9:01 AM, 36Kr: The number of marriages in China has stopped falling and started to rise; ByteDance responds that it does not advocate the use of honorifics among employees; The Federal Reserve announces a 25 basis point interest rate cut.
TOP 3 Major News
The number of marriages in China has stopped declining and started to rise. In 2023, the number of first-time marriages in Guangdong ranked first in the country.
Recently, the official website of the National Bureau of Statistics of China released the "China Statistical Yearbook 2024", showing that the number of first-time marriages in the country in 2023 was 11.9398 million, an increase of 1.4222 million compared with 2022, an increase of 13.52% compared with the previous year. This is also the first time since 2014 that the number of first-time marriages has increased. From the provincial data, the number of first-time marriages in Guangdong in 2023 reached 1.0711 million, making it the only province in the country where the number of first-time marriages exceeded one million. Henan and Jiangsu ranked second and third respectively. (Dahe Daily)
ByteDance Responds to Not Encouraging Honorifics Among Employees: Weakening the Sense of Hierarchy
On November 7, ByteDance issued a statement to explain some of the company's cultural measures, particularly regarding the handling of issues such as addressing colleagues, employee numbers, job levels, etc. ByteDance pointed out that the company does not require employees to use honorifics or specific titles based on job level, years of service, and other factors among colleagues, such as "Teacher" or "Brother/Sister". The company encourages employees to directly address colleagues by their names or use the title "Classmate". Because any honorifics can add a psychological sense of hierarchy to new employees, and people tend to rely on "senior employees" rather than taking the initiative to innovate or dare to raise objections. (IT Home)
The Federal Reserve Announces a 25-Basis-Point Interest Rate Cut, Leading to a Surge in Chinese Assets
On the early morning of November 8th, Beijing time, the Federal Reserve announced a 25-basis-point interest rate cut, lowering the target range for the federal funds rate to between 4.50% and 4.75%, which is in line with market expectations. On November 8th, Chinese assets experienced a significant increase across the board. The Nasdaq Golden Dragon China Index closed up 3.5%. Popular Chinese concept stocks generally rose. XPeng Motors increased by more than 15%, Futu Holdings rose by more than 12%, Bilibili rose by nearly 9%, JD.com and NIO rose by more than 6%, Pinduoduo rose by more than 4%, Li Auto and Alibaba rose by more than 3%. The FTSE China 3x Leveraged ETF soared by more than 16%, and the FTSE China A50 Index Futures continued to rise in the night session, with the increase expanding to 1%. (Shanghai Securities News, China Fund News)
Big Companies/Big Events
Netease Responds: The rumors about money laundering and other aspects spread online are purely fabricated. Netease has already arranged to report to the police.
On November 8, in response to the recent rumors about the anti-corruption investigation of Netease Games, the public relations department of Netease stated that Netease's anti-corruption efforts have never stopped. As the cases are still under investigation, specific information is not convenient to disclose and will be notified at an appropriate time. The rumors about money laundering and other aspects spread online are purely fabricated. Netease has already arranged to report to the police and calls for "Don't create rumors, don't believe rumors, and don't spread rumors." (China Securities Journal)
赛力斯发布 AITO M7 事故调查声明：无主动制动记录
7 月 6 日，一辆 AITO M7 在广州发生交通事故。车主称在未激活智能驾驶功能的情况下，车辆突然加速，主动制动未响应，失控撞向前方，导致车辆前部严重受损。驾驶员座位的安全气囊仅在方向盘一侧打开，而车门一侧的未打开。
11 月 7 日，赛力斯汽车发布《关于网传广州 AITO M7 事故调查声明》。其中提到，经对车辆数据进行分析，事故前车辆的转向和制动功能正常，事故发生时车辆处于手动驾驶模式，油门踏板被完全踩下，无主动制动记录。然而，车主不认可上述结论；声明还表示，该案件现已进入司法程序，事实认定应以法院的裁决为准。（南方 + ，中国商报）
Nissan CEO voluntarily reduces salary by 50%, and the company announces 9,000 job cuts
On Thursday local time, Nissan Motor announced that it will lay off 9,000 employees globally and reduce its production capacity by 20% to deal with the decline in sales in major markets. The financial report shows that Nissan had a net loss of 9.3 billion yen in the second fiscal quarter, while it achieved a net profit of 190.7 billion yen in the same period last year; and it has lowered its full-year operating profit forecast for the fiscal year 2024 to 150 billion yen ($975 million), compared with the previous forecast of 500 billion yen.
In terms of layoffs, the company did not specify the specific time and location. According to a regulatory filing, as of the end of March, Nissan had approximately 134,000 full-time employees worldwide. At the same time, CEO Makoto Uchida will voluntarily give up 50% of his monthly salary from November 2024, and other members of the Executive Committee will also voluntarily reduce their salaries accordingly. (Cailian Press)
Faraday Future Announces Memorandum of Understanding with JC Sportline
On November 7 local time, Faraday Future announced the signing of a memorandum of understanding with JC Sportline, a carbon fiber automotive parts company. It is introduced that the FF 91 2.0 has customized JC Sportline products, which will be exhibited at the JC Sportline booth at the SEMA Show from November 5 to 8. (Jiemian News)
General Motors will halt production of Cadillac XT4 SUV in January next year
General Motors said on November 7 local time that as the Kansas plant shifts to producing electric vehicles, the company will stop manufacturing the gasoline-powered Cadillac XT4 SUV in January next year. General Motors said in May this year that when production resumes in Kansas in 2025, the Bolt EV and XT4 would be produced simultaneously on the same assembly line, but now only the Bolt vehicle will be produced. (Jiemian News)
Kweichow Moutai: Intends to distribute a cash dividend of 23.882 yuan per share to all shareholders
36Kr learned that Kweichow Moutai disclosed the interim profit distribution plan for 2024. The company intends to distribute a cash dividend of 23.882 yuan per share (including tax) to all shareholders, with a total intended cash dividend of 30.001 billion yuan (including tax).
Ministry of Commerce Spokesperson Answers Journalists' Questions on the Consultation Situation of the Price Commitment in the EU's Anti-subsidy Case on Electric Vehicles
The Ministry of Commerce spokesperson answers journalists' questions on the consultation situation of the price commitment in the EU's anti-subsidy case on electric vehicles. Question: It is learned that the EU has sent personnel to China to conduct consultations on the alternative plan for imposing anti-subsidy duties on Chinese electric vehicles. Can you introduce the relevant situation of this consultation? Answer: From November 2 to 7, the technical teams from China and the EU conducted five rounds of consultations in Beijing. They had in-depth exchanges on the specific contents of the price commitment plan for the EU's anti-subsidy case on electric vehicles against China and made certain progress. Both sides agreed to continue the consultations through video or other means. The Chinese side believes that the overall advancement of the consultations based on the price commitment plan submitted by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products on behalf of the industry is conducive to maintaining mutual trust, accelerating the reaching of a consensus, and resolving differences through consultations to avoid the escalation of trade frictions. (CCTV News)
The Central Bank: At the end of the third quarter, the balance of RMB real estate loans was 52.9 trillion yuan, a year-on-year decrease of 1%
36Kr learned that, according to the website of the Central Bank, at the end of the third quarter of 2024, the balance of various RMB loans of financial institutions was 253.61 trillion yuan, a year-on-year increase of 8.1%, and the RMB loans increased by 16.02 trillion yuan in the first three quarters. At the end of the third quarter of 2024, the balance of RMB real estate loans was 52.9 trillion yuan, a year-on-year decrease of 1%. Among them, the balance of RMB real estate development loans was 13.79 trillion yuan, a year-on-year increase of 2.7%, and the growth rate was 1.2 percentage points higher than that at the end of the previous year, with an increase of 638.5 billion yuan in the first three quarters. The balance of personal housing loans was 37.56 trillion yuan, a year-on-year decrease of 2.3%.
Nvidia Appoints Ellen Ochoa as a Board Member
On November 7 local time, Nvidia announced the appointment of Ellen Ochoa as a member of the company's board of directors. Ochoa previously served as the director of the Johnson Space Center in Houston, which is affiliated with the National Aeronautics and Space Administration (NASA). Since then, the number of Nvidia's board members has increased to 13. (Jiemian News)
South Korea plans to issue its first Australian dollar-denominated bonds to attract more foreign investment
South Korea plans to issue its first Australian dollar-denominated bonds to attract more global investors. You Chang-yeon, the head of the Foreign Exchange Market Division of the Ministry of Strategy and Finance of South Korea, said that according to the issuance limit of such notes this year, the issuance scale of these foreign exchange stabilization bonds could be as high as 300 million US dollars. He added that the goal is to issue them around early December. The ministry said in an emailed statement on Friday that it has hired ANZ Bank, Mizuho Financial Group, and Nomura Holdings to assist in the bond issuance. Previously, South Korea has carried out market structural reforms for many years, including extending the trading hours of the South Korean won, aiming to attract more foreign investors. The country's government bonds will be included in the FTSE Russell World Government Bond Index starting from 2025, which is expected to attract tens of billions of US dollars in capital inflows. (Caixin)
Intel to Resume Free Beverage Supply to Boost Employee Morale
Intel will once again provide free coffee and tea to its employees. Previously, as part of cost-cutting efforts, Intel reduced employee benefits. It is reported that the chipmaker stated that in order to enhance employee morale, free beverages will be reintroduced in the office. An internal message seen by the media reads: "Although Intel still faces cost challenges, we understand that small comforts play an important role in our daily lives. We know this is only a small step, but we hope it is a meaningful step in supporting our workplace culture." (Sina Finance)
Amazon Will Invest $1.3 Billion in Italian Data Center Business
Amazon's cloud computing unit AWS said on Thursday that it plans to invest 1.2 billion euros ($1.3 billion) in Italy over the next five years to further expand its data center business in the country. This plan is part of the tech giant's efforts to enhance its cloud services in Europe. Under this plan, AWS launched its first cloud region in Italy in 2020 and is expected to invest 2 billion euros by 2029. Local media said on Thursday that AWS will expand its data center business in Milan. (Zhitong Finance App)
Big Company Financial Reports
Sony Group Corporation's net profit in the second quarter was 338.5 billion yen, an increase of 69% year-on-year.
Sony Group Corporation's net profit in the second quarter was 338.50 billion yen, an increase of 69% year-on-year, with an estimated 246.7 billion yen; the net sales in the second quarter were 2.91 trillion yen, an increase of 2.7% year-on-year, with an estimated 3.02 trillion yen. (Caixin News Agency)
Taiwan Semiconductor Manufacturing Company (TSMC): October sales reached NT$314.24 billion, with a year-on-year growth of 29.2%
TSMC announced its revenue report for October 2024 on November 8. The consolidated revenue in October 2024 was approximately NT$314.24 billion, an increase of 24.8% compared to the previous month and 29.2% compared to the same period last year. The cumulative revenue from January to October 2024 was approximately NT$2.34 trillion, an increase of 31.5% compared to the same period last year. (Jiemian News)
Ralph Lauren Raises Full-Year Outlook, Revenue in Q2 Fiscal Year Up 6% Year-on-Year
On November 7 local time, the US fashion group Ralph Lauren released its financial results for the second quarter of fiscal year 2025: Net revenue was $1.7 billion, up 6% year-on-year and 6% in constant currency; Operating profit was $179 million, with an operating margin of 10.4%; After adjustment, operating profit was $197 million, with an operating margin of 11.4%, 90 basis points higher than the same period last year; Net profit was $148 million, compared with $147 million in the same period last year. In constant currency, the company expects revenue to increase by approximately 3% to 4% in fiscal year 2025; The operating margin will expand by approximately 110 to 130 basis points. (Jiemian News)
Canada Goose's Revenue in the Second Fiscal Quarter Decreased by 5% Year-on-Year
On November 7 local time, Canada Goose released its financial results for the second quarter of fiscal year 2025: Total revenue decreased by 5% year-on-year to $267.8 million, or a 6% decrease in constant currency; Gross profit decreased by 9% to $164.1 million, with a gross margin of 61.3%, compared to 63.9% in the same period of the previous year; Operating profit was $1.6 million, compared to $2.3 million in the same period of the previous year; Net profit attributable to shareholders was $5.4 million, compared to $3.9 million in the same period of the previous year. (Jiemian News)
Airbnb's Q3 revenue increased by 10% year-on-year to $3.7 billion
On November 7 local time, Airbnb released its financial results for the third quarter of 2024: Revenue increased by 10% year-on-year to $3.7 billion; Net profit was $1.4 billion, compared with $4.4 billion in the same period last year; Adjusted EBITDA was $2 billion, an increase of 7% year-on-year, and the adjusted EBITDA margin was 52%. (Jiemian News)
Investment and Financing
"Ruili Scientific Instruments" Completes Hundreds of Millions of Yuan in Series B Financing
36Kr has learned that recently, "Ruili Scientific Instruments" has completed hundreds of millions of yuan in Series B financing. This round of financing is led by Jinshi Investment and China Merchants Zhiyuan, with follow-on investments from Qingkong Jinxin, Henan Assets, Dingqing Investment, and other investors. The financing funds will be used for the research and development and market promotion of a series of high-precision optical measurement products, enrich the company's product matrix, accelerate production expansion, and strengthen the company's market expansion and brand building, etc.
"ZhongSheng SuYuan" Completes 150 Million Yuan Series B Financing
36Kr has learned that recently, "ZhongSheng SuYuan" announced the completion of the first tranche of its 150 million yuan Series B financing. This round of financing is led by Guangzhou Industrial Investment, in conjunction with Zhongyuan Investment, Guoju Venture Capital, Hefei High-Tech Industrial Investment, and the existing shareholder Junlian Capital, among other institutions. This round of financing will be mainly used to accelerate the clinical development of multiple clinical pipelines of ZhongSheng SuYuan in the iPSC cell therapy field, as well as the subsequent commercialization of products. Hao Yue Capital serves as the exclusive financial advisor for this round of financing.
Organized by｜He Yuting