Shangguan Data Daily: November 21, 2024 - A Quick Look at China's Economic and Market Data

Shangguan Data Daily: November 21, 2024 - A Quick Look at China's Economic and Market DataMacroeconomy and PoliciesContinued Growth in Foreign Investment: From January to October 2024, China's non-financial direct investment abroad reached US$115.83 billion, a year-on-year increase of 10

Shangguan Data Daily: November 21, 2024 - A Quick Look at China's Economic and Market Data

Macroeconomy and Policies

Continued Growth in Foreign Investment: From January to October 2024, China's non-financial direct investment abroad reached US$115.83 billion, a year-on-year increase of 10.6%. During the same period, the turnover of China's overseas contracting engineering projects reached US$124.38 billion, up 2.0% year-on-year; newly signed contracts amounted to US$177.65 billion, a year-on-year increase of 15.3%. These figures show that despite global economic challenges, China's foreign investment and contracting engineering projects continue to grow, demonstrating the resilience and vitality of the Chinese economy. (Source: CCTV Finance)

Continued Recovery in the Automotive Market: The China Passenger Car Association (CPCA) predicts that the retail sales volume of narrow-sense passenger vehicles in November will reach approximately 2.4 million units, a year-on-year increase of 15.4% and a month-on-month increase of 6.1%. New energy vehicle retail sales are expected to reach 1.28 million units, with a penetration rate of approximately 53.3%. The continuous recovery of the automotive market, particularly the outstanding performance of the new energy vehicle market, indicates that the transformation and upgrading of China's auto industry is accelerating. (Source: Cailian Press APP)

Bitcoin Price Hits New High: The price of Bitcoin has been rising steadily since November 6th, breaking through US$98,000 and nearing US$100,000, with a cumulative increase of over 40%. The continuous rise of Bitcoin has also driven up the stock price of "Bitcoin shadow stock" MSTR, whose market capitalization has surpassed the combined market capitalization of the world's top two gold mining companies, Newmont Goldcorp and Barrick Gold. This reflects the market's continued attention to and investment enthusiasm for digital assets. (Source: 21st Century Business Herald)

Graduate Entrance Exam Applications Decline for Two Consecutive Years: The number of applicants for the 2025 national postgraduate entrance examination is 3.88 million, a decrease of 860,000 compared to 2023. This is the first time in eight years that the number of applicants has declined for two consecutive years, a matter worthy of attention. This may reflect a variety of factors, such as changes in the job market, policy adjustments, and the choices of the candidates themselves. (Source: Yicai Global)

Cultured Diamond Prices Plummet: Affected by changes in market supply and demand, cultured diamond prices have continued to fall, with the price of some 1-carat cultured diamonds falling by more than 80% from their peak. Currently, many 1-carat diamond rings are priced between 5,000 and 6,000 yuan after discounts, with some ring settings costing more than the diamonds themselves. This indicates that the cultured diamond market is undergoing a price adjustment. (Source: Cover News)

Super-large Gold Mine Discovered in Hunan Province: The Hunan Provincial Geological Institute has discovered over 40 gold veins in the Wangu gold minefield in Pingjiang County, Hunan Province, with the highest gold grade reaching 138 grams per ton. The core exploration area has discovered a total of 300.2 tons of gold resources, and the predicted far-reaching gold reserves above 3,000 meters underground exceed 1,000 tons, with a resource value of 600 billion yuan. This major discovery will have a significant impact on the development of the gold industry in Hunan and even the whole country. (Source: 21st Century Business Herald)

Industry/Company Data

Sanitary Napkin "C-Class" Standard Raises Questions: Recently, the topic of "sanitary napkin C-class standard" has continued to ferment, leading to widespread questioning of sanitary napkin product standards. Many sanitary napkin brands have presented test reports showing that their products meet the highest "A-class" standard in key indicators such as pH value and formaldehyde content, exceeding the "C-class" standard. Listed companies including Baiya Co., Ltd., Qianjin Pharmaceutical, Wujian Medical, Haoyue Care, and Heng An International are involved in related brands. (Source: Cailian Press APP)

US Department of Justice Demands Google Divest Chrome: The US Department of Justice has recommended that the court order Google to divest its Chrome browser and prohibit it from re-entering the browser market for five years, as well as prohibiting Google from signing exclusive agreements with third parties such as Apple and Samsung. This move aims to break up Google's search market monopoly and promote market competition. (Source: The Paper)

Ford to Cut 4,000 Jobs in Europe: Due to slowing demand for electric vehicles in Europe and intensified competition from Chinese automakers, Ford plans to cut nearly 4,000 jobs in Europe over the next three years, about 14% of its European workforce. This reflects the challenges and transformation pressures facing the global automotive industry. (Source: Phoenix Finance)

E-commerce Platform Crackdown on Baijiu (Chinese Liquor) Sales: Taobao has adjusted the tiered deposit amounts for liquor, raising the deposit threshold to curb merchant behavior and reduce the prevalence of counterfeit and inferior goods. This shows that e-commerce platforms are stepping up efforts to regulate baijiu sales channels. (Source: Interface News)

iQiyi's Performance Declines: iQiyi's total revenue in the third quarter was 7.2 billion yuan, a year-on-year decrease of 10%; net profit attributable to iQiyi was 229.4 million yuan, a year-on-year decrease of 55%; membership service revenue decreased by 13% year-on-year, and online advertising service revenue decreased by 20% year-on-year. Although iQiyi has achieved some success in content, such as "The Mysterious Record of the Tang Dynasty: Westward Journey" and "King of Comedy Stand-up Season," this has not effectively boosted its membership and advertising revenue. (Source: Yicai Global)

Nvidia Reports Strong Earnings: Nvidia's revenue for the third quarter of fiscal year 2025 was US$35.1 billion, a year-on-year increase of 93.7%; net profit was US$19.31 billion, a year-on-year increase of 109%, significantly exceeding market expectations. Its strong performance is mainly due to the rapid development of artificial intelligence technology. (Source: Phoenix Finance)

City Developments

Mortgage Rate Cuts, but Monthly Payments Increase: Some users have reported that their monthly mortgage payments have increased after the reduction in existing mortgage rates. Banks say they are investigating system issues. (Source: China Business Journal)

Active Transactions in Beijing's Luxury Homes: The Beijing real estate market has seen an increase in transactions due to favorable policies, with some intermediaries reporting the recent sale of multiple luxury homes. (Source: Yicai Global)

Shanghai's Michelin Three-Star Restaurant to Close: Ultraviolet by Paul Pairet, a Shanghai restaurant that has won three Michelin stars for eight consecutive years, will suspend operations indefinitely due to its surrounding being engulfed by heavy construction sites. (Source: Sina Shanghai)

In summary, today's data reveals both resilience and challenges in the Chinese economy. Foreign investment remains strong and the automotive market is recovering, but graduate school applications are down, and some industries are facing pressure. Meanwhile, tech giants are facing antitrust investigations, and real estate market regulation continues. Various sectors are facing new opportunities and challenges, requiring adaptation to the ever-changing market environment. Continuous monitoring and in-depth analysis are needed.