Zhitong Hong Kong Stock Early Knowledge | Financing Plans of Four Major Banks Announced, Gold Rises for Four Consecutive Weeks to Set New Historical Highs

【Today's Headlines】

Ministry of Finance Invests 500 Billion Yuan, Financing Plans of Four Major Banks Announced

Bank of China, China Construction Bank, Bank of Communications, and PSBC announced plans to issue A-shares to specific entities, introducing strategic investment from the Ministry of Finance. Specifically, the Bank of China announced plans to raise no more than 165 billion yuan from the Ministry of Finance. China Construction Bank announced plans to raise no more than 105 billion yuan from the Ministry of Finance. The Bank of Communications announced plans to raise no more than 120 billion yuan, with the Ministry of Finance, China Tobacco, and Shuangwei Investment as the issuing targets, where the Ministry of Finance plans to subscribe for 112.42 billion yuan. PSBC announced plans to issue A-shares to the Ministry of Finance, China Mobile Group, and China Shipbuilding Group, with a total fundraising amount of 130 billion yuan, of which the Ministry of Finance plans to subscribe for 117.57994 billion yuan. From the fundraising announcements released by these four banks, the upper limit of the amount the Ministry of Finance plans to subscribe is exactly about 500 billion yuan.

【Market Outlook】

U.S. Stocks Decline Overnight, Gold Rises for Four Consecutive Weeks to Set New Historical Highs

Overnight, the Dow Jones Industrial Average fell by 715.80 points, a decrease of 1.69%, closing at 41,583.90 points; the Nasdaq dropped by 481.04 points, a decrease of 2.70%, closing at 17,322.99 points; the S&P 500 index fell by 112.37 points, a decrease of 1.97%, closing at 5,580.94 points. The index of the seven major U.S. tech giants (the Magnificent 7) fell by 2.95%, closing at 144.48 points, with a cumulative decline of 2.95% last week. The Philadelphia Semiconductor Index closed down 2.95%, and Wolfspeed (WOLF.US), a leading manufacturer of silicon carbide (SiC) chips, fell by 51.86%, marking its worst single-day performance since its IPO. The Nasdaq Golden Dragon China Index closed down 3.11%, Alibaba (BABA.US) fell by 2.36%, and the China Internet ETF (KWEB.US) closed down 3.2%. The ADR of the Hang Seng Index fell, closing at 23,294.24 points, down 132.36 points or 0.56% compared to the Hong Kong closing.

Gold has risen for four consecutive weeks, setting new historical highs, with spot gold prices breaking through 3,086 USD/ounce during trading, refreshing the 18th historical high of the year. COMEX gold futures rose by 0.91%, closing at 3,088.90 USD/ounce, with a cumulative increase of nearly 2% last week.

【Hot Topics Ahead】

State Administration for Market Regulation: Legal Review of CK Hutchison's Port Transaction

On March 28, a reporter from Dagong Wenhui All-Media inquired about "CK Hutchison's proposed sale of the Panama port" to the State Administration for Market Regulation, which responded. The head of the Anti-Monopoly Division II of the State Administration for Market Regulation stated: We have noted this transaction and will conduct a legal review to protect fair market competition and maintain public interest.

State Council Meeting: Research Measures to Promote High-Quality Development of Agricultural Machinery Equipment

The meeting pointed out that agricultural machinery equipment is an important support for ensuring national food security and building a strong agricultural country. It is necessary to focus on agricultural demand and key areas, comprehensively implement measures from breakthroughs in basic technology, improving the innovation system, cultivating quality enterprises, and creating industrial clusters, to accelerate the development of landmark products and tackle key core technologies To make good use of and fully utilize policies such as subsidies for agricultural machinery purchase and application, and large-scale equipment updates, strengthen pilot verification and mature application, and promote the market promotion of advanced and applicable agricultural machinery equipment. The role of standards should be leveraged, and identification, testing, and certification should be well managed, enhancing quality supervision and management to accelerate the upgrade of agricultural machinery equipment products.

The State-owned Assets Supervision and Administration Commission of the State Council will carry out strategic restructuring of central enterprises in the complete vehicle sector

On the 29th, a relevant person in charge of the State-owned Assets Supervision and Administration Commission of the State Council stated at the China Electric Vehicle 100 People Forum that the next step will be to carry out strategic restructuring of central enterprises in the complete vehicle sector to improve industry concentration. The State-owned Assets Supervision and Administration Commission stated that the goal of strategic restructuring is to integrate the R&D, manufacturing, and market advantages of central enterprises to create a world-class automotive group with global competitiveness and independent core technologies, leading the transformation of intelligent connected vehicles. In addition, central enterprises will be encouraged to increase other collaborations.

AAC Technologies (02018) acquires approximately 53.74% equity of Chuguang for 288 million yuan to further enhance the group's acoustic system solution capabilities

According to the Zhitong Finance APP, AAC Technologies (02018) announced that on March 28, 2025, a wholly-owned subsidiary of the company, AAC (China) Investment Group Co., Ltd. (AAC Investment), signed a "Share Transfer and Capital Increase Agreement" with Hebei Chuguang Automotive Parts Co., Ltd. (Chuguang), Mr. Yuan Changsuo, and Mr. Zheng Xianjie (collectively referred to as "the Founders"), acquiring approximately 53.74% equity of Chuguang for a total consideration of approximately 288 million yuan (this transaction).

CRRC Corporation Limited (01766) announces 2024 annual performance with a net profit attributable to the parent company of 12.388 billion yuan, an increase of 5.77% year-on-year, and rail transit equipment business revenue remains the world's number one

According to the Zhitong Finance APP, CRRC Corporation Limited (01766) announced its 2024 annual performance, achieving operating revenue of 246.457 billion yuan (RMB, the same below), an increase of 5.21% year-on-year; net profit attributable to shareholders of the parent company was 12.388 billion yuan, an increase of 5.77% year-on-year; basic earnings per share were 0.43 yuan; it proposed a final dividend of 0.21 yuan per share.

China Shipbuilding Industry Corporation (00317) announces annual performance with a net profit attributable to the parent company of 377 million yuan, an increase of 684.86% year-on-year

According to the Zhitong Finance APP, China Shipbuilding Industry Corporation (00317) released its 2024 annual report, with operating revenue of 19.402 billion yuan (RMB, the same below), an increase of 20.17% year-on-year; net profit attributable to the parent company was 377 million yuan, an increase of 684.86% year-on-year; basic earnings per share were 0.2669 yuan.

Qingdao Beer Co., Ltd. (00168) announces annual performance with a net profit attributable to the parent company of 4.345 billion yuan, an increase of 1.81% year-on-year

According to the Zhitong Finance APP, Qingdao Beer Co., Ltd. (00168) released its 2024 annual report, with operating revenue of 32.138 billion yuan (RMB, the same below), a decrease of 5.3% year-on-year; net profit attributable to the parent company was 4.345 billion yuan, an increase of 1.81% year-on-year; basic earnings per share were 3.191 yuan; Proposed dividend of 2.2 yuan per share.

Sichuan Chengyu Expressway (00107) announces annual results, with a profit attributable to shareholders of 1.449 billion yuan, an increase of 21.72% year-on-year

According to Zhitong Finance APP, Sichuan Chengyu Expressway (00107) announced its annual results for the year ended December 31, 2024. The group achieved revenue of 10.247 billion yuan (RMB, the same below), a year-on-year decrease of 11.51%; profit attributable to owners of the company was 1.449 billion yuan, an increase of 21.72% year-on-year; basic earnings per share were 0.474 yuan; proposed final dividend of 0.29 yuan per share.

China Reinsurance (01508) announces annual results, with a profit attributable to shareholders of 10.557 billion yuan, an increase of 86.77% year-on-year, proposed final dividend of 0.05 yuan per share

According to Zhitong Finance APP, China Reinsurance (01508) announced its annual results for the year ended December 31, 2024. The group’s total revenue was 118.133 billion yuan, a year-on-year increase of 7.99%; profit attributable to shareholders was 10.557 billion yuan, a year-on-year increase of 86.77%; earnings per share were 0.25 yuan; proposed final dividend of 0.05 yuan per share.

Liqin Resources (02245) announces annual results, with a profit attributable to shareholders of 1.773 billion yuan, an increase of 68.65% year-on-year

According to Zhitong Finance APP, Liqin Resources (02245) announced its annual results for the year ended December 31, 2024. The group achieved revenue of 29.233 billion yuan, a year-on-year increase of 38.81%; profit attributable to owners of the parent company was 1.773 billion yuan, a year-on-year increase of 68.65%; earnings per share were 1.14 yuan; proposed final dividend of 0.35 yuan per share.

Midea Group (00300) announces annual results, with a profit attributable to owners of the company of 38.539 billion yuan, an increase of 14.3% year-on-year

According to Zhitong Finance APP, Midea Group (00300) announced its annual results for the year ended December 31, 2024. Revenue was 409.084 billion yuan (RMB, the same below), a year-on-year increase of 9.5%; profit attributable to owners of the company was 38.539 billion yuan, an increase of 14.3% year-on-year; basic earnings per share were 5.44 yuan. The proposed final dividend for the year ended December 31, 2024, is 35 yuan (tax included) for every 10 shares.

CITIC Financial Assets (02799) announces annual results, with a profit attributable to shareholders of 9.618 billion yuan, an increase of 444.58% year-on-year

According to Zhitong Finance APP, CITIC Financial Assets (02799) announced its annual results for 2024. The group achieved total revenue of 107.359 billion yuan (RMB, the same below), a year-on-year increase of 53.48%; profit attributable to shareholders was 9.618 billion yuan, a year-on-year increase of 444.58%; basic earnings per share were 0.11 yuan China Petroleum & Chemical Corporation (00857) Releases Annual Results, Net Profit Attributable to Shareholders Reaches 164.684 Billion Yuan, Up 2% Year-on-Year

According to Zhitong Finance APP, China Petroleum & Chemical Corporation (00857) released its annual results for the year ending December 31, 2024. According to International Financial Reporting Standards, the group achieved operating revenue of 2,937.981 billion yuan, a decrease of 2.5% year-on-year; net profit attributable to shareholders of the parent company was 164.684 billion yuan, an increase of 2% year-on-year; basic earnings per share were 0.9 yuan.

Times Electric (03898) Announces 2024 Results, Net Profit Attributable to Shareholders Approximately 3.703 Billion Yuan, Up 21.77% Year-on-Year, Proposes Cash Dividend of 10 Yuan for Every 10 Shares

According to Zhitong Finance APP, Times Electric (03898) announced its 2024 results, with operating revenue of approximately 24.909 billion yuan, a year-on-year increase of 13.42%. Net profit attributable to shareholders of the listed company was approximately 3.703 billion yuan, a year-on-year increase of 21.77%. Basic earnings per share were 2.62 yuan, and it proposed a cash dividend of 10 yuan for every 10 shares.

Fenbi (02469) Releases Annual Results, Shareholders' Profit Attributable Reaches 240 Million Yuan, Up 27.05% Year-on-Year

According to Zhitong Finance APP, Fenbi (02469) released its annual results for the year ending December 31, 2024, with revenue of 2.79 billion yuan (RMB, the same below); gross profit of 1.464 billion yuan; shareholders' profit attributable reached 240 million yuan, a year-on-year increase of 27.05%; basic earnings per share were 0.11 yuan.

Guoyin Financial Leasing (01606) Releases Annual Results, Annual Profit Reaches 4.503 Billion Yuan, Up 8.5% Year-on-Year

According to Zhitong Finance APP, Guoyin Financial Leasing (01606) released its annual results for the year ending December 31, 2024, with total revenue and other income of 28.563 billion yuan (RMB, the same below), a year-on-year increase of 10.56%; annual profit was 4.503 billion yuan, up 8.5% year-on-year; basic and diluted earnings per share were 0.36 yuan. Final dividend was 0.8905 yuan per 10 shares (tax included).

Shanghai Electric (02727): Revenue, Gross Margin, Orders, and Cash Flow All Increase in 2024

Shanghai Electric released its 2024 annual report. In 2024, Shanghai Electric achieved total operating revenue of 116.186 billion yuan, with a gross margin of 18.6%, and net profit attributable to shareholders of the parent company reached 752 million yuan. The gross margins of the three major business segments all increased, with the energy equipment segment's gross margin at 19.7%, an increase of 2.0 percentage points compared to the same period last year, indicating enhanced profitability in this segment. The operating cash inflow for 2024 was 17.6 billion yuan, a year-on-year increase of 127%, significantly improving liquidity. New orders performed outstandingly, achieving new orders of 153.6 billion yuan for the year. The energy equipment segment performed particularly well, with new order amounts reaching 89.096 billion yuan, an increase of 18.45% compared to 75.216 billion yuan in 2023 In 2024, Shanghai Electric achieved growth in multiple key dimensions such as revenue, gross margin, orders, and cash flow, demonstrating a strong upward trend in corporate development and successfully embarking on a new journey of high-quality development.

Yuan Ecological Agriculture (01431) announced 2024 performance with a net profit of approximately 299 million yuan, turning losses into profits year-on-year

According to Zhitong Finance APP, Yuan Ecological Agriculture (01431) announced its 2024 performance, with revenue of approximately 2.552 billion yuan, a year-on-year increase of 15.54%. The net profit was approximately 299 million yuan, turning losses into profits year-on-year. Earnings per share were 6.32 cents.

Tongdao Recruitment (06100) announced 2024 performance with a profit attributable to equity shareholders of 133.5 million yuan, a year-on-year increase of approximately 176.9 times

According to Zhitong Finance APP, Tongdao Recruitment (06100) announced its 2024 performance, with revenue of approximately 2.081 billion yuan and a net profit of approximately 175.4 million yuan, a year-on-year increase of approximately 9.6 times. The profit attributable to equity shareholders was 133.5 million yuan, a year-on-year increase of approximately 176.9 times. The profit attributable to equity shareholders under non-GAAP was approximately 170 million yuan, a year-on-year increase of 61.09%. A special dividend of 42 Hong Kong cents per share is proposed.

Kangfang Biologics (09926) released annual performance with commercial sales revenue of 2.044 billion yuan, a year-on-year increase of 25.34%

According to Zhitong Finance APP, Kangfang Biologics (09926) released its annual performance for the year ending December 31, 2024, with revenue of 2.124 billion yuan (RMB, the same below); commercial sales revenue was 2.044 billion yuan, a year-on-year increase of 25.34%; gross profit was 1.835 billion yuan.

HSSP INTL (03626) acquired 75% of shares by Wade Investment SPC at a premium of approximately 34.67% with a cash offer, resuming trading on March 31

According to Zhitong Finance APP, HSSP INTL (03626) and the offeror Wade Investment SPC Ltd jointly announced that on March 28, 2025, the offeror, seller, and seller guarantor entered into a sales agreement, where the offeror conditionally agreed to acquire and the seller conditionally agreed to sell the shares for sale, totaling 138 million shares (equivalent to 75% of all issued shares), with a total consideration of 195 million Hong Kong dollars (equivalent to approximately 1.413 Hong Kong dollars per share for the shares for sale).

【Stock Highlights】

China Sanjiang Chemical (02198) released annual performance with a profit attributable to shareholders of 533 million yuan, a year-on-year increase of 482.2%

According to Zhitong Finance APP, China Sanjiang Chemical (02198) released its annual performance for the year ending December 31, 2024, with group revenue of 19.586 billion yuan, a year-on-year increase of 49.2%; profit attributable to shareholders was 533 million yuan, a year-on-year increase of 482.2%; earnings per share were 45.99 cents The company has noticed stable and gradually recovering signs, especially in some of its main business lines, such as ethylene glycol, butadiene, ethylene oxide, and surfactants, while another main business line, polypropylene, has also shown some positive momentum.

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