April 29th Macroeconomic Index: Shanghai-Hong Kong Cooperation on New Energy Digitalization, Industrial Profits Rise

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International Crude Price Trend and Exchange Rate of RMB to USD Trend

Domestic News

1. Shanghai and Hong Kong signed a memorandum of cooperation to deepen cooperation in the field of new energy digitalization

2. Shanghai Aviation Exchange: This week, the container shipping market is improving, and the freight rate of ocean routes has risen

3. From January to March 2024, the profits of industrial enterprises above designated size increased by 4.3%

4. Power Investment Energy: Terminate residential photovoltaic projects

International News

1. U.S. stocks closed: Google's closing market capitalization exceeded $2 trillion for the first time, and Nvidia rose 15% this week

2. U.S. natural gas futures fell, and high inventories pushed prices down

3. The oil pipeline from South Sudan to export oil through Sudan will resume operation

4. Oil is showing signs of tightening supply, and oil prices are on track to record weekly gains

Domestic News

1. Shanghai and Hong Kong signed a memorandum of cooperation to deepen cooperation in the field of new energy digitalization

On 26 April, the sixth meeting of the Hong Kong-Shanghai Co-operation Conference was held at the Hong Kong SAR Government Headquarters. The Hong Kong Quantum Artificial Intelligence Laboratory (HKAAI) and the Administrative Committee of the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone, as well as Shanghai Lingang Economic Development (Group) Co., Ltd. ("Lingang Group") were invited to attend the meeting and formally signed the Memorandum of Understanding ("MOU"). In this cooperation, all parties will build a "battery digitalization technology platform" project in the Lingang New Area based on the principles of complementary advantages, resource sharing and win-win results. The project will build a Shanghai-Hong Kong science and technology innovation community by cooperating with the Shanghai Citizen Non-Voltaic Energy Storage Digital Research Institute to promote the international new energy digitalization and the transformation and upgrading of the new energy industry.

2. Shanghai Aviation Exchange: This week, the container shipping market is improving, and the freight rate of ocean routes has risen

On April 27, the Shanghai Shipping Exchange released a weekly report on the export container transportation market. This week, China's export container transportation market performed well, and the freight rate of ocean routes rose, supporting the composite index to continue its upward trend. On April 26, the Shanghai Export Container Freight Index released by the Shanghai Shipping Exchange was 1940.63 points, up 9.7% from the previous period.

3. From January to March 2024, the profits of industrial enterprises above designated size increased by 4.3%

From January to March, the total profit of industrial enterprises above designated size reached 1,505.53 billion yuan, a year-on-year increase of 4.3%. From January to March, among the industrial enterprises above designated size, the total profits of state-controlled enterprises were 573.82 billion yuan, down 2.6 percent year-on-year; the total profits of joint-stock enterprises were 1,120.30 billion yuan, up by 0.8 percent; the total profits of foreign-funded enterprises and enterprises with investment from Hong Kong, Macao, and Taiwan were 373.75 billion yuan, up by 18.1 percent; and the total profits of private enterprises were 367.97 billion yuan, up by 5.8 percent. In March, the profits of industrial enterprises above designated size fell by 3.5% year-on-year. (National Bureau of Statistics)

4. Power Investment Energy: Terminate residential photovoltaic projects

It is necessary to further improve the macro-prudential management system, steadily advancing the prevention and resolution of financial risks in key areas; it is necessary to promptly advance legislation in key financial areas and emerging fields, and bring all financial activities under supervision and control in accordance with the law; it is necessary to further improve the establishment of a social credit system and promote the formation of a social credit environment in which "trustworthiness is good at making benefits and untrustworthiness would be punished"; pseudo-innovation and indiscriminate innovation that deviates from the needs of the real economy and evades supervision must not be carried out.

International News

1. U.S. stocks closed: Google's closing market capitalization exceeded $2 trillion for the first time, and Nvidia rose 15% this week

U. S. stocks closed on Friday, with the three major stock indexes opening higher and closing higher, with the Dow initially closing up 0.4%, the S&P 500 up 1.02%, and the Nasdaq up 2.03%. Google (GOOG. O) closed up 9.97% with its close market value above $2 trillion for the first time, and Nvidia (NVDA. O) rose 6.18%, up 15% for the week, the biggest weekly increase since May 2023. The NASDAQ China Golden Dragon Index rose 2.46%.

2. U.S. natural gas futures fell, and high inventories pushed prices down

NYMEX natural gas futures closed down 2.4 cents, or 1.5%, at $1.614 a million British thermal as high inventory levels continued to weigh on prices, as U.S. natural gas futures fell. Weather forecasts predicted it would be warmer in the central and eastern United States from May 1 to 5, with an increased likelihood of severe weather in parts of the Great Plains and Midwest of North America.

3. The oil pipeline from South Sudan to export oil through Sudan will resume operation

On the 26th local time, Malik Ager, Vice Chairman of the Sudanese Sovereign Council, said that a major oil pipeline that exports oil from South Sudan through Sudan will resume operation within two months. An oil pipeline from South Sudan's Upper Nile State to Port Sudan, a port on Sudan's Red Sea coast, was halted in February this year after a severe pipeline rupture due to armed conflict between the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF). Ager said Sudan and South Sudan are currently working to get technicians into areas along the pipeline to repair pipeline facilities. The work could be completed within two months, and oil deliveries and exports could be resumed.

4. Oil is showing signs of tightening supply, and oil prices are on track to record weekly gains

Ahead of the release of US inflation data, oil prices showed signs of weekly gains, showing signs of tighter supply. Brent crude rose slightly, briefly topping $89 a barrel and rising 2.3% this week. Data from earlier this week showed a decline in U.S. crude inventories, with important time spread indicators pointing to tight supply. Cash Roll, a measure of crude oil demand at a major storage center in Oklahoma, USA, was the strongest since 2022. Aldo Spanjer, senior commodity strategist at BNP Paribas, said that crude oil prices will enter $90 for some time. What people are struggling with is that a lot of the growth that we're seeing is actually the result of the macro environment.

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