’s TMH Group to start a chip manufacturing business in India. The reason why Foxconn’s core-making project was stranded earlier is likely to be related to the lack of production experience. Foxconn aims to build four to five production lines in India, including advanced processes, people familiar with the matter said.
Hong Kong, China’s merchandise imports and exports fell short of expectations in May.
In May of this year, the overall export volume of Hong Kong goods fell by 18.3% year-on-year, and the import volume fell by 19.2% year-on-year. Among them, the export volume to India, the United States, the Chinese mainland, and Vietnam all fell, ranging from 6.4% to 36.7%, and the export prices all increased, ranging from 2.4% to 10.9%. In the first five months of this year, Hong Kong’s merchandise exports and imports fell by 19.5% and 16.3% year-on-year respectively.
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