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This morning, Asia-Pacific stock markets generally fell, while the Nikkei 225 Index and Korea Composite Index fell sharply, while A shares rose and fell back in intraday trading.

The latest unemployment benefits data from the United States show that the US labor market is still strong, which is aggravated.GamenftcryptoRaised concerns that the Fed would continue to postpone interest rate cuts.

As of the morning close, the Shanghai Composite Index was down 0% in terms of A shares.Gamenftcrypto.16%, the Shenzhen Composite Index fell 0.Gamenftcrypto.39%, the gem index fell 0.73%. The electric power industry chain has risen sharply, and the planting and aquaculture sectors have strengthened collectively. The property chain weakened, the real estate services sector led the decline, and Vanke A fell 5.44%.

In terms of Hong Kong stocks, Kangfang Bio, the leading stock of innovative drugs, fell 28.2%, and at one point fell more than 40% in intraday trading.

The outbreak of electric power industry chain

Due to the catalysis of yesterday's after-hours news, the market's attention to electricity reform suddenly heats up.

This morning, the power industry chain broke out, setting off a rising and stopping tide. Electricity, virtual power plants, power Internet of things, green power and other sectors led the rise, while stocks such as Jiuzhou Group, Xinzhonggang, Dalian Thermal Power (rights protection) and other stocks rose by the daily limit. Changjiang Electric Power, the leading stock, rose 1.22%, and its share price hit another all-time high.

Major changes have taken place in the electricity market. The National Development and Reform Commission recently issued the basic rules for the Operation of the electricity Market (hereinafter referred to as the "rules"), which will come into effect on July 1, 2024.

The rules are divided into 11 chapters and 45 articles, which are mainly adjusted and improved as follows: first, the name of the rules is changed from "basic rules for the Operation of electricity Market" to "basic rules for the Operation of electricity Market", which is consistent with the relevant statements of the regulations on electricity Supervision.GamenftcryptoThe second is to adjust the expressions of market scope, operating institutions and transaction subjects; the third is to improve the relevant expressions of market members and market transaction types; and the fourth is to improve the definition and trading methods of electric energy and auxiliary service transactions.

What is the guiding significance of the rules to the electric power industry? Li Muyang, assistant director and fund manager of Huatai Perry Index Investment Department, said that new operators including energy storage enterprises, virtual power plants, load aggregators and other new operators have entered the electricity market, and among the types of power transactions, capacity trading has been mentioned for the first time. In terms of ancillary services, the new rules point out that qualified ancillary services use market competition to determine providers. Thus it can be seen that the reform of the auxiliary service market will continue to move forward.

From the perspective of the electric power industry, we can make preparations for further promoting the electric power marketization by improving various types of electric power transactions and the classification of transaction subjects. From the operator dimension, it is helpful to further straighten out the inherent function of each type of power generation and its corresponding value.

From the current fundamentals of the industry, Shanxi Securities said that the fundamentals of the industry supply and demand are booming, and the high economy continues. Among them, on the electricity consumption side, the growth rate of electricity consumption of the whole society and sub-sectors in the first quarter of 2024 maintained a high growth trend, and the proportion of the three industries further increased; in the future, driven by the development of new quality productivity and the trend of electric energy substitution, electricity demand will further increase. Among them, the layout of emerging industries in the Yangtze River Delta and Guangdong and Anhui regions is earlier, the scale is relatively high, and most of the related industries, such as photovoltaic manufacturing and AI data centers, are new energy-consuming industries. It is expected that the electricity demand in the above areas will further increase.

In terms of investment strategy, China Merchants Securities said that the downward price of coal in 2024 catalyzes the continuation of the thermal power market. As the high price of coal inventory affects the profit level in the first half of 2023, with the decline of coal price center, the performance of thermal power enterprises in the first half of 2024 is expected to achieve higher growth compared with the same period last year, and has investment value in the environment of defensive market style. At the same time, with the realization of thermal power performance, it is suggested to pay attention to the investment opportunities of high dividend and high dividend thermal power enterprises with stable profits.

Kangfang biological flash collapse

This morning, affected by rumors that the clinical data were lower than expected, Kangfang Bio, the leading stock of innovative drugs in Hong Kong, fell 28.2%, and at one point fell more than 40% in intraday trading.

Kangfang Biological announced a few days ago that the State Drug Administration has formally accepted the company's independent development of the world's first bispecific antibody ®(PD-1/CTLA-4) combined with platinum chemotherapy combined with or without bevacizumab in the first-line treatment of persistent, recurrent or metastatic cervical cancer (sNDA).

Guoxin Securities said that several major indications of Cadonili are expected to be approved one after another, which is expected to significantly increase the number of patients covered by Cadonili. Kangfang Bio achieved 1.631 billion yuan in product sales in 2023, an increase of 48 percent over the same period last year, of which Cadonelli sold 1.358 billion yuan, an increase of 149 percent over the same period last year.

(the market picture in the article is from flush)