Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
Ten IPO stocks surge today by at least 40 percent in busiest day of market debuts since November 2021;
Tesla inks deal with Shanghai to build a new Megapack factory.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China’s stock market had its busiest day for initial public offerings (IPOs) in 16 months, with 10 companies spring by at least 40 percent as they started trading for the first time in Shanghai and Shenzhen.
The listing of the 10 companies on the main boards marks the full roll-out of China's U.S.-style IPO mechanism, designed to make public share sales more market oriented. It also marked the most number of stock debuts on a single day since November 15, 2021, when the Beijing exchange commenced operations with 10 new listings.
Five companies including Citic Metal and Zhongzhong Science and Technology debuted on the Shanghai Stock Exchange, while power generator Shaanxi Energy Investment joined five others on the Shenzhen bourse.
The 10 companies raised a combined 21.2 billion yuan (US$3.1 billion) from the offerings, with Shaanxi Energy raking in 7.2 billion yuan from the biggest of the 10 IPOs. Nine of them sold their shares at more than 23 times earnings, a cap previously set by the securities regulator to make sure no IPOs flopped, according to data by Eastmoney.com.
The biggest winner of the day is Shenzhen CECport Technologies Co, an electronic components distributor, which opened up 161 percent and surged as much as 239 percent, after it raised 2.25 billion yuan.
Under the new rules, no daily trading limit is set for shares listed after an IPO in their first five trading days. However, stocks listed on the main boards are still subject to the 10 percent daily trading limit afterwards.
"The changes brought about by the IPO reform are all-round and fundamental, centred by information disclosure," Yi Huiman, chairman of the China Securities Regulatory Commission(CSRC) said on Monday.
The reform from approval-based system to registration-based system is a change that touches the underlying logic of supervision, and “it is a blade-inward transformation,” Yi told the IPOs ceremony.
4月10日，主板注册制首批10只新股上市，标志着A股市场全面进入注册制时代，是我国资本市场发展又一里程碑事件。
这10只新股分别为沪市主板的中重科技、中信金属、江盐集团、常青科技、柏诚股份，深市主板的登康口腔、中电港、海森药业、陕西能源、南矿集团。
主板注册制首批新股上市首日全线飘红。其中，涨幅最大的为中电港，涨幅超221%；登康口腔、柏诚股份紧随其后，涨幅分别为174%、111%；发行规模较大的陕西能源涨幅最小，为48%。
上述10家企业的首发价格在6.58~44.48元/股之间，发行市盈率在20.21~90.63倍之间。其中，海森药业的发行价最高，为44.48元/股；中信金属最低，为6.58元/股，对应的发行市盈率也最低，约为20倍。发行市盈率最高的为陕西能源，超过90倍。
从业绩来看，10家公司实力过硬。沪深交易所此前表示，全面实行注册制下，主板定位将进一步突出大盘蓝筹市场特色，重点支持业务模式成熟、经营业绩稳定、规模较大、具有行业代表性的优质企业。2022年，10家公司净利润全部破亿元，其中陕西能源归母净利润同比增长512%，位居第一；江盐集团居于次席，同比增长134%；柏诚股份同比增长65%。
全面注册制之下，主板新股发行价格不受“23倍市盈率”限制，打新将不再是无风险套利；主板新股上市前5个交易日无涨跌幅限制，新股连续“一字板”将不复存在。
在今天上午举行的沪深交易所主板注册制首批企业上市仪式上，证监会主席易会满表示，与核准制相比，实行注册制不仅涉及审核主体的变化，更重要的变化体现在4个方面。
一是理念的变化，坚持以信息披露为核心，监管部门不对企业的投资价值做判断。二是把关方式的变化，主要通过把好信息披露质量关，压实发行人信息披露第一责任，中介机构“看门人”责任。三是透明度的变化，审核注册制的标准、程序、问询内容、过程、结果全部公开，监督制衡更加严格，让公权力在阳光下运行。四是监管执法的变化，对欺诈发行、财务造假等各类违法违规行为零容忍，露头就打，实行行政、民事、刑事立体处罚，形成强有力的震慑。
易会满表示，实践表明，注册制改革是一场触及监管底层逻辑的变动，刀刃向内的变革，牵动资本市场全局的变革，影响深远。
Moving on to regional highlights
区域观察
US electric carmaker Tesla Inc will build a Megafactory in Shanghai to make its energy storage product Megapack, according to an agreement reached between the Lingang Special Area Administration and Tesla (Shanghai) on Sunday. This will be the company's second Megafactory of Megapack worldwide. The plant is designed to produce an initial output of 10,000 Megapacks a year, or about 40 GWh of energy storage. Scheduled to break ground in the third quarter of this year, the Megafactory will start production in the second quarter of 2024, and its products will be sold worldwide, the carmaker said.
特斯拉储能超级工厂落户上海临港：4月9日，特斯拉储能超级工厂项目在上海举行签约仪式，正式落户临港新片区。上海临港新片区党工委副书记吴晓华与特斯拉公司副总裁陶琳代表双方签约。特斯拉储能超级工厂将规划生产特斯拉超大型商用储能电池（Megapack），初期规划年产商用储能电池可达1万台，储能规模近40GWh，产品提供范围覆盖全球市场。特斯拉储能超级工厂项目计划于2023年第三季度开工，2024年第二季度投产。
The wholly-owned unit that US chipmaker Intel established in China’s tropical tax-free tourist destination Sanya has officially kicked off operation. Intel Integrated Circuit (Hainan) started operation on April 8, according to the official website of Hainan’s provincial government. It will provide Chinese customers with cross-border software and hardware services, including distribution and settlement, software design and licensing, system integration, talent training, and equity investment.
英特尔落户海南三亚：4月9日消息，日前，英特尔公司在海南三亚注册成立英特尔集成电路（海南）有限公司。4月8日，英特尔三亚办公室开业仪式在三亚中央商务区成功举办，标志着英特尔海南业务启动运作。新设立的英特尔集成电路（海南）有限公司作为英特尔在海南自贸港的全资子公司，将面向中国市场提供跨境软硬件产品的分销与结算、软件设计与许可、系统集成、以及人才培训等相关服务，同时面向国内的初创企业从事股权投资活动。
Next on industry and company news
产业及公司新闻
The Small and Medium Enterprises Development Index (SMEDI), an index of the operational health of China's SMEs, edged up 1.3 points to 89.3 in the first quarter, marking the highest increase since the fourth quarter of 2020, according to the results released by the China Association of Small and Medium Enterprises (CASME) on Sunday. The sub-indexes for all eight major sectors rallied in Q1, with that of the accommodation and catering industry, the information transmission, computer service and software industry, and the transportation, postal and storage industry marking the more significant increases among all sectors tracked.
一季度中小企业发展指数升至两年新高：中国中小企业协会9日发布最新数据显示，今年一季度我国中小企业发展指数为89.3，比去年四季度上升1.3点，升幅为2020年四季度以来最高。一季度，8个分行业指数均比上季度明显回升，其中，住宿餐饮业、交通运输邮政仓储业和信息传输计算机服务软件业指数上升明显，环比分别上升2.1、1.8和1.7点。
China's railways saw steady growth in passenger trips and freight volume in the first quarter of the year, according to industry data. In the January-March period, the railways handled 753 million passenger trips, surging 66 percent year on year, data from China State Railway Group Co Ltd showed. The country's rail freight volume, a key indicator of economic activities, rose 2.3 percent year on year to 970 million tons in the same period. Meanwhile, the Group reported the fixed-asset investment in railways expanded 6.6 percent to reach 113.55 billion yuan in the first quarter.
一季度国家铁路客货运输两旺：中国国家铁路集团有限公司8日数据显示，今年一季度，国家铁路运输呈现客运稳步快速恢复、货运持续高位运行的良好态势，累计发送旅客7.53亿人次、同比增长66%，货物9.7亿吨、同比增长2.3%，为经济运行持续整体好转提供了有力支撑。其中3月份，国家铁路日均发送旅客858万人次，同比增长171%，基本恢复至2019年同期水平。另外，国铁集团9日表示，一季度，全国铁路完成固定资产投资1135.5亿元，同比增长6.6%，为全年铁路投资工作带来“开门红”。
Shares of New East New Materials plunged by the exchange-imposed limit after Chinese telecoms giant Huawei Technologies said it is not willing to cooperate with the Chinese ink and adhesive products maker that intends to buy Nokia’s stake in their joint venture. Huawei is unwilling to cooperate with the buyer of Nokia’s stake in TD Tech, the JV between Huawei and Nokia, because of its insufficient capabilities in the communications industry, Huawei said late yesterday. New East New Materials announced yesterday that it would buy Nokia’s 51 percent stake in TD Tech for 2.1 billion yuan to expand its primary business to wireless communication technology products.
华为严词拒绝与东方材料合资运营TD TECH：4月10日早盘，东方材料开盘一字跌停。10日凌晨，上交所就东方材料非公开发行事项提出监管要求。9日深夜，华为在其官方网站发布了一份声明，严词拒绝与东方材料共同运营TD TECH。该声明强调，华为与TD TECH另一个现股东诺基亚共同运营公司，是基于双方实力考虑，接盘诺基亚所持股份的公司，需要有同样的战略能力，才具备延续既有合作的基础。“我司（华为）没有任何意愿及可能与新东方新材料（东方材料）合资运营TD TECH。”东方材料9日晚间发公告称，拟定增募资不超20亿元，用于向诺基亚全资子公司NSN收购TD TECH 51％股权（交易对价21.22亿元）。TD TECH剩余49％股权由华为持有。
Chinese new energy vehicle startup Nio will stop providing new clients with free home charging piles and cut the monthly amount of free battery swaps to four. From June 1, buyers of Nio’s ET7, EC7, ES7, and ET5 models will have to pay for home charging piles, the automaker’s CEO said today. Moreover, customers will be able to swap their NEV batteries for free only four times a month instead of six, Li Bin added. A battery swap costs 100 yuan, Li pointed out, noting that Nio launched the service in September 2019 free of charge to get drivers used to it. In the future, the battery-swapping service will surely become a fully paid service, Nio’s President Qin Lihong said.
蔚来汽车宣布调整充换电权益：4月10日，蔚来汽车总裁李斌宣布用户充换电权益调整。5月31日前购买蔚来ET7、EC7、ES7、ET5的用户，赠送免费家用充电桩。保留免费家充桩用户，每月4次免费换电；不保留免费家充桩用户，每月6次免费换电。6月1日起购买蔚来ET7、EC7、ES7、ET5的用户，需付费购买安装家用充电桩，每月享受4次免费换电。李斌谈到，目前已有不少用户在付费换电，平均一次换电支出约为100元，蔚来在2019年9月之前都采取的收费换电模式，考虑到培养用户换电习惯开始了不限次免费换电权益，后在2021年8月调整为6次免费换电。蔚来汽车总裁秦力洪则表示，长远来看，未来换电服务一定会变为全部收费的形式。
JD.Com’s vice president said at a recent summit that the Chinese e-commerce giant will launch a new generation of ChatJD this year, an industrial version of ChatGPT focused on retail and finance. ChatJD’s next generation will focus on text, voice, dialogue, and digital human based on JD.Com’s situation, He Xiaodong said at the Artificial Intelligence Foundation Model Technology Summit on April 8. Its commodity copywriting capacity will cover more than 2,000 product categories on JD.Com.
京东大模型“ChatJD”年内发布：4月8日，在人工智能大模型技术高峰论坛上，京东集团副总裁何晓冬表示，京东将在今年发布新一代产业大模型，言犀是京东版ChatGPT。ChatJD预训练参数达到千亿级、品类覆盖3000+、人工审核通过率95%+、生成文字30亿+。
Switching gears to financial news
金融市场消息
Ninety percent of A-share companies on Shenzhen Stock Exchange are expected to make profits, according to their disclosed 2022 annual report or performance as of April 8, media reported on Sunday. The 848 companies in total on the Shenzhen A-share market achieved a net profit of 691.41 billion yuan ($100.54 billion), showing an overall positive trend. Each company is expected to earn an average net profit of 815 million yuan, with a three-year compound growth rate of 19.77 percent. Among them, 763 are expected to make profits, while 484 will record year-on-year growth in net profit, accounting for 90 percent and 60 percent, respectively.
763家深市公司2022年预盈：截至4月8日，深市A股共有848家公司已披露2022年年报或业绩快报。848家公司实现净利润合计6914.14亿元，平均每家预计实现净利润8.15亿元，三年复合增长率为19.77%，整体呈现向好趋势。其中，763家公司预计盈利，占比近九成；484家公司预计净利润实现同比增长，占比近六成。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks fell on Monday with the benchmark Shanghai Composite down 0.4 percent and the Shenzhen Component shed 0.8 percent, while total turnover of the two bourses hit 1 trillion yuan for the fifth session. The Hong Kong market is closed for the Easter holiday.
A股收跌港股休市：周一A股大盘全天窄幅震荡，深成指领跌。截止收盘，沪指跌0.37%，深成指跌0.8%，创业板指跌0.14%。沪深两市今日成交额12255亿，较上个交易日放量1715亿，连续第5个交易日突破1万亿元。受复活节假期影响，港股今日休市。
Biz Word of the Day
财经词汇划重点
Energy storage is the capture of energy produced at one time for use at a later time to reduce imbalances between energy demand and energy production. A device that stores energy is generally called an accumulator or battery. Energy comes in multiple forms including radiation, chemical, gravitational potential, electrical potential, electricity, elevated temperature, latent heat and kinetic. Energy storage involves converting energy from forms that are difficult to store to more conveniently or economically storable forms.
储能或储能技术指的是把能量储存起来，在需要时使用的技术。储能技术将较难储存的能源形式，转换成技术上较容易且成本低的形式储存起来。例如太阳能热水器将光能（辐射）存在热水（热能）里，电池将电能存在电化学能里。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
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