Summary of the contents of the front pages of the four major securities newspapers (April 9)
China Securities Journal
Deconstructing the "impossible trinity" of the new tea industry: the logical paradox of short-term competition and long-term ism of enterprises such as Mixue Group
After Naixue’s tea landed on the Hong Kong Stock Exchange in December 2021, the new tea industry has recently stepped up its listing: Mixue Group, Guming and Chabaidao successively landed on the Hong Kong Stock Exchange in early 2025, while Bawang Chaji and Auntie Shanghai are respectively promoting the listing of US stocks and Hong Kong stocks.
Behind the intensive listing, the new tea companies have shown a scene of ice and fire in the capital market: Naixue’s tea, as the "first share of new tea", once surprised the market with a market value of nearly HK$ 34 billion, and now its share price has dropped to HK$ 0.94 (as of the close of April 8), which is about one twentieth of the issue price, with a market value of only HK$ 1.603 billion; On the first day of listing, the market value of Chabaidao has evaporated by about HK$ 7 billion, and the current share price has halved compared with the issue price. In sharp contrast, the IPO of Hong Kong stocks of Mixue Group triggered a subscription boom, and its market value quickly exceeded HK$ 150 billion after listing. Gu Ming’s share price doubled in about one month after listing.
According to industry insiders, there is a fundamental business paradox behind this difference in the new tea track-it seems difficult for enterprises such as Bawang Tea Ji, Mixue Group and Naixue Tea to achieve the triple goals of scale expansion, cost control and brand tonality at the same time. This "impossible trinity" is becoming a dead knot that restricts the development of the new tea industry.
Large funds to stabilize the market, the turnover of many broad-based ETFs reached a new high.
Since April 7, a number of state-owned institutions have voiced their increasing holdings of ETFs. From the perspective of turnover and capital flow, the signs of jiacang are mainly reflected in mainstream broad-based ETFs.
On April 8, A-shares rebounded at the opening. Although it fluctuated in intraday trading, it rose in late trading, and the three major stock indexes finally closed up. The core leading broad-based ETF was active. On April 7th and 8th, the turnover of large-cap broad-base ETFs such as Shanghai and Shenzhen 300ETF continued to dominate, and small and medium-sized broad-base ETFs such as CSI 500 and CSI 1000 rose suddenly, and the turnover of many products set a new one-day historical record.
Fund custody will "trust and manage" the welcome plan, which is widely expected.
Recently, a draft for comments on the management measures of fund custody business has been circulated in the industry. The opinion draft has made new adjustments to the fund custody norms from many aspects, such as improving the entry threshold, strengthening risk isolation, compacting the custodian’s responsibility and improving the exit mechanism. Among them, avoiding "trust without care" and "trust without management", clarifying the application of "one trust to the end" for private equity investment funds and related custody requirements have attracted the attention of the industry.
China securities journal reporter learned in the interview and investigation that some private equity institutions had risk events before, and the standardized development of fund custody business was gradually paid attention to, and many custodians had spontaneously made risk control adjustments to varying degrees. For example, from the previous request to provide a first-and second-level net worth valuation table, to see a four-level valuation table that penetrates more into the underlying assets. Some fund custodians said that on the whole, the new draft for comments will help to further systematically regulate the custody of funds, especially private equity funds.
It is difficult to repay the loan in advance. Some banks raise the threshold.
"Last month, I found that the number of prepayments on ICBC’s mortgage online was up to 5 times a year. I checked it again a few days ago, only twice, and I can only pay back 200,000 yuan at most. " Ms. Zhang, a borrower who lives in Yangpu District, Shanghai, told reporters on April 8.
Recently, many mortgage borrowers have reported that some banks have tightened the amount and frequency of online mortgage prepayment, and the repayment appointment time has also been extended to some extent. Some banks responded that the business volume of repaying loans in advance has indeed increased recently, and banks have made timely adjustments to related businesses according to the latest situation.
According to industry analysts, when the scale of early repayment exceeds expectations, banks usually control the pace and scale of mortgage business by adjusting the policy of early repayment according to their own capital arrangements, operating conditions and risk preferences. At the same time, banks should also pay attention to the legal compliance of policy adjustment, provide convenience for customers to repay loans in advance, and optimize their financial service experience.
Shanghai Securities News
The "good news" of listed companies in the first quarter frequently reflects the warmth of China’s economic fundamentals.
What are the economic fundamentals of China in 2025? The first quarterly report and the first quarter operating data of listed companies that are intensively released reflect a deep warmth.
The data shows that as of 21: 00 on April 8, a total of 107 A-share listed companies disclosed the first quarter 2025 performance forecast. Among them, 59 companies increased in advance, 29 companies increased slightly, 11 companies turned losses and 3 companies continued to make profits.
At the same time, a number of companies also handed over eye-catching first-quarter production and sales "transcripts." From an industry perspective, listed companies in non-ferrous metals, basic chemicals, national defense and military industry, transportation and other industries have outstanding performance. The reporter found out that the growth of sales data, the rising price of related products and the fullness of hand-held orders have become the motivation for the great increase in performance of many companies.
Mu Yuan shares went out to sea for the first time to raise pigs and animal husbandry in Vietnam, setting off a new round of "going to Southeast Asia"
"There are two main things to go to Hanoi this time: one is to exchange views on pig raising in buildings of local concern; The second is to go to the local agriculture and forestry university in Vietnam to recruit talents for the company’s business. " () Liu Bo, general manager of overseas development, said. A few days ago, when Liu Bo spoke to a reporter from shanghai securities news, he was waiting at Ho Chi Minh City Airport in Vietnam. About 30 minutes later, he will take a flight to Hanoi, the capital of Vietnam.
The recruitment of international management students in Mu Yuan is progressing simultaneously. According to the plan, Mu Yuan will recruit a group of Vietnamese employees, and after training in China, they will be assigned to Vietnam for development. The work includes farming techniques in Mu Yuan and standardized operation procedures.
The reporter noted that not only Mu Yuan, but also New Hope, () and Yangxiang Group have chosen to go deep into Vietnam, and the pace of China’s farming and animal husbandry enterprises "going to South Asia" has obviously accelerated. According to the analysis of insiders, at present, China’s farming and animal husbandry enterprises’ going out to sea is essentially to transform the technology, management experience and cost control ability accumulated in China into the competitive advantage in the international market. This internationalization strategy of "exchanging technology for market" not only reflects the new trend of China’s farming and animal husbandry development, but also promotes China’s farming and animal husbandry to occupy a more favorable position in the global value chain.
Securities firms strengthen the risk monitoring of financial integration. At present, the overall risk of financial integration is controllable.
Despite the global trade conflict caused by tariffs, the risk aversion of China’s financial market increased significantly on April 7, but from the data of the previous day’s financial integration disclosed on April 8, the market leveraged funds remained stable, and the overall risk of financial integration was under control.
As of April 7, the balance between Shanghai, Shenzhen and North China was 1,854.074 billion yuan, a decrease of 49.032 billion yuan or 2.58% compared with the previous trading day. Among them, the financing balance was 1,843.994 billion yuan, a decrease of 47.964 billion yuan or 2.54% compared with the previous day. From the perspective of position preference, there is a strong sentiment of capital defense. Only six sectors, including banks, shipping ports, agriculture, animal husbandry, feed and fishery, coal, gas and airport, have received net capital inflows, but financiers are generally cautious in adding positions. Except for banks, the net inflows of other sectors have not exceeded 40 million yuan.
The brokers interviewed believe that although the financing balance has declined, the overall controllable situation of the risks of the two financial institutions has not changed, and the stability of leveraged funds has fully demonstrated the confidence of the market.
China version of stabilization fund leads the way to stabilize the stock market and blows the assembly number.
Stabilize the stock market, all parties are acting.
Within 48 hours, large funds from large institutions such as Central Huijin Company frequently shot, and the People’s Bank of China and the General Administration of Financial Supervision successively voiced their voices, and the "China Edition Stabilization Fund" was born; The State Council State-owned Assets Supervision and Administration Commission, many central enterprises and state-owned assets operation platforms are constantly moving, and central state-owned assets join hands to enter the market; A large number of listed companies have announced plans to increase their holdings or buy back, and brokers and fund companies have been buying from themselves … A series of measures have released a strong signal to stabilize the stock market and made concerted efforts to boost the capital market.
Securities Times
It is the right time to raise the equity ratio, and insurance companies should be real "patient capital"
Yesterday, the State Financial Supervision and Administration issued the Notice on Adjusting the Supervision Proportion of Equity Assets of Insurance Funds (hereinafter referred to as the Notice). In this regard, many head insurance institutions believe that this will further open up the investment space of equity assets of insurance funds. A number of insurance institutions said that they are firmly optimistic about the development prospects of China’s economy and China’s capital market, and will give full play to the long-term advantages of insurance funds and make real "patient capital".
Listed companies calmly respond to tariff shocks when they see the move.
The lasting vitality of cross-border trade comes from the endogenous motivation of the participants to continuously create value. Although the so-called "reciprocal tariff" promoted by the US government has brought pressure to all trading parties, Chinese and American enterprises in it have not waited and watched.
The Securities Times reporter learned that recently, various listed companies have actively communicated with American customers and tried to find pragmatic solutions. It is this initiative among market players that has injected the firm confidence that "the sky will not fall" into China’s economy.
Further loosening of insurance funds into the market is expected to achieve win-win results.
Recently, the State Financial Supervision and Administration Bureau issued the Notice on Relevant Matters Concerning Adjusting the Supervision Ratio of Equity Assets of Insurance Funds, optimized the supervision policy of insurance funds ratio, and increased support for the capital market and the real economy.
The "Notice" mainly includes three measures: First, raise the upper limit of the allocation ratio of equity assets. Simplify gear standards and increase the proportion of equity assets corresponding to the solvency adequacy ratio of some gears by 5%. The second is to increase the concentration ratio of investment venture capital funds. The third is to relax the regulatory requirements for the tax extension pension ratio.
The issuance of the Notice is an important measure to optimize the asset allocation of insurance funds, which is conducive to promoting the insurance industry to do the "five big articles" in finance, giving full play to the advantages of long-term funds and patient capital, and will achieve win-win results from multiple levels.
Agricultural Power Planning Releases Strong Growth of Seed Industry Plate
Recently, the Central Committee of the Communist Party of China and the State Council issued the Plan for Accelerating the Construction of an Agricultural Power (2024-2035) (hereinafter referred to as the Plan), proposing that by 2027, the construction of an agricultural power will make significant progress; By 2035, the construction of a strong agricultural country has achieved remarkable results. The Plan puts forward new goals and requirements for consolidating the foundation of food security in all directions, promoting the innovation of agricultural science and technology equipment in all fields, improving the modern agricultural management system in all links, promoting the upgrading of agricultural industrial system in all chains, and cultivating new advantages in agricultural international competition.
On April 4th, the State Council Customs Tariff Commission issued a notice on imposing tariffs on imported goods originating in the United States, including a cumulative 49% tariff on 29 kinds of goods originating in the United States, such as chicken, wheat, corn and cotton. A total of 711 categories of goods such as sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products are subject to a cumulative tariff of 44%.
Securities daily
The performance of 41 A-share food and beverage companies last year showed the resilience of the industry.
As consumption heats up, the food and beverage industry, which is already very resilient in performance, will usher in good results again.
As of April 8, a total of 41 food and beverage listed companies in Shanghai and Shenzhen stock markets released their 2024 performance reports. According to the "Securities Daily" reporter, the total revenue and net profit of 41 companies achieved year-on-year growth last year. It is particularly worth mentioning that () Liquor Co., Ltd. (hereinafter referred to as "Kweichow Moutai"), as the "first brother of liquor", has shown super profitability despite the deep adjustment period of the industry. Last year, a company’s net profit accounted for more than 70% of the total net profit of 41 companies.
Dividend is one of the most direct and effective ways for listed companies to return investors. The food and beverage industry has always been a "hot field" with high dividends. Among the above 41 companies, there are as many as 22 companies whose annual cash dividend ratio exceeds 60%.
The top-level design is constantly improving, and the low-altitude economy is "ready to go"
On April 7, in order to ensure the high-quality development of general aviation and low-altitude economy, the Central Air Traffic Control Commission issued special measures, focusing on improving the low-altitude management system, optimizing the allocation of airspace resources, improving the quality and efficiency of operational services, consolidating basic support capabilities, and strengthening the management of air use according to law. Deploy and strengthen low-altitude air traffic control work to the national air traffic control system.
Lu Dingliang, a lawyer of Beijing Jingshi Law Firm, told the Securities Daily reporter that the deployment of the Central Air Traffic Control Committee marks that China’s low-altitude economy has entered a stage of systematic construction. "Improving the low-altitude management system" and "optimizing the allocation of airspace resources" are aimed at solving the core problems that have long restricted the development of low-altitude economy. Strengthening low-altitude air traffic control this time is conducive to further releasing airspace resources, promoting a high-level dynamic balance between airspace supply and demand through flexible airspace management modes (such as dynamic release and classification), and providing more space for emerging navigation applications such as drones and eVTOL.
Many small and medium-sized banks cut deposit interest rates, and large deposit certificates were cut by 40 basis points.
In April, the adjustment of bank deposit interest rate continued. According to the incomplete statistics of the Securities Daily reporter, local small and medium-sized banks and private banks such as Liaoshen Bank, Zhongbang Bank and Xin ‘an Bank have intensively started to reduce the interest rates of deposits and certificates of deposit, and some banks have reduced the interest rates of five-year certificates of deposit by 40 basis points.
Respondents said that this interest rate adjustment is an important measure for banks to actively optimize their debt structure. High-interest deposits in small and medium-sized banks account for a relatively high proportion. Differential interest rate adjustment can effectively reduce the cost at the debt end and create conditions for stabilizing profit margins. It is worth noting that although the market interest rate continues to decline, the trend of resident deposits’ regularization is intensifying. Judging from the data of A-share listed banks that have disclosed the 2024 annual report, the deposit regularization rate continues to rise, indicating that the pressure on bank debt management has intensified.
Silver-haired economy develops vigorously, and listed companies seize market opportunities
Recently, the Guangzhou Municipal People’s Government issued the "Several Measures to Promote the High-quality Development of Service Consumption in Guangzhou", which proposed to expand the supply of old-age care to meet the needs of people’s livelihood. Taking the implementation of the "Ten Articles of Silver Hair Economy" as the starting point, we will cultivate the main business entities of silver hair economy, vigorously carry out the activities of "Silver Age Action" and "Silver Hair Market", and promote the innovative application of old-age service scenarios. In fact, in recent years, many measures have been introduced to increase the development of silver-haired economy.
Yuan Shuai, deputy secretary-general of Zhongguancun Internet of Things Industry Alliance, told the Securities Daily that under the influence of multiple factors such as the continuous promotion of policies and the growth of domestic demand for aged care services, the silver-haired economic market has played an important role in promoting social and economic development.
According to the securities research report, China has entered the stage of silver-haired economy development, and the industrial demand is rich and diverse, covering ten fields of "clothing, food, housing, transportation, money, education, music, medicine, nutrition and health". These industrial directions meet the consumption needs of different elderly groups, which is of great significance to promoting the development of silver-haired economy and tapping consumption potential, and is expected to help silver-haired economy become a new pillar of high-quality economic development in China.