Weekly Market Review | In 2024, China's GDP increased by 5% year-on-year; The first "3D Scanning Stock" soared 199% on its first trading day; The fourth "Chip Unicorn" initiated its listing on the A-share market.
One-Week Market Review
A-Shares
This week (January 13 - 17), after experiencing a continuous decline in the early stage, the A-share market rebounded, and small and micro-cap stocks performed actively. The Shanghai Composite Index rose by 2.31% during the week, closing at 3241 points on January 17; the Wind All A Index rose by 3.61% this week; the Beijing Stock Exchange 50 Index rose by 9.63%; and the Wind Micro-cap Index rose by 6.33%.
In terms of industries, all 31 first-level industries in Shenwan rose this week, among which the social services, media, computer and other sectors led the gains, while the household appliances, banking, public utilities and other sectors had smaller gains or declines.
Hong Kong Stocks
Driven by A-shares, the Hong Kong stock market also maintained a good performance this week. The Hang Seng Index rose by 2.73% during the week; the Hang Seng Technology Index rose by 5.31%.
In terms of industries, all 12 Hang Seng Industry Indexes rose, with the information technology, non-essential consumer goods, and healthcare sectors leading the gains this week.
US Stocks
In the US stock market, stocks collectively closed higher this week. The Nasdaq Composite Index rose by 2.45% for the week; the S&P 500 Index rose by 2.91%; and the Dow Jones Industrial Average rose by 3.69%. Large technology stocks generally rose, and the Wind US Technology Giants Index rose by 1.33% for the week. Chinese concept stocks generally rose, and the Nasdaq Golden Dragon China Index rose by 6.19% for the week.
One-Week Positive News
National Bureau of Statistics: China's GDP in 2024 was 1,349,084 billion yuan, an increase of 5.0% compared to the previous year
36Kr learned that according to preliminary calculations, the country's gross domestic product (GDP) in 2024 was 1,349,084 billion yuan, calculated at constant prices, an increase of 5.0% compared to the previous year. By industry, the added value of the primary industry was 914.14 billion yuan, an increase of 3.5% compared to the previous year; the added value of the secondary industry was 49,208.7 billion yuan, an increase of 5.3%; and the added value of the tertiary industry was 76,558.3 billion yuan, an increase of 5.0%. By quarter, the GDP in the first quarter increased by 5.3% year-on-year, the second quarter increased by 4.7%, the third quarter increased by 4.6%, and the fourth quarter increased by 5.4%. From a quarter-on-quarter perspective, the GDP in the fourth quarter increased by 1.6%.
The China Securities Regulatory Commission approved Guotai Junan to absorb and merge Haitong Securities and raise supporting funds for registration
36Kr learned that the China Securities Regulatory Commission approved Guotai Junan Securities to absorb and merge Haitong Securities by adding 5.986 billion new shares, and approved Guotai Junan to issue shares to raise supporting funds of no more than 10 billion yuan. After the absorption and merger is completed, Haitong Securities will be dissolved according to law, and the original branches of Haitong Securities will be changed to branches of Guotai Junan. At the same time, Guotai Junan was approved to become the major shareholder of Haitong Fund, Fullgoal Fund and Haitong Futures, and Shanghai International Group was approved to become the actual controller of Haitong Futures. Guotai Junan needs to formulate and submit a specific integration plan within one year.
Tofine Communication: Net profit in 2024 is expected to increase by 72% - 92% year-on-year
36Kr learned that Tofine Communication issued an announcement that it is expected to achieve a net profit attributable to shareholders of the listed company of 1.255 billion yuan - 1.401 billion yuan in 2024, an increase of 72% - 92% compared to the same period of the previous year.
The Ministry of Commerce and other 8 departments issued a notice on doing a good job in the vehicle trade-in work in 2025
36Kr learned that the general offices of 8 departments including the Ministry of Commerce issued a notice on doing a good job in the vehicle trade-in work in 2025. In 2025, for individual consumers who scrap gasoline passenger cars registered before June 30, 2012 (including the same day, the same below), diesel and other fuel passenger cars registered before June 30, 2014, or new energy passenger cars registered before December 31, 2018, and purchase new energy passenger cars included in the "Catalogue of New Energy Vehicles with Vehicle Purchase Tax Relief" of the Ministry of Industry and Information Technology or 2.0-liter and below displacement fuel passenger cars, a one-time fixed subsidy will be given. For those who scrap the above-mentioned eligible old vehicles and purchase new energy passenger cars, a subsidy of 20,000 yuan will be given; for those who scrap the above-mentioned eligible fuel passenger cars and purchase 2.0-liter and below displacement fuel passenger cars, a subsidy of 15,000 yuan will be given. Within a natural year, each individual consumer can enjoy the vehicle scrap and renewal subsidy at most once.
The number of new energy vehicles in China exceeds 30 million, reaching 31.4 million
The latest statistics released by the Ministry of Public Security on the 17th show that in 2024, the number of motor vehicles in the country reached 453 million, including 353 million cars; the number of motor vehicle drivers reached 542 million, including 506 million car drivers. The number of new energy vehicles reached 31.4 million, with 11.25 million newly registered throughout the year. From 1.2 million in 2019 to 11.25 million in 2024, it shows a rapid growth trend. (CCTV News)
BYD takes the lead in sprinting for "Intelligent Driving Popularization"
36Kr exclusively learned that starting from this year, some models of BYD will gradually deliver its self-developed medium and high-level intelligent driving solutions, including high-speed piloting and urban piloting. The 1,300-person intelligent driving self-research team is sprinting for the final delivery work. "The most important task for BYD at present is to achieve intelligent driving equality and at the same time realize the landing of self-developed algorithms," said an informed person.
Nvidia may launch a new CPO switch product in March
According to reports, the supply chain revealed that Nvidia will launch a new CPO (Co-Packaged Optics) switch product at the GTC conference in March. It is expected that the trial production will proceed smoothly and mass production can be achieved in August. (Cailian Press)
BYD officially enters the South Korean market: The first model is ATTO 3, and the Seal and SEALION 7 will be launched in the second half of the year
BYD announced the launch of the pure electric SUV model ATTO 3 in South Korea, officially entering the South Korean market. Zhao Renzhe, the representative of the passenger vehicle department of BYD Korea, introduced that ATTO 3 began to accept reservations on the same day and can be delivered to customers after the middle of next month. The base model is priced at 31.5 million won (about 21,600 US dollars), and the upgraded ATTO 3 PLUS is priced at 33.3 million won. BYD plans to launch the compact electric passenger vehicle Seal and the electric SUV "SEALION 7" in the South Korean market within the year. It is expected that these models will be launched in the early second half of this year, and the specific time is to be determined. (Jiemian)
Tesla's global sales surpassed Audi for the first time last year
Tesla's car sales last year, although lower than expected, surpassed one of Germany's most sought-after high-end car brands, Audi, for the first time in history. Audi announced today that its sales in 2024 were 1.67 million units, a 12% decrease from the previous year. While Tesla delivered 1.79 million cars last year. Audi said on Monday that its sales declined in markets such as Germany, China and North America. The delivery of pure electric models dropped to around 1.64 million units. (Cailian Press)
WuXi XDC: It is expected that the adjusted net profit of the group in 2024 will increase by more than 170% year-on-year
36Kr learned that WuXi XDC announced in the Hong Kong Stock Exchange that it is expected that the group's revenue, net profit and adjusted net profit for the year ended December 31, 2024 will increase by more than 85%, 260% and 170% respectively compared to the corresponding amounts for the year ended December 31, 2023.
One-Week Negative News
Cisco Rui: Due to suspected illegal and irregular information disclosure, the China Securities Regulatory Commission decided to file a case against the company
36Kr learned that Cisco Rui issued an announcement that the company received the "Case Filing Notice" issued by the China Securities Regulatory Commission on January 17, 2025. Due to the company's suspected illegal and irregular information disclosure, according to laws and regulations, the China Securities Regulatory Commission decided to file a case against the company.
Tongwei Co., Ltd.: It is expected to have a net loss of about 7 billion - 7.5 billion yuan in 2024
It is expected to have a net loss of about 7 billion - 7.5 billion yuan in 2024, compared with a net profit of 13.574 billion yuan in the previous year; during the reporting period, the market prices of all links in the photovoltaic industry chain dropped significantly, even continuously lower than the industry's cash cost impact. Coupled with the impact of about 1 billion yuan in long-term asset impairment and scrapping throughout the year, although the company maintained a net inflow of operating cash flow, it still recorded a loss for the whole year.
*ST Zhongcheng was filed by the China Securities Regulatory Commission
On the evening of January 17, the company announced that it received the "Case Filing Notice" from the China Securities Regulatory Commission on the same day. The "Case Filing Notice" shows that due to suspected illegal and irregular information disclosure, the China Securities Regulatory Commission decided to file a case against the company on January 16. For *ST Zhongcheng (300208), being filed means that the delisting risk it faces has increased somewhat.
LONGi Green Energy: It is expected to have a net loss of 8.2 - 8.8 billion yuan in 2024
It is expected to have a net loss of 8.2 billion - 8.8 billion yuan in 2024, compared with a net profit of 10.751 billion yuan in the previous year; during the reporting period, affected by the intensified industry competition, the company's BC second-generation product output accounted for a very low proportion, the prices and gross profit margins of PERC and TOPCon products continued to decline, the capacity utilization rate was limited, the technical iteration led to an increase in asset impairment provisions, and the investment income of the participating silicon material enterprises suffered losses, resulting in a phased loss in operating performance.
China Duty Free Group: Net profit in 2024 decreased by 36.5% year-on-year
China Duty Free Group released a performance express, with a net profit of 4.263 billion yuan in 2024, a year-on-year decrease of 36.5%; the revenue was 56.492 billion yuan, a decrease of 16.36%. Behind the company's performance decline is the decline in consumption of the Hainan Island duty-free business format. Data from Haikou Customs shows that in 2024, the total amount of Hainan Island duty-free shopping supervised by Haikou Customs was 30.94 billion yuan, a nearly 30% decline compared to the same period in 2023.
IPO Message Board
New Stocks Listed
Huitong Technology
On January 15, Yangzhou Huitong Technology Co., Ltd. (hereinafter referred to as "Huitong Technology", stock code: 301601) successfully listed on the ChiNext Board of the Shenzhen Stock Exchange.
Huitong Technology is a professional provider of overall technical solutions for high-end equipment and products in the chemical engineering field, mainly engaged in equipment manufacturing, design consulting and engineering general contracting business in the fields of polymer materials and hydrogen peroxide production. From 2021 to the first half of 2024, Huitong Technology's operating income was 498.2707 million yuan, 813.1972 million yuan, 592.3447 million yuan and 443.4857 million yuan respectively, and the net profit attributable to the parent company after deducting non-recurring profits and losses was 81.9625 million yuan, 120.6436 million yuan, 90.6809 million yuan and 81.1602 million yuan respectively.
Huitong Technology's total issuance this time is 35.12 million shares, with an issue price of 11.80 yuan per share, and the initial fundraising is 414 million yuan. The opening price on the first day was 55.1 yuan per share, a high opening of 366.95%, and the closing price was 39.03 yuan per share, an increase of 230.76%.
SCANTECH
On the morning of January 15, SCANTECH (Hangzhou) Co., Ltd. (stock abbreviation: SCANTECH, stock code: 688583) officially landed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, marking the successful issuance and listing of the "First 3D Scanning Stock" in the Chinese A-share market. The company's issue price is 33.46 yuan per share, and the intraday highest once rose to 110 yuan per share; as of the close, it closed at 100 yuan per share, an increase of 198.86%.
SCANTECH is a global provider of comprehensive three-dimensional visual digital solutions, and its main business is the research and development, production and sales of three-dimensional visual digital products and systems. SCANTECH's market share in the domestic handheld and tracking general-purpose three-dimensional scanning product market is at the forefront of the industry. The prospectus shows that as of June 30, 2024, the company has 152 domestic authorized patents, including 67 invention patents, 72 utility model patents, and 13 design patents; it has 13 foreign authorized patents, all of which are invention patents.
Yibin Bank
On January 13, Yibin City Commercial Bank (referred to as "Yibin Bank") successfully listed on the Hong Kong Stock Exchange, and the shareholding of Wuliangye Group dropped to 16.99%.
For this listing, Yibin Bank determined the issue price at HK$2.59, and the number of shares offered was 688.4 million shares, thereby raising a total of HK$1.783 billion. The performance on the first day of listing was stable. The opening price was the same as the issue price, both at HK$2.59, and the closing price rose to HK$2.61, an increase of 0.77% compared to the issue price.
SimuTech
On January 15, Beijing SimuTech Co., Ltd. (hereinafter referred to as "SimuTech", 02571.HK) was listed on the Hong Kong Stock Exchange.
SimuTech is a technology company focused on ICV simulation testing technology, mainly engaged in the design and development of ICV simulation testing products and the provision of related testing, verification and evaluation solutions. In 2021, 2022, 2023 and the six months ended June 30, 2024, the company's revenues were 106.9 million yuan, 145.4 million yuan, 17 (The content after "