DZ20240718

Industrial Economy

*MoF: The portion of the enterprise’s investment in digital and intelligent transformation of Specialized Equipment in the next three years that does not exceed 50% of the original tax basis can be offset and exempted according to a 10% ratio.

*Hangzhou Government released the “Implementation Opinions on Building China’s Digital Valley with High Standards to Promote the circulation of data elements”, which clearly stated that the goal of constructing China Digital Valley with high standards is to establish more than 15 high-quality data sets by the end of 2026.

Financial

*MoC held a special interpretation of the large-scale equipment update and consumer goods trade-in policy, which pointed out to firmly promote high-level opening-up, optimize the business environment, support domestic and foreign-funded enterprises to participate in large-scale equipment updates and consumer goods trade-in policies.

Data

*CPCAAUTO: From July 1st to 14th, the retail sales of NEV reached 286k units, up 27% y/y and up 6% m/m respectively. Since the beginning of this year, the cumulative retail sales of NEV have reached 4.399mio units, up 33% y/y.

July 17 Block Trade Info

*Discount

- Zijin Mining (601899 CH) saw 8 block trades worth 84.24mn at 18.40yuan per share, 0.38pct discount from last closing.

- Wens Foodstuff (300498 CH) saw 1 block trades worth 158.11mn at 16.30yuan per share, 20.64pct discount from last closing.

- Zigong Conveying Machine (001288 CH) saw 1 block trades worth 76.74mn at 23.99yuan per share, 10.02pct discount from last closing.

*Flat

- Addsino (000547 CH) saw 1 block trades worth 53.58mn at 5.89yuan per share, flat from last closing.

*Margin Trade

*Total Margin Balance*	1.4211 trillion	*Total Short Selling Balance*	29.7 billion
*SH Margin Balance*	0.7466 trillion	*SH Short Selling Balance*	19.4 billion
*Top Five Margin Trade Net Bought (in CNY)*		*Top Five Short Selling Net Sold (in shares)*
601899	169mio	600166	2.3mio
601857	132mio	600711	0.8mio
600938	93.1mio	600879	0.6mio
603993	73.2mio	601398	0.5mio
603018	48.5mio	601669	0.5mio
*SZ Margin Balance*	0.6734 trillion	*SZ Short Selling Balance*	10.3 billion
*Top Five Margin Trade Net Bought (in CNY)*		*Top Five Short Selling Net Sold (in shares)*
000333	71.8mio	002936	0.7mio
300274	56.1mio	000069	0.5mio
300015	48.5mio	300274	0.5mio
002714	44.6mio	300026	0.4mio
002384	39.1mio	002807	0.4mio

*Connection Trade

SH-HK Connection (bn cny/hkd)			SZ-HK Connection (bn cny/hkd)
Northbound Net Cash Flow		-4.541	Northbound Net Cash Flow		-4.340
Southbound Net Cash Flow		+1.715	Southbound Net Cash Flow		-2.031
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
000938	226	3.27	000333	728	1.62
688008	183	2.46	601899	340	0.67
000400	155	4.99	600900	325	0.43
002916	153	2.28	601138	314	0.58
688256	151	1.45	300750	243	0.31

*Index Futures

Position of Top 20 members (Unit lots)
CSI 300 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IF2407	72,724	-183	35,351	-7,232	39,606	-9,336
IF2408	28,410	8,549	21,590	5,743	25,843	7,340
IF2409	34,622	4,454	72,075	339	97,152	-250
IF2412	12,425	1,989	33,244	537	41,416	630
SSE 50 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IH2407	35,737	-3,254	20,230	-3,471	22,470	-4,440
IH2408	17,369	6,294	10,761	3,754	12,700	4,375
IH2409	20,070	1,384	32,931	-72	46,026	-225
IH2412	5,605	235	10,180	34	13,603	126
CSI 500 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IC2407	65,485	1,730	32,808	-6,675	34,134	-6,896
IC2408	33,222	10,202	30,447	9,862	29,462	9,579
IC2409	27,556	-189	77,077	365	80,281	7
IC2412	11,884	-1,277	61,722	355	59,616	313
CSI 1000 Index Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IM2407	91,887	-11,083	36,050	-12,339	37,709	-14,637
IM2408	42,707	15,791	31,139	10,190	36,154	11,604
IM2409	60,416	-1,863	74,010	-202	82,972	-816
IM2412	24,676	-339	57,713	2,099	59,389	2,705

*Index Options

Position of Top 20 members (Unit lots)
CSI 300 Index Options	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
IO2407	101856	-6931	44014	-2840	49741	-4364
IO2408	30924	5507	31700	3331	31045	2791
IO2409	6333	-1268	36443	604	42543	204
CSI 1000 Index Options	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
MO2407	196897	-24208	67536	-1835	72246	-1642
MO2408	47021	1846	27441	2947	28752	2281
MO2409	6284	-1678	33343	-30	40781	-49
MO2412	2672	73	21094	94	22592	145
SSE50 Index Options	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
HO2407	36471	1516	18689	-851	21948	-1009

*Treasury Futures

Position of Top 20 members (Unit lots)
2-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
TS2409	32,408	7,600	49,045	540	49,972	736
5-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
TF2409	56,143	3,275	105,010	73	109,373	767
TF2412	1,422	-350	10,020	34	10,554	56
10-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
T2409	57,105	-13,925	168,260	1,341	167,286	2,817
T2412	4,435	-208	15,568	459	15,912	519
30-Year Treasury Bond Futures	Trading Volume	Change*	Long OI	Change*	Short OI	Change*
TL2409	46,789	-12,831	69,162	811	64,441	314
TL2412	8,199	1,270	16,769	587	18,368	1,094

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

Top 3 Gainers (Dominant Contract)
Product	Contract	Price	Change %	Trading Volume	Open Interests
Fuel Oil	FU2409	3,521.0	+0.95%	238,278	228,459
Crude Oil	SC2409	613.6	+0.92%	60,165	29,484
Cotton	CF409	14,705.0	+0.79%	93,601	494,470
Top 3 Loser (Dominant Contract)
Product	Contract	Price	Change %	Trading Volume	Open Interests
Silver	AG2408	7,915.0	-2.84%	806,117	230,621
Coking Coal	JM2409	1,533.5	-2.45%	45,281	147,962
Coke	J2409	2,210.0	-2.43%	9,500	25,229

* Commodities (night session):

* Global crude oil price closed down collectively. August NYMEX crude oil contract up 2.9% to closed at $83.10/b, September Brent contract up 1.74% to closed at $85.19/b. INE crude oil active contract up 0.92% to 613.6 yuan/b.

* Precious metals closed down collectively, COMEX gold active contract down 0.19% and closed at $2463.1/oz. SHFE gold active contract down 0.60% to closed at 577.22 yuan/gram.

* Metals closed down mostly, LME zinc down 1.49%. LME tin down 0.98%, LME nickel down 0.51%. SHFE tin down 1.96%, SHFE nickel down 1.80%, SHFE zinc down 1.60%.

* Commodity futures closed down collectively, chemistry and energy products closed down mostly, soda ash down 1.14%, wood pulp down 1.05%. Black series closed down collectively, coking coal down 2.45%, coke down 2.43%, iron ore down 1.65%. Agricultural products closed down collectively, rapeseed meal down 1.39%, No.2 soybeans down nearly 1%.

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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 2024-07-18