Historic Milestone: Market Transaction Surpasses 1 Trillion in Just 20 Minutes
On the first trading day following the National Day holiday, the Chinese stock market experienced a historic moment. On October 8th, the Shanghai Composite Index opened with a gain of 10.13%, while the Shenzhen Component Index and the ChiNext Index surged by 12.67% and 18.44% respectively. The Beijing Stock Exchange 50 Index saw an increase exceeding 26%, with more than a thousand stocks in the Shanghai, Shenzhen, and Beijing markets rising by over 19%. This phenomenon was evident across nearly 5,000 stocks, with only five experiencing a decline.
The stock index futures market also exhibited strong performance, with all major contracts hitting the daily limit, including the Shanghai 50 Stock Index Futures (IH), the CSI 500 Stock Index Futures (IC), the CSI 1000 Stock Index Futures (IM), and the CSI 300 Stock Index Futures (IF). In the financial sector, all stocks reached the daily limit. Insurance companies like China Ping An, China Life Insurance, New China Life Insurance, and China Pacific Insurance also reached the daily limit.
The semiconductor sector experienced a collective surge, with more than 30 companies hitting the daily limit. Most notably, within just 20 minutes of the market opening, the trading volume of the Shanghai and Shenzhen stock exchanges surpassed CNY 1 trillion, surpassing the previous trading day by over CNY 2600 billion, setting a new historical record.
During the National Day holiday, the Hong Kong stock market continued to rise, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all reaching new highs in two and a half years. However, on October 8th, the Hong Kong market opened with a decline, with the Hang Seng Index and Hang Seng Tech Index falling by 4.12% and 5.59% respectively.
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Guangzhou Sets New Records in Tourism During National Day Holiday
During the recent National Day holiday, Guangzhou experienced a significant increase in both tourist numbers and tourism revenue, marking a record high for the city.
- Visitor Statistics: Guangzhou welcomed 14.41 million tourists during the holiday period, representing a 3.7% increase from the previous year. Among these, 250,000 were international visitors, which is a remarkable 50% increase compared to last year.
- Tourism Revenue: The total cultural and tourism consumption reached over CNY 112.6 billion, reflecting a 2.2% year-on-year growth. This surge in revenue underscores the city’s appeal as a tourist destination during this festive period.
- Cultural Events: The city organized more than 2,000 cultural and tourism activities, including artistic performances, exhibitions, and public cultural events, all designed to enhance the visitor experience and showcase local culture.
- Technological Integration: An innovative “National Day themed AR show” was launched, merging technology with cultural themes. This attracted over 500,000 participants, allowing them to engage with augmented reality experiences at key locations like the Guangzhou Tower.
- Popular Attractions: Famous sites such as Flowery Lake Park and the Sun Yat-sen Memorial Hall hosted special events celebrating the 75th anniversary of the People’s Republic of China, further drawing in crowds and enhancing the festive atmosphere across the city.
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EU Approves Tariffs on Chinese Electric Vehicles Amidst Opposition from Germany and Others
On October 4th, the European Union (EU) moved forward with plans to impose additional tariffs on electric vehicles (EVs) imported from China, despite opposition from five member states, including Germany. This decision follows a year-long investigation into alleged unfair subsidies provided by the Chinese government to its automotive manufacturers.
Key Facts
- Vote Outcome: The proposal received support from 10 EU member states, while five countries—Germany, Hungary, Malta, Slovakia, and Slovenia—voted against it. Additionally, 12 member states abstained from the vote, indicating a divided stance within the EU regarding the tariffs.
- Tariff Details: The new tariffs will range from 7.8% to 35.3%, depending on the manufacturer and the level of subsidies received. This is in addition to an existing 10% tariff on imported battery-electric vehicles. For example, SAIC could face tariffs as high as 35.3%, while Tesla vehicles produced in China would incur a tariff of 7.8%.
- Timeline for Implementation: The European Commission is expected to implement these tariffs starting November 1st, lasting for a minimum of five years. However, negotiations with China can continue until October 30th, with the possibility of reaching an agreement to prevent the tariffs.
- Industry Response: Executives from major German car manufacturers, including Volkswagen and BMW, have criticized the EU’s decision. BMW’s CEO described the move as a “fatal signal” for the European automotive landscape, while Volkswagen labeled it an “incorrect approach”.
- China’s Ministry of Commerce has called for dialogue to resolve trade tensions amicably.
As negotiations continue until the end of October, the outcome will have lasting implications for both European automotive manufacturers and their Chinese counterparts.
Surge in Real Estate Transactions During National Day Holiday
During the National Day holiday, new apartment sales in Beijing increased by more than 200% year-on-year, and second-hand apartment sales increased by more than 150%. New apartment subscriptions in Shenzhen increased by 664.14% compared with the same period last year. New apartment sales in Shanghai also doubled year-on-year. And the number of visits and subscriptions to new residential projects in Guangzhou both increased significantly.
As for real estate companies, Poly Development (one of the leading real estate companies) reached transaction amount about CNY 14.8 billion, an increase of 47% over the same period last year. Yuexiu Real Estate achieved a purchase subscription volume of CNY 9.19 billion, a record high for the same period in history. Longfor’s (one of the leading real estate companies) sales in many cities across the country have also improved, with the average daily subscription volume increasing by more than 20% year-on-year during the National Day holiday in 2023. Compared with this year’s May Day and Mid-Autumn Festival, the average daily subscription volume increased by 70%-80%.
Beijing’s property market transactions hit a high point in recent years during the Golden Week
During the 2024 National Day holiday, Beijing’s real estate transaction volume hit the highest point in recent years.
Statistics from the China Real Estate Research Institute show that Beijing’s real estate transaction volume during the 2024 National Day holiday hit the highest point in recent years, with new residential properties increasing by more than 200% year-on-year and second-hand homes increasing by more than 150%.
Shenzhen has a large number of new non-local and overseas home buyers
During the National Day holiday, Shenzhen’s real estate transaction volume also saw a significant increase.
Data released by the Shenzhen Housing and Urban-Rural Development Bureau showed that during the National Day holiday, 1,841 new commercial residential units were subscribed and sold in Shenzhen, totaling 191,800 square meters, an increase of 664.14% over the same period last year; in terms of second-hand housing, the number of viewings and transaction volumes of the city’s leading intermediary agencies were approximately 24,000 and 1,314 units respectively, with the daily averages up 22% and 339% respectively from the National Day holiday in 2023.
Many real estate projects in Guangzhou completed their National Day holiday sales tasks ahead of schedule
The 14-year-long housing purchase restriction in Guangzhou was completely lifted on September 29. Led by a combination of favorable policies and unprecedented sales promotion activities, the market in Guangzhou became hotter during the “National Day Golden Week”. Many real estate projects were popular, with visits and subscriptions increasing significantly. The pace of home buyers entering the market has clearly accelerated.
Specifically, during the National Day Golden Week, Poly Development’s sales in Guangdong reached CNY 5 billion. Vanke’s transaction volume in Guangzhou and Foshan was close to CNY 3 billion, among which Vanke Huangpu New Town in Huangpu received more than 2,000 visits during the holiday and sold more than 210 units; Wanxi Ideal Flower Land in Liwan also sold more than 200 units; Jinmao Vanke Metropolis Four Seasons in Zengcheng also sold more than 200 units.
The subscription volume of new homes in Shanghai has increased significantly
During the National Day holiday, the Shanghai property market also saw a significant increase in interest. The average daily subscription volume of projects such as Gemdale Jiafenghui, Gemdale Jiajing (villas), Huafa Haishang Metropolis, and China Merchants Travel Lanyue after the new policy on September 30 increased by more than 50% compared with the average daily subscription volume after the new policy on May 27.
In terms of second-hand housing, Shanghai’s policy of reducing the VAT exemption period from 5 years to 2 years and the cancellation of non-ordinary housing standards have reduced the purchase cost of second-hand housing and the number of views has increased significantly.
New policies are expected to be introduced in the future, including reductions and exemptions of deed tax, value-added tax, and personal income tax for second-hand housing transactions.
Data Source: https://finance.eastmoney.com/a/202410083198670465.html
Breakthrough in Hydrogen Energy Technology Key Development: Launch of Automated Production Line for Solid Oxide Fuel Cells
In a significant advancement for the hydrogen energy sector, a fully automated production line for Solid Oxide Fuel Cell (SOFC) stacks is set to commence operations in Shaanxi Province by the end of September.
This facility is poised to be the first of its kind in China, dedicated to the mass production of SOFC stacks, with an impressive target of producing 1,000 units this year. Notably, all production slots are already filled with orders, indicating strong market demand and confidence in this technology. These cells are characterized by their all-solid structure, which requires breakthroughs in various technical aspects such as sealing, current collection, and thermal management.
The development and scaling of SOFC stacks are critical for the commercialization of this technology, necessitating substantial investments—often exceeding hundreds of millions of Yuan. It not only enhances local manufacturing capabilities but also positions the region as a leader in hydrogen energy solutions.
As the world shifts towards sustainable energy practices, innovations like these are essential for meeting future energy demands while reducing carbon footprints. Let’s see how this industry will evolve going forward!
Data Source: https://m.yicai.com/news/102238591.html
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