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    1. CBN丨China's economy shows further improvement in October

      2023年11月15日 20:34   21世紀經濟報道 21財經APP   李瑩亮

      Hi everyone. I’m Stephanie LI.


      Coming up on today’s program.


      • 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 


      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.








      Next on industry and company news


      • 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.


      • 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. 


      • 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.  

        蘋果據報將禁止搖一搖廣告:據媒體14日報道,11月以來,蘋果公司已經通知國內多家頭部App,要求它們移除陀螺儀權限,禁止搖一搖跳轉廣告。據報道,收到通知的App包括但不限于在線視頻軟件、短視頻軟件、音頻軟件、郵箱軟件等等。接下來,其所在公司可能會發布新版本App,在蘋果的App Store上架,新版本將沒有搖一搖跳轉廣告。

      Earnings reports express


      • 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.


      • 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.

        騰訊音樂三季度在線音樂表現理想:11月14日下午,騰訊音樂娛樂集團發布了截至2023年9月30日的第三季度未經審計財務業績,受社交娛樂服務收入下降的影響,其總收入同比下降10.8%至65.7億元;凈利潤12.6億元,同比增長15.6%,非國際財務報告準則凈利潤為15億元,同比增長6.5%。具體而言,社交娛樂服務及其他收入從2022年同期的39.4億元下降48.8%至20.2億元。社交娛樂服務的平均月活躍用戶數和每付費用戶的平均收益分別出現了16.8%和51.4%的同比下降。另一方面,三季度騰訊音樂娛樂的在線音樂收入為45.5 億元,同比增長32.7%。其中,在線音樂訂閱收入同比增42%至31.9億元,在線音樂付費用戶1.03億創新高。

      Switching gears to financial news


      • 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.


      Wrapping up with a quick look at the stock market


      • 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.


      Biz Word of the Day


      • In-app advertising based on motion detection leads to ads popping up on apps when the handset is moved in a certain way.


      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

      編委:  于曉娜






      21世紀經濟報道海外部 制作

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