Femorning 05.11

1.According to the research report of China International Capital Corporation, the expectation of a reversal in the pig cycle has strengthened, and the sector has entered a layout period. Low cost and high elasticity pig enterprises will benefit first. From a cyclical perspective, pig prices have a quarterly upward trend from the second quarter to the end of the year. From a corporate perspective, the financial pressure on pig companies is currently at its historical peak, and the upward period of pig prices is a key window for repairing the balance sheet. From an investment perspective, this round of the market did not outperform pig prices, and the turning point on the right side of pig prices is a key catalyst.
1.中金公司研报指出，猪周期反转预期强化，板块进入布局期，低成本、高弹性猪企优先受益。周期角度，二季度至年末猪价具备逐季上行基础。企业角度，目前猪企资金压力已处历史极值，猪价上行期为资产负债表修复关键窗口。投资角度，本轮行情并未抢跑猪价，猪价右侧拐点是关键催化。


2.According to The Paper News, Hangzhou has announced the complete lifting of property purchase restrictions after nearly 8 years, and it is expected that the number of listings in the second-hand housing market will rapidly increase. The real estate agency in Xihu District, Hangzhou, stated that on the first day of the new policy, the consultation volume and listing volume of the second-hand housing market have increased. In the past two days, many inquiries from customers from other places have been received. There are many in Wenzhou, Taizhou, and Jinhua, most of whom want to buy school district houses.
2.澎湃新闻消息，杭州时隔近8年后宣布全面取消房产限购，预计二手房市场挂牌量会快速上升。杭州西湖区房产中介称，新政首日二手房市场咨询量、挂牌量都有提升。近两天，接到不少外地客户的咨询电话，温州、台州、金华的比较多，大部分是想买学区房。


3.According to Caixin, according to data from May 9th, about one out of every 37 properties in the United States is severely insolvent, with some southern states having a higher proportion. In the first few months of this year, 2.7% of homes in the United States had loan balances at least 25% higher than their market value. When a homebuyer's purchase price is too high or the down payment is low, there is not enough buffer for the decline in the market value of the house, and the mortgaged house usually becomes severely insolvent.
3.据财联社报道，根据5月9日的数据，美国约每37套房中，就有一套严重资不抵债，南方有些州这一比例更高。今年前几个月，全美有2.7%的房屋其贷款余额比房子市值高出至少25%。当购房者买房价格过高，或者首付款较低，房屋市值下跌时没有足够的缓冲，按揭房通常会严重资不抵债。


4.The Ministry of Civil Affairs and seven other departments recently issued the "Guiding Opinions on Strengthening the Supervision of Pre collection of Elderly Care Institutions", stating that the maximum period for pre collection of elderly care service fees shall not exceed 12 months. The prepaid fees of elderly care institutions are mainly used to offset the expenses that the elderly need to pay during their stay in the institution, make up for the insufficient funds for the construction of the institution's facilities, or develop the institution's elderly care service business. Membership fees shall not be used for high-risk investments such as non-self-use real estate, securities, financial derivatives, etc.
4.民政部等七部门日前发布《关于加强养老机构预收费监管的指导意见》，养老服务费预收的周期最长不得超过12个月。养老机构预收费用主要用于抵扣老年人入住机构期间需要支付的费用、弥补本机构设施建设资金不足，或者发展本机构养老服务业务。会员费不得用于非自用不动产、有价证券、金融衍生品等高风险投资。


5.According to Securities Times, the irrational decline has become a common view among many institutions on the recent price trend of the photovoltaic industry chain. The pessimistic expectations of the market and high inventory pressure are the main factors leading to a sustained decline in prices, and silicon material prices have already exceeded the cash costs of the vast majority of enterprises, intensifying their expectations for maintenance.
5.证券时报消息，非理性下跌”已经成为多家机构对于近期光伏产业链价格走势的普遍看法。对于市场的悲观预期和高库存压力是导致价格持续下滑的主要因素，且硅料价格已经突破绝大多数企业现金成本，企业检修预期加剧。


6.IDC predicts that the market size of digital solutions for life sciences in China will reach 36.91 billion yuan in 2023, and the market size will reach 55.98 billion yuan by 2028, with a compound growth rate of 8.7% from 2023 to 2028.
6.IDC预测2023年中国生命科学数字化解决方案市场规模达369.1亿元，到2028年市场规模将达到559.8亿元，2023至2028年的复合增长率为8.7%。


7.According to the Canalys report, in the first quarter, Huawei ranked the first in smartphone shipments in China and Apple ranked the fifth. It is expected that the new generation of generative AI smartphones will account for 12% of the shipment volume in the Chinese market in 2024, leading the global average of 9%. Chinese manufacturers will gradually move out of differentiation in research and AI product strategy, which will jointly promote consumer awareness and adoption rate of AI products.
7.Canalys报告显示，一季度，中国智能手机出货量华为第一，苹果第五。预计新一代生成式AI手机在2024年将占中国市场出货量的12%，领先全球9% 的平均水平。中国厂商将在研发和AI产品战略逐步走出差异化，这将共同推动消费者对于AI产品的意识和采用率。


8.The World Health Organization stated that vaccine microneedle patches can effectively protect children from measles infection, and their prospects are promising. People may be more willing to get vaccinated through skin patches compared to injections. This technology may be a major breakthrough in protecting vulnerable populations from preventable disease infections and saving lives, especially in resource scarce environments.
8.世卫组织表示，疫苗微针贴片可以有效保护儿童免受麻疹感染，其前景被看好。与打针相比，人们可能更愿意通过皮肤贴片来接种疫苗。这一技术可能是一项重大突破，将保护易感人群免受可预防疾病感染，拯救人们的生命，特别是在资源匮乏的环境中。


9.TSMC's sales in April amounted to NT $236.02 billion, a month on month increase of 20.9% and a year-on-year increase of 59.6%. The sales revenue from January to April was 828.665 billion New Taiwan dollars, a year-on-year increase of 26.2%.
9.台积电4月销售额2360.2亿元新台币，环比增长20.9%，同比增长59.6%。1-4月销售额8286.65亿元新台币，同比增长26.2%。


10. According to Jiemian news: It is reported that BYD plans to invest billions of euros in the European Union, involving factories, distribution networks, and marketing. Our goal is to become the largest electric vehicle seller in Europe by 2030. BYD will introduce low-cost electric vehicles based on the Seagull model into the European market, with a selling price of less than 20000 euros.
10. 界面新闻消息，据悉，比亚迪拟在欧盟投资数十亿欧元，涉及工厂、分销网络和市场营销。目标到2030年成欧洲最大电动汽车销售商。比亚迪将把基于海鸥车型的低成本电动汽车引入欧洲市场，其售价应低于2万欧元。