In terms of TMT, memory prices rose week on week. In terms of midstream manufacturing, the prices of electrolyte and cathode materials rose this week; The comprehensive price index of photovoltaic industry rose slightly this week; In November, the output of concrete machinery, excavation and shovel transportation machinery decreased year-on-year, the year-on-year decline of excavator sales narrowed in December, and the year-on-year decline of loader sales expanded; Heavy truck sales fell 52% year-on-year in December. In terms of consumer demand, pork prices fell and vegetable price index fell. In terms of resource products, the ten day average trading volume of construction steel fell; Billet prices, rebar prices and iron ore prices rose; The settlement price of coke futures goes up, and the settlement price of coking coal and thermal coal futures goes down; International crude oil prices rose and inventories decreased. Inorganic chemicals futures prices rose and fell, while sulfuric acid fell sharply. Most of the futures prices of organic chemicals rose, and the prices of PTA, toluene, xylene and phthalic anhydride increased significantly. Most industrial metal prices rose, aluminum, zinc, tin and nickel prices rose significantly, and lead prices fell; Most inventories fell. Spot prices of gold and silver fell. In terms of Finance and real estate, the money market recovered net and the overnight Shibor interest rate rose.
core view
[focus this week] the banking sector continued to rise this week. Since the beginning of the year, the increase of the sector is second only to the real estate industry. mainly lies in: 1) “steady growth” underpinning the economy and loose credit margin; 2) The real estate risk has been alleviated in stages, and the market pessimistic expectation has been gradually repaired; In the future, the policy of maintaining the stability of real estate is expected to continue to be introduced, and the quality of assets involving real estate loans in the bank’s balance sheet is expected to be optimized; 3) According to the annual report forecast / express recently disclosed, the profit growth of some banking enterprises exceeded expectations, superimposed with a good start in the first quarter, which is expected to continue to thicken the performance of the banking sector. In addition, at the end of the year and the beginning of the year, funds have a greater preference for undervalued values, the banking sector generally has a good performance, and the prosperity of the banking sector is expected to continue.
The prices of [information technology] 4GB 1600MHZ DRAM and 64GB NAND flash memory increased week on week, and the price of 32GB NAND flash memory remained unchanged.
[midstream manufacturing] this week, the prices of electrolyte and cathode materials increased, the prices of some lithium materials remained unchanged, the prices of most cobalt materials increased, and the prices of electrolytic cobalt decreased; This week, the comprehensive price index of photovoltaic industry rose, module price index fell, and silicon wafer price index rose. This week, the price of silicon materials in the photovoltaic industry chain went up and the price of components went down; From January to November, the cumulative operating revenue of the machine tool industry maintained a high growth rate year-on-year; The year-on-year growth rate of export delivery value of 11 kV components narrowed in the current month; in December, the year-on-year decline in excavator sales narrowed, and the year-on-year decline in loader sales expanded; In December, the year-on-year decline in heavy truck sales narrowed; CCFI and ccfbi go up and BDI and BDTI go down.
[consumer demand] fresh milk prices fell this week. the prices of piglets, live pigs and pork fell; The decline in the profit of self breeding and self raising pigs expanded, and the profit of outsourcing piglet breeding narrowed. the price of broiler seedlings decreased and the price of chicken increased. The vegetable price index fell, corn futures settlement price and cotton futures settlement price fell. The box office revenue of the film went down this week, and the number of people watching the film decreased.
The ten day average trading volume of [resource products] construction steel fell; Billet prices, rebar prices and iron ore prices rose ; China’s port iron ore inventory and Tangshan billet inventory decreased, and the inventory of main steel varieties increased; The capacity utilization rate of Tangshan Steel Plant and the blast furnace operating rate of Tangshan steel plant increased. the settlement price of coke futures is up, and the settlement price of coking coal and thermal coal futures is down; coal inventory in Qinhuangdao Port decreased, coking coal inventory in Jingtang Port increased, and Tianjin Port Co.Ltd(600717) coke inventory remained unchanged. international crude oil prices rose and inventories decreased. Inorganic chemicals futures prices rose and fell; Most of the futures prices of organic chemicals rose, octanol, methanol, styrene and diethylene glycol fell, and PTA, toluene, xylene and phthalic anhydride increased significantly; most industrial metal prices rose , aluminum, zinc, tin and nickel prices rose significantly, and lead prices fell; Most of the inventory decreased. Spot prices of gold and silver fell.
[financial real estate] the money market recovered 660 billion yuan, and the interest rate of Shibor rose overnight. the turnover of A-Shares and daily turnover decreased. This week, the land transaction premium rate decreased and the transaction area of commercial housing decreased.
[utilities] the ex factory price of natural gas in China decreased, and the settlement price of natural gas futures in the UK decreased.
risk tip: the degree of industrial support is lower than expected, and the macro-economy fluctuates
