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title: 【财经期刊FM-Radio｜2021年04月14日】

微信公众号： 张良信息咨询服务工作室

【今日热点新闻一览↓↓】

美债收益率回落，特斯拉涨超8%力挺标普创新高，比特币首破6.3万美元。

中国一季度进出口同比增29.2%，贸易顺差扩大690%；3月进口同比增38.1%大超预期，创四年新高；3月大豆进口暴增逾80%，铁矿石6个月来首次突破1亿吨。

中国中免一季度净利润不到30亿；正邦科技预计一季度净利同比降66.32%-77.36%。

三部委：强迫实施“二选一”是平台经济领域资本任性、无序扩张的突出反映，必须严肃整治。

华为：Inside智能汽车已量产，“体验将比特斯拉好多了”。

日本正式决定：福岛核废水将排向大海！日本首相表示“可能还需要2年的时间来准备。

美团盘中一度大跌逾7%；港媒称超3亿转仓表明股东有沽货意向。

定价偏低，申购冷谈，携程港股二次上市遇冷。

美国通胀加速，3月CPI同比增长2.6%，创2018年8月以来新高。

美财政部拍卖30年期国债需求量强劲，长端美债收益率迅速跌至日低。

本周最重磅IPO将至，Coinbase设定直接上市参考价250美元。

估值骤增至400亿美元！“东南亚滴滴”Grab寻求在美并购SPAC曲线上市。

瑞信爆仓股仍在抛售！盘后大宗交易卖出21亿美元股票，包括爱奇艺。

全球最大奢侈品集团LVMH一季度销售额猛增，超越疫情前。

美国要求暂停接种强生新冠疫苗。

市场概述

10年期美债收益率短暂重上1.70%后一度回落8个基点。标普最近五日四创新高，但金融板块跌。纳指涨1%创近两月新高。道指跌近70点两连阴，强生跌超1%，其疫苗对手Moderna涨超7%。传出瑞信抛售后爱奇艺盘后跌超4%。泛欧股指逼近纪录高位，银行板块逆市领跌。美元创三周新低，比特币以太坊齐创新高，比特币首破6.3万美元。原油两连阳，美油一周多来首次重上60美元。金银铜终结两连阴，走出一周低谷。

市场收报

美股：标普500涨幅0.33%。道琼斯跌幅0.20%。纳斯达克涨幅1.05%。

欧股：欧洲STOXX 600指数收涨0.12%。德国DAX 30指数收涨0.13%。法国CAC 40指数收涨0.36%。英国富时100指数收涨0.02%。

A股：沪指收报3396.47点，跌0.48%，成交额2905亿元。深成指收报13528.31点，涨0.24%，成交额3809亿元。创业板指收报2742.85点，涨0.84%，成交额1253亿元。

黄金：COMEX 6月黄金期货收涨0.9%，报1747.60美元/盎司。

原油：WTI 5月原油期货收涨0.48美元，涨幅0.80%，报60.18美元/桶。布伦特6月原油期货收涨0.39美元，涨幅0.61%，报63.67美元/桶。

比特币：CME比特币期货BTC主力合约报63800美元，较周一纽约尾盘涨5.38%，盘中交投于60300-64450美元区间。

ETF：标普500 SPY收涨0.3%，纳斯达克100 QQQ收涨1.17%，黄金GLD收涨0.71%，金矿GDX收涨1.77%，白银SLV收涨2.04%，美国原油基金USO收涨1.22%，中国科技ETF-Guggenheim CQQQ收跌0.06%。

海外疫情

全球累计确诊逾1亿3793万，死亡296万。

Worldmeters单日新增病例：美国6.9万，印度18.5万，巴西7.8万，法国3.9万，土耳其5.9万。

美国要求暂停接种强生新冠疫苗。

罕见冲突！美国疾控中心呼吁密歇根州重启封锁，而不是增加疫苗。

要闻详情

A股指数“惯性”冲高回落白酒股反弹 水产养殖逆势走强

A share index "inertia"washed up, Baijiu stocks rebound, aquaculture trend stronger

水产养殖板块全天领涨两市，涨幅4.74%，大湖股份、国联水产、中水渔业、獐子岛、华英农业等多股涨停。

Aquaculture sector led the two cities torise, or 4.74%, while Dahu shares, Guolian fisheries, Zhongshui fisheries,Zhangzi Island, Huaying agriculture and other stocks rose by the limit.

中国一季度外贸成绩单来了！进出口同比增长29.2%，贸易顺差扩大690%

China’s firstquarter foreign trade report card is coming! Import and export increased by29.2% year on year, and trade surplus expanded by 690%

受海外需求回暖，春节就地过年，去年低基数等因素拉动，中国一季度进出口双双高增，外贸复苏稳中向好，实现开门红。出口4.61万亿元，增长38.7%；进口3.86万亿元，增长19.3%。

Driven by the rebound of overseas demand,the Spring Festival, the low base of last year and other factors, China’simports and exports both increased in the first quarter, and the recovery offoreign trade was stable and good, making a good start. Exports were 4.61trillion yuan, up 38.7%; imports were 3.86 trillion yuan, up 19.3%.

大超预期！中国3月进口同比增长38.1% 创四年新高

It’s bigger than expected!China’s imports rose 38.1% year on year in March, a four-year high

3月出口同比增长30.6%，超过前值18.1%。其中，中国3月稀土出口4837.1吨，创去年3月以来新高。

In March, exports increased by 30.6% yearon year, exceeding the previous value by 18.1%. Among them, China exported4837.1 tons of rare earth in March, a new high since March last year.

中国3月大豆进口暴增逾80%，铁矿石6个月来首次突破1亿吨

China’s soybean imports surgedmore than 80% in March, and iron ore exceeded 100 million tons for the firsttime in six months

今年一季度，中国大豆、玉米、小麦等进口量激增，主要是受养殖业的强劲需求的提振。3月，中国钢铁产品进口升至今年最高水平，钢铁出口跃升至2017年以来最高水平。

In the first quarter of this year, China’simports of soybeans, corn and wheat surged, mainly boosted by the strong demandof the breeding industry. In March, China’s imports of steel products rose tothe highest level this year, and steel exports jumped to the highest levelsince 2017.

意外闪崩是“业绩杀”？中国中免一季度净利润不到30亿｜财报见闻

Unexpected flash is"performance killing"? The first quarter net profit of China CMAC isless than 3 billion

相比于去年一季度的亏损1.2亿元，中国中免今年一季度实现净利润28.49亿元。不过，之前有市场预期30-35亿，这可能是导致今日该股罕见闪崩跌停的原因之一。

Compared with the loss of 120 million yuanin the first quarter of last year, China free realized a net profit of 2.849billion yuan in the first quarter of this year. However, there was a marketexpectation of 3-3.5 billion before, which may be one of the reasons fortoday’s stock’s rare collapse.

正邦科技：预计一季度净利同比下降66.32%-77.36% 生猪价格下滑

ZhengbangTechnology: the net profit in the first quarter is expected to decline by66.32% - 77.36% year on year, and the price of live pigs will decline

正邦科技公告，公司预计2021年第一季度实现归属于上市公司股东的净利润为2.05亿元–3.05亿元，同比下降66.32%-77.36%。报告期生猪价格较去年同期有所下滑是公司报告期内业绩下降的主要原因。同时，公司发布年度业绩快报，公司2020年度实现净利润57.62亿元，同比增长249.8%。

Zhengbang technology announced that in thefirst quarter of 2021, the company expects to achieve a net profit attributableto shareholders of listed companies of 205-305 million yuan, a year-on-yeardecrease of 66.32% - 77.36%. During the reporting period, the price of livepigs declined compared with the same period last year, which was the mainreason for the decline of the company’s performance during the reportingperiod. At the same time, the company released the annual performance express,and the company realized net profit of 5.762 billion yuan in 2020, with ayear-on-year growth of 249.8%.

从顺丰到华海药业再到中国中免，为何“一天杀一个白马股”？

From Shunfeng to Huahaipharmaceutical, and then to Zhongmian, why “kill a white horse everyday”?

白马接力闪崩体现了投资者对高估值白马严苛的业绩要求：在白马股估值大幅提升且投资者情绪趋于平缓的背景下，上市公司业绩不达预期，就容易引发投资者抛售。

The collapse of the white horse relayreflects the investors’ strict performance requirements for the overvaluedwhite horse: under the background of the sharp rise in the valuation of whitehorse shares and the calming down of investors’ sentiment, the performance oflisted companies does not meet expectations, which is easy to cause investorsto sell.

中国中免财报及股价异动，我们怎么看？｜事件点评

What do we think ofthe financial report and stock price change of China National Tax ExemptionCorporation? Comment on the event

见智君认为中免当下来看基本面没有改变。长期逻辑依然明朗且合理，宏观环境以及短期资金面的扰动或许能顺带杀一下估值。过去两年巨额涨幅带来的获利盘筹码也需要离场，而一直观望的投资人则可以积极关注并耐心等待买入机会。 Jianzhijunthinks that the fundamentals have not changed. The long-term logic is stillclear and reasonable, and the macro environment and short-term capitaldisturbance may kill the valuation by the way. The profit chips brought aboutby the huge increase in the past two years also need to leave the market, whilethe investors who have been waiting can actively pay attention to and patientlywait for buying opportunities.

三部委：强迫实施“二选一”是平台经济领域资本任性、无序扩张的突出反映必须严肃整治

Three ministries and commissions:the forced implementation of “one out of two” is a prominentreflection of the willful and disorderly expansion of capital in the field ofplatform economy, which must be seriously rectified

市场监管总局会同中央网信办、税务总局召开互联网平台企业行政指导会要求，各平台企业要在一个月内全面自检自查，逐项彻底整改。与会企业包括腾讯、阿里、百度、京东、快手、美团、字节跳动、B站等。

The State Administration of marketsupervision, together with the central office of information technology and theState Administration of Taxation, held an administrative guidance meeting forInternet platform enterprises, which required that all platform enterprisesshould conduct comprehensive self inspection and self inspection within onemonth, and make thorough rectification item by item. The participatingenterprises include Tencent, Ali, Baidu, Jingdong, Kwai Fu, USA group, bytebeating, B station and so on.

日本正式决定：福岛核废水将排向大海！科学家的“推演图”让人害怕，海鲜还能放心吃吗？

Japan officially decided:Fukushima nuclear waste water will be discharged to the sea! The"deduction chart" of scientists is frightening. Can seafood be safelyeaten?

日本首相表示“可能还需要2年的时间来准备。”更可怕的是，日本可能把核废水排放当做一项“持续性”工作，排放时间可能长达三十年。

“It may take another two years toprepare,” the prime minister said What’s more, Japan may regard nuclearwaste water discharge as a “continuous” work, and the discharge timemay be as long as 30 years.

美团为何大跌逾7%？港媒称超3亿转仓表明股东有沽货意向

Why meituan fell more than 7%?Hong Kong media said that more than 300 million positions showed thatshareholders had the intention to sell goods

港媒称，高盛持有或代客持股的美团股数暴增，意味着可能有投资者将逾3亿股转由高盛持仓，可能是股东有意出货。

Hong Kong media said that the surge in thenumber of meituan shares held by or on behalf of Goldman Sachs means that theremay be investors transferring more than 300 million shares to Goldman Sachs,which may be shareholders’ intention to ship.

定价偏低，申购冷谈，携程港股二次上市遇冷

Low pricing, cold talk aboutpurchase, Ctrip Hong Kong stock secondary listing cold

业务模式几乎都已确定，新故事难讲，还要面对美团的“乘胜追击"，时年22岁的携程给投资者留下了“尚能饭否”的疑问。

Business model has almost been determined,new story is difficult to tell, but also to face the meituan’s “pursuit ofvictory”, when the 22-year-old Ctrip left investors with “can stilleat” question.

美财政部拍卖30年期国债需求量“惊人”，长端美债收益率迅速跌至日低

The demand for 30-year treasurybonds auctioned by the US Treasury Department is “astonishing”, andthe yield of long-term US bonds quickly fell to a day low

拍卖得标利率2.320%，投标倍数2.47，均显示需求强劲，“堪称2021年最佳”。30年期美债收益率最深跌4.5个基点并下逼2.30%，10年期美债收益率在拍卖后跌幅扩大至逾5个基点，现货黄金重返1746美元上方。

The auction rate was 2.320% and the bidmultiple was 2.47, both showing strong demand and “the best in 2021”.The yield of 30-year U.S. Treasury bonds fell as much as 4.5 basis points andforced down 2.30%. After the auction, the yield of 10-year U.S. Treasury bondsfell by more than 5 basis points, and spot gold returned to above $1746.

本周最重磅IPO将至！Coinbase设定直接上市参考价250美元｜IPO见闻

The heaviest IPO of the week iscoming! Coinbase set a direct listing reference price of $250

以此参考价估算，加密货币交易所第一股Coinbase上市后估值约653亿美元，约为纳斯达克交易所市值的2.5倍。媒体此前称Coinbase市值可能达千亿美元。 Based on thisreference price, the valuation of the first share of coinbase in cryptocurrencyexchange after listing is about US $65.3 billion, which is about 2.5 times ofthe market value of NASDAQ Exchange. The media previously said that the marketvalue of coinbase could reach 100 billion US dollars.

估值骤增至400亿美元！“东南亚滴滴”Grab寻求在美并购SPAC曲线上市

Valuation soars to $40 billion!“Southeast Asia didi” grab seeks to be listed on the US merger andacquisition of SPAC curve

若Grab成功上市，将创出美国有史以来最大SPAC合并交易记录。与其400亿美元估值相比，公司投资方之一滴滴出行的估值高达1000亿美元。

If grab goes public successfully, it willset the largest combined transaction record of SPAC in the history of theUnited States. Compared with its valuation of $40 billion, Didi travel, one ofthe company’s investors, is valued at $100 billion.

瑞信爆仓股仍在抛售！盘后大宗交易卖出21亿美元股票

Credit Suisse burst stocks arestill selling! US $2.1 billion shares sold in after hours block trading

周二美股盘后，媒体称瑞信通过大宗交易抛售约21亿美元Archegos爆仓相关股票，标的为Discovery A类股、C类股、以及爱奇艺。

After US stock market trading on Tuesday,the media said that Credit Suisse sold about US $2.1 billion of archegosrelated stocks through block trading, and the underlying stocks were discoveryclass A shares, class C shares and iqiyi.

万亿接着万亿，加税接着加税！拜登的下一步刺激怎么定？一文读懂

Trillion after trillion, taxincrease after tax increase! What’s Biden’s next step? Read one article

高盛认为，最终美国国会通过的支出法案，将在10年内达到约3.3万亿美元，加税最早明年就可能开始。

Goldman Sachs believes that the spendingbill eventually passed by the US Congress will reach about $3.3 trillion within10 years, and the tax increase may start as early as next year.

中美消费力太强！全球最大奢侈品集团LVMH一季度销售额猛增，超越疫情前 Theconsumption power of China and the United States is too strong! Sales of LVMH,the world’s largest luxury group, soared in the first quarter, surpassing thatbefore the epidemic

LVMH美股收涨4.9%并创历史新高。一季度集团总收入同比大涨30%，比2019年一季度还高出8%，美国和亚洲增长强劲，欧洲仍受疫情拖累。最大的时装与皮革制品部门季度有机收入同比增52%，至历史新高，比2019年同期高出四成。

LVMH shares rose 4.9% to a record high. Inthe first quarter, the group’s total revenue rose 30% year-on-year, 8% higherthan that in the first quarter of 2019. The growth in the United States andAsia was strong, while Europe was still dragged down by the epidemic. Thelargest fashion and leather products division’s quarterly organic revenueincreased 52% year-on-year to a record high, 40% higher than the same period in2019.

一举突破63000美元！比特币涨势如虹，又创新高

Over $63000! Bitcoin is rising toa new high

消息面上，全球最大加密货币交易所Coinbase将于4月14日在纳斯达克交易所鸣钟上市。市场分析认为，Coinbase的上市将为数字货币行业提供更多的官方认可。

According to the news, coinbase, theworld’s largest cryptocurrency exchange, will be listed on NASDAQ on April 14.Market analysis believes that the listing of coinbase will provide moreofficial recognition for the digital currency industry.

又是罕见血栓！美国要求暂停接种强生新冠疫苗

Rare thrombus again! The UnitedStates calls for a suspension of J & J vaccine

美国疾控中心和食药监局发布联合声明，称由于出现6例罕见和严重的血栓病例，确认建议暂停使用强生疫苗。强生盘前跌超3%，收跌超1%。

The U.S. Centers for Disease Control andprevention and the food and Drug Administration issued a joint statement,saying that due to the emergence of six rare and serious cases of thrombosis,they confirmed the proposal to suspend the use of J & J vaccine.Johnson fell more than 3% before trading and closed down more than 1%.

罕见冲突！美国疾控中心呼吁密歇根州重启封锁，而不是增加疫苗

Rare conflict! The U.S. Centersfor Disease Control and prevention called on Michigan to restart the blockaderather than increase the vaccine

尽管强制居家办公、戴口罩，但密歇根州的确诊还是增加了，一定有别的异常变量导致了这种结果。而疫苗规模化接种需要时间，对短期疫情爆发帮助不大。

Despite the mandatory home office and facemasks, the number of confirmed cases in Michigan has increased. There must beother abnormal variables leading to this result. However, large-scalevaccination needs time, which is not helpful for short-term outbreak.

中国资讯——地区及产业

1、钢铁 | 中钢协最新数据显示，4月上旬钢材社会库存环比减少6.1%，已连续三旬下降，同比下降15.6%。另据Mysteel消息，河北武安或将在下周发布环保限产文件，已有部分钢厂做好准备，近期会出具整改措施。

国泰君安[601211.SS、02611.HKEX]分析师李鹏飞认为，当前钢材需求持续超预期，而高炉开工率维持低位，钢铁行业可能在今年出现供需缺口，钢价易涨难跌。另外，随着兼并重组加速推进，行业龙头优势明显。三钢闽光整合罗源闽光后在福建市场占有率领先，一季度预增50.69%至71.72%；本钢板材预计一季度净利润6.87亿元，而去年全年仅为4亿元。

2、封测 | 晶方科技最新公告，预计一季度实现净利润1.2亿至1.3亿元，同比增长93.19%至109.29%，因生产订单持续饱满，产能与生产规模同比显著提升。同日，华天科技也公告预增299.01%至378.81%，因集成电路市场需求持续旺盛。

广发证券[000776.SZ、01776.HKEX]许兴军表示，新冠疫情加速封测产业向国内转移，国内封测龙头产业地位持续提升。随着5G手机持续渗透、汽车电动化加速发展、物联网持续普及，半导体行业景气度高企。国内四大封测公司纷纷定增募投产能，扩大生产能力，进一步巩固竞争优势。其他公司中，长电科、通富微电也均为国内封测龙头厂商。

3、疫苗冷链 | 近日，交通运输部、公安部、国家卫生健康委、中国民用航空局、国家药品监督管理局、中国国家铁路集团有限公司等六部门联合发通知，要求加强新冠病毒疫苗货物运输全过程安全质量管控，完善应急处置措施，为新冠疫苗的生产、供应和接种提供运输服务保障。通知要求，对国内使用疫苗制剂进行信息化追溯，确保疫苗道路运输全过程处于规定的温度环境。

疫苗是医药物流中要求最为严格的运输品种。业内人士预计，仅国内疫苗每年需求量将会达到20亿支左右。随着新冠疫苗在国内大规模接种，新冠疫苗的运力需求将在今年下半年迎来爆发。目前国内新冠疫苗冷藏车的订单量大幅增长，冷藏车制造企业加班加点地生产已经成为常态。据央视报道，疫苗冷藏车企业目前处于“爆单”状态。澳柯玛致力于提供医用冷链解决方案，与 Global good合作的新型疫苗储存设备Artek已获得世卫组织PQS认证，并入选联合国全球采购目录。中集集团[000039.SZ、02039.HKEX]旗下中集冷云是集冷链设备研发生产和医药运输的企业，首批进入交通运输部新冠疫苗运输指定企业名单。

4、面板 | 财政部、海关总署、税务总局近日发布的《关于2021-2030年支持新型显示产业发展进口税收政策的通知》明确，自2021年1月1日至2030年12月31日，对新型显示器件生产企业进口国内不能生产或性能不能满足需求的自用生产性原材料、消耗品和净化室配套系统、生产设备零配件，对新型显示产业的关键原材料、零配件生产企业进口国内不能生产或性能不能满足需求的自用生产性原材料、消耗品，免征进口关税。

截至目前，我国新型显示产业总投资已超过1.3万亿元，成为全球最大的显示面板生产基地。作为电子信息产业的重要组成部分，新型显示产业有望获得更多政策支持。A股相关概念股主要有TCL科技、京东方Ａ等。

今日见闻历

4月14日，星期三，宜敬畏

人类对经济和股票市场知之甚少，巴菲特承认这一点，很多其他伟人承认这一点。

今日要闻前瞻

美联储主席鲍威尔讲话。美联储褐皮书。摩根大通、高盛、富国银行财报。Coinbase IPO。

作者：张良信息咨询服务工作室
Author: Zhang information consulting services studio
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来源：华尔街见闻
Source: Wall Street

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