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
China's economy continues to show recovery in October;
Goldman Sachs predicts China’s core stock indexes to pop 12-16% in 2024.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China's economy improved further in October, with some key economic data released on Wednesday showing signs of continued recovery.
Figures released by the National Bureau of Statistics showed China's value-added industrial output - a gauge of activity in the manufacturing, mining and utilities sectors - grew by 4.6 percent from a year earlier in October, up from the 4.5 percent rise in September.
Retail sales, a key measurement of consumer spending, jumped 7.6 percent year-on-year in October, accelerated from a rise of 5.5 percent registered in September. Total retail sales of consumer goods topped 38.54 trillion yuan in the January-October period, up 6.9 percent from one year earlier
Fixed-asset investment went up 2.9 percent year on year to about 41.94 trillion yuan in the first ten months, while, in the January-September period, it increased 3.1 percent year-on-year. Meanwhile, investment in property development continued to cool in the first 10 months of 2023, down 9.3 percent year on year. Commercial housing sales shrank 4.9 percent year on year to 9.72 trillion yuan.
Commenting on the latest figures, Liu Aihua, spokesperson for the NBS, said the national economy overall sustained “good momentum of recovery”.
Despite fresh signs of stabilization, Liu said the economy still faces many unstable and uncertain factors in the external environment while domestic demand remains insufficient.
The country will ensure the implementation of macro policies in place to consolidate the foundation for recovery, with a key focus on expanding domestic demand, boosting confidence and fending off risks, according to the NBS.
In response to a media question, Liu said China’s economy is unlikely to face deflationary risks, and in the coming time, consumer prices operating within a low-price range will gradually ease.
China's broad money supply has maintained relatively fast growth, and market liquidity is generally reasonable and ample, Liu noted. China's consumer price index edged down 0.2 percent year on year in October. Liu attributed the fall to "structural factors" in the contributors to CPI, with weak food prices being a big drag.
随着稳增长政策持续落地见效以及去年同期基数较低，10月大部分经济指标出现回升，尤其是受节假日需求释放拉动，消费回升幅度尤为明显。
国家统计局11月15日发布的10月份经济数据显示，10月份，社会消费品零售总额43333亿元，同比增长7.6%，比上月加快2.1个百分点；环比增长0.07%。1-10月份，服务零售额同比增长19.0%，比1-9月份加快0.1个百分点。
10月份，全国规模以上工业增加值同比增长4.6%，比上月加快0.1个百分点；环比增长0.39%，连续两个月实现同比正增长。刘爱华表示，利润连续增长表明市场需求持续恢复，有利于提高企业生产积极性。
投资方面，1-10月份，全国固定资产投资（不含农户）419409亿元，同比增长2.9%，比1-9月份回落0.2个百分点。分领域来看，1-10月份，全国房地产开发投资同比下滑9.3%，降幅比1-9月扩大0.2个百分点。
国家统计局新闻发言人、国民经济综合统计司司长刘爱华15日在国新办新闻发布会上表示，10月份国民经济延续了持续恢复向好的势头，经济发展的韧性、活力和潜力继续显现。也要看到，当前外部压力仍然较大，国内需求不足制约仍较突出，企业生产经营困难较多，一些领域风险隐患需要高度关注。
从下阶段情况看，随着宏观政策效应的继续释放，需求改善对生产带动的作用将会进一步增强，加之产业转型升级的稳步推进，经济有望延续恢复向好态势。
刘爱华在答记者问时表示，从需求变化来看，商品和服务的需求都是在持续恢复的。从货币条件看，广义货币保持较快增长，市场流动性总体合理充裕。基于这些因素判断，下阶段价格低位运行的状况将会逐步缓解，不会出现通货紧缩。
Next on industry and company news
产业及公司新闻
China’s installed capacity of distributed photovoltaic power generated by households is nearly equivalent to that of five Three Gorges hydropower stations, which is the largest hydropower station in the world. China's residential solar installations has reached 105 million kilowatts by September, the National Energy Administration said Tuesday. Shandong, Henan and Hebei provinces are the top three provinces in terms of installed capacity of household PV power, accounting for about 60 percent of the country’s total, it said.
户用光伏装机容量已近5座三峡电站：11月14日，国家能源局发布的最新数据显示，截至今年9月底，全国户用分布式光伏累计装机容量达到1.05亿千瓦，农村地区户用分布式光伏累计安装户数已超过500万户，带动有效投资超过5000亿元。从区域分布看，截至今年9月底，山东、河南、河北户用分布式光伏累计装机居全国前三位，装机容量分别为2448万千瓦、2084万千瓦、1666万千瓦，合计6198万千瓦，约占全国的60%。
Alibaba International Digital Commerce Group, one of Chinese e-commerce giant’s six business groups, has reportedly concluded its acquisition of Visable, a European business-to-business digital trade platform. Visable will retain its independence after the deal, with both the German firm’s management and organizational structure remaining unchanged. Going forward, wholesale marketplace platform AIDC will operate in Europe with two brands, Alibaba and Visable.
阿里巴巴国际站收购欧洲B2B平台Visable：11月14日获悉，阿里巴巴国际站已经完成了对欧洲本土B2B数字贸易平台Visable的收购。此次收购之后，Visable将继续保持独立运营，管理层和组织架构均保持不变。自此，阿里巴巴国际站将在欧洲实现双品牌运营，通过多个B2B数字贸易平台服务更多客户。
Apple has told leading mobile phone apps to disable the motion detection function that triggers in-app advertising, according to media reports yesterday. The move by the US tech giant follows action by Chinese regulators to rein in the feature. Since the start of this month, Apple has contacted leading mobile apps to require them to stop accessing the iPhone’s angular velocity sensors, thereby switching off the motion detection function, the report said.
苹果据报将禁止摇一摇广告：据媒体14日报道，11月以来，苹果公司已经通知国内多家头部App，要求它们移除陀螺仪权限，禁止摇一摇跳转广告。据报道，收到通知的App包括但不限于在线视频软件、短视频软件、音频软件、邮箱软件等等。接下来，其所在公司可能会发布新版本App，在苹果的App Store上架，新版本将没有摇一摇跳转广告。
Earnings reports express
财报速递
Tencent on Wednesday reported a better-than-expected net profit of 36.2 billion yuan in the third quarter, up by 10 billion yuan from the previous quarter. Revenue came in at 154.6 billion yuan, also up from the 149.2 billion yuan registered in the second quarter. Online ad revenue totaled 25.7 billion yuan, while earnings from domestic gaming market tallied 32.7 billion yuan and those from overseas market stood at 13.3 billion yuan. MAUs of Tencent’s instant messaging app WeChat slightly expanded to 1.34 billion at the end of September.
腾讯三季度净利超预期：11月15日，腾讯三季报出炉，净利润高于市场预期。腾讯第三季度营收1,546亿元人民币，净利润361.8亿元，远高于二季度的净利润261.7亿元。三季度NON-IFRS净利449.2亿元，同比增39%。第三季度网络广告收入257.2亿元人民币。第三季度本土市场游戏收入327亿元人民币，国际市场游戏收入133亿元人民币。第三季度收费增值服务付费会员数2.5亿。微信及WECHAT的月活跃帐户13.4亿。
Tencent Music Entertainment beat third-quarter revenue estimates on Tuesday, as revenue from music subscriptions and its number of paying users surged to a record in the third quarter. Tencent Music, which operates music streaming platforms such as QQ Music and Kugou Music, said its total revenue fell 10.8 percent to 6.57 billion yuan in the three-month period versus the same period last year. Net profit came in at 1.26 billion yuan, up 6.5 percent year on year. MAUs of the biggest segment, social entertainment, as well as monthly average revenue per paid user fell by 17 percent and 51.4 percent year on year, dragging down revenue of the segment by 49 percent to 2 billion yuan. Another chunk of its main business, streaming music, saw a 33 percent revenue boost to 4.6 billion yuan, fueled by double-digit jumps in paid users, which hit a new high of 103 million.
腾讯音乐三季度在线音乐表现理想：11月14日下午，腾讯音乐娱乐集团发布了截至2023年9月30日的第三季度未经审计财务业绩，受社交娱乐服务收入下降的影响，其总收入同比下降10.8%至65.7亿元；净利润12.6亿元，同比增长15.6%，非国际财务报告准则净利润为15亿元，同比增长6.5%。具体而言，社交娱乐服务及其他收入从2022年同期的39.4亿元下降48.8%至20.2亿元。社交娱乐服务的平均月活跃用户数和每付费用户的平均收益分别出现了16.8%和51.4%的同比下降。另一方面，三季度腾讯音乐娱乐的在线音乐收入为45.5 亿元，同比增长32.7%。其中，在线音乐订阅收入同比增42%至31.9亿元，在线音乐付费用户1.03亿创新高。
Switching gears to financial news
金融市场消息
China’s major stock market indexes will achieve double-digit growth next year due to increases in earnings per share and valuation recovery, according to Goldman Sachs on Monday. The MSCI China Index, a gauge of large and mid-cap shares of Chinese companies, and the CSI 300 Index, which tracks the top 300 stocks traded on the Shanghai and Shenzhen Stock Exchanges, will rise by 12 and 16 percent, respectively, in 2024. As companies' profitability is rebounding from record low market caps while the Chinese economy continues to improve, Goldman Sachs has maintained its buy rating on A-shares but downgraded its rating on Chinese firms' equities listed offshore.
高盛维持高配A股建议：11月13日举行的2024高盛中国宏观经济展望及股票市场动态媒体交流会上，高盛预计，中资股每股盈利明年约升10%，连同估值温和修复，MSCI中国指数和沪深300指数在2024年可分别上涨12%和16%，目标点数分别为66点和4200点。鉴于中国经济形势改善推动企业盈利回升、A股估值处于历史低位，高盛股票策略团队维持对A股的“高配”建议。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks rose on Wednesday on the back of largely positive economic data and a decision by the country's central bank to boost liquidity injection through seven-day reverse repos. The benchmark Shanghai Composite added 0.6 percent, and the Shenzhen Component gained 0.7 percent. Hong Kong stocks soared almost 4 percent as the cut in stamp duty is about to take effect, and the TECH index also jumped 4.4 percent.
A股小幅上升港股大涨：周三A股大盘全天高开后震荡回落，三大指数均小幅上涨。截至收盘，沪指涨0.55%，深成指涨0.72%，创业板指涨0.53%。超3300只个股上涨。沪深两市今日成交额9900亿，较上个交易日放量966亿。北向资金全天净买入36.26亿元，终结连续6日净卖出。香港下调印花税税率即将生效，港股大涨，恒指收涨3.92%，恒生科技指数收涨4.41%。
Biz Word of the Day
财经词汇划重点
In-app advertising based on motion detection leads to ads popping up on apps when the handset is moved in a certain way.
“摇一摇”的技术原理是基于手机自身的重力感应，用外力调整重力感应的状态，产生位置变化而触发对应搜索和配对。
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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