DZ20240229

Industrial Economy

*Beijing released information on the planned supply of affordable rental housing projects for 2024, achieving project goals and positioning while actively accepting public supervision, adhering to the principle of “housing is for living, not for speculation”.

*Shanghai published the “20 Articles on Continuously optimizing the Business Environment of Data Communication”, which has built a total of 92k 5G base stations, ranking first in terms of density and proportion of base stations in China.

Financial

*CSRC held a symposium on the construction of the rule of law in the capital market, which pointed out to work with relevant parties to jointly promote the supply of legal system, improve law enforcement efficiency, and strengthen judicial protection.

International Relationship

*Li Qiang, Premier of the State Council, met with a visiting group led by Thermal Chamber of Commerce President and chief executive officer Clark in Beijing on February 28th, who emphasized that China is willing to work with the United States to implement an important consensus between the heads of state of the two countries and promote healthy and stable development of bilateral relations.

Data

*CPCAAUTO: From February 1st to 25th, the retail sales of passenger cars in the market were 861k units, down 25% y/y, with the retail sales of NEV were 283k units,down 22% y/y and down 44% m/m respectively.

Feb 28 Block Trade Info

*Discount

- Bohai Leasing (000415 CH) saw 4 block trades worth 159.35mn at 2.10yuan per share, 4.11pct discount from last closing.

*Flat

- Zijin Mining (601899 CH) saw 1 block trades worth 50.77mn at 13.01yuan per share, flat from last closing.

- Moutai (600519 CH) saw 2 block trades worth 50.45mn at 1681.55yuan per share, flat from last closing.

- Guangdong Hongtu (002101 CH) saw 10 block trades worth 142.70mn at 12.30yuan per share, flat from last closing.

*Margin Trade

*Total Margin Balance*	1.4356 trillion	*Total Short Selling Balance*	43.1 billion
*SH Margin Balance*	0.7614 trillion	*SH Short Selling Balance*	27.6 billion
*Top Five Margin Trade Net Bought (in CNY)*		*Top Five Short Selling Net Sold (in shares)*
603019	353mio	600157	2.5mio
600475	142mio	600369	2.4mio
601226	133mio	600900	1.0mio
600621	110mio	600010	0.9mio
601059	105mio	601916	0.9mio
*SZ Margin Balance*	0.6731 trillion	*SZ Short Selling Balance*	15.5 billion
*Top Five Margin Trade Net Bought (in CNY)*		*Top Five Short Selling Net Sold (in shares)*
002415	263mio	300027	1.2mio
002230	192mio	002673	1.0mio
300059	166mio	002505	0.9mio
000001	157mio	002610	0.8mio
002673	153mio	000617	0.8mio

*Connection Trade

SH-HK Connection (bn cny)			SZ-HK Connection (bn cny)
Northbound Net Cash Flow		+1.692	Northbound Net Cash Flow		-0.352
Southbound Net Cash Flow		+1.452	Southbound Net Cash Flow		-0.051
Top 5 Northbound Inflow			Top 5 Northbound Outflow
Name	Market Value (mio cny)	‰ out of ttl share outstanding	Name	Market Value (mio cny)	‰ out of ttl share outstanding
600519	703	0.33	002594	217	0.39
601127	691	5.21	300033	197	2.70
300308	397	3.06	601006	174	1.42
000651	312	1.42	688111	169	1.40
300750	277	0.40	002129	167	3.14

*Index Futures

Position of Top 20 members (Unit lots)
CSI 300 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IF2403	122,130	27,710	89,819	908	107,697	-1,358
IF2404	12,038	4,782	10,987	2,250	11,644	2,178
IF2406	48,403	14,935	61,571	3,893	81,431	4,087
IF2409	17,287	4,293	26,484	1,368	37,855	1,661
SSE 50 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IH2403	79,445	17,189	48,786	700	59,581	-1,240
IH2406	28,643	7,829	25,105	741	35,781	1,113
IH2409	10,993	3,973	11,573	905	17,570	1,368
CSI 500 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IC2403	149,853	38,333	108,115	2,710	109,968	2,421
IC2404	15,273	2,954	14,304	1,546	12,574	1,562
IC2406	56,455	17,101	74,401	888	76,506	1,945
IC2409	24,076	6,636	39,707	1,060	39,286	1,076
CSI 1000 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IM2403	242,589	71,533	102,226	7,504	112,486	7,652
IM2404	20,271	5,044	14,876	3,229	14,806	3,291
IM2406	93,417	32,340	68,385	3,775	75,299	3,444
IM2409	42,249	12,796	43,441	1,795	45,482	2,671

*Index Options

Position of Top 20 members (Unit lots)
CSI 300 Index Options	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IO2403	205279	85959	61338	-520	72047	610
IO2406	5492	5492	22225	22225	26523	26523
CSI 1000 Index Options	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
MO2403	394238	151074	85075	3157	84401	3272
MO2406	13151	4447	24768	560	27903	262
MO2409	8515	4369	27035	-941	27613	-779
SSE50 Index Options	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
HO2403	86487	35936	35204	881	39582	683

*Treasury Futures

Position of Top 20 members (Unit lots)
2-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
TS2403	32,323	21,693	4,726	-13,680	4,726	-13,750
TS2406	57,991	5,541	47,188	1,077	53,211	1,153
5-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
TF2403	33,171	18,536	6,385	-10,117	6,385	-11,389
TF2406	66,190	-26,206	90,786	-498	94,387	1,048
10-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
T2403	52,541	35,708	5,506	-14,708	5,506	-15,028
T2406	89,502	-9,085	141,405	2,557	139,119	2,632
30-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
TL2403	19,301	10,499	2,790	-4,988	2,790	-6,587
TL2406	53,031	-1,905	41,663	25	44,490	58

*Night Session Commodities Market (As of 02:30 am)

Top 3 Gainers (Dominant Contract)
Product	Contract	Price	Change %	Trading Volume	Open Interests
Nickel	NI2405	137,410.0	+1.48%	234,523	128,632
Low Sulfur Fuel Oil	LU2405	4,412.0	+1.31%	60,378	76,792
Tin	SN2404	218,560.0	+0.86%	35,983	27,706
Top 3 Loser (Dominant Contract)
Product	Contract	Price	Change %	Trading Volume	Open Interests
Glass	FG405	1,632.0	-2.57%	398,290	636,168
Iron Ore	I2405	879.5	-1.57%	143,329	511,347
TSR 20	NR2404	11,720.0	-1.35%	18,197	51,341

* Commodities (night session):

* Global crude oil price closed down mostly. April NYMEX crude oil contract down 0.74% to closed at $78.29/b, May Brent contract down 0.97% to closed at $81.86/b. INE crude oil active contract up 0.28% to 607.2 yuan/b.

* Precious metals closed mixed, COMEX gold active contract down 0.03% and closed at $2043.5/oz. SHFE gold active contract up 0.02% and closed at 481.78 yuan/gram.

* Metals closed mixed, LME nickel up 1.35%, LME tin up 0.87%, LME zinc down 0.25%. SHFE nickel up 1.48%, SHFE tin up 0.86%, SHFE zinc down 0.29%.

* Commodity futures closed down mostly, glass down 2.57%, butadiene rubber down 1.59%, iron ore down 1.57%, TSR 20 down 1.35%.

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The report is issued by Orient Securities Co. LTD (Orient Securities) and Shanghai Orient Futures Co. LTD (Orient Futures) to institutional investors. Opinions expressed may differ from those of other divisions of Orient Securities, including Orient Securities Research Institute. Orient Securities may trade as principal in instruments identified herein and may accumulate/have accumulated a long or short position in instruments or derivatives thereof. Orient Securities has policies designed to negate conflicts of interest. This e-mail is not an official confirmation of terms and unless stated, is not a recommendation, offer or solicitation to buy or sell. Any prices or quotations contained herein are indicative only. Communications may be monitored.

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Morning Brief 2024-02-29