China

The vast majority of the profits in the apples’ industrial chain are apples, with many suppliers receiving only zero head.

In Beijing on 5 May, apple company released financial data for the second fiscal year of 2023 (first quarter of 2023), with a net profit of $2,416 million, equivalent to approximately $167 billion in the yuan renminbi, a decline of approximately 3 per cent.

By contrast, 25 companies with a chain of fruit, such as the Empirical Industrial Fonds Foundation, Tighted, Virgin Orientale, registered a quarterly financial statement, with a total net profit of $6.3 billion for mothers and a decline of approximately 51 per cent over the same period last year.

In the first trading day after the latest financial statements were issued, the prices of apples had risen by 4.69 per cent, while the prices of many ABCs were on a downward trend, such as a 10.04 per cent drop in deep-yama A equity prices and a 6 per cent drop in Swwanda equity prices.

Small declines in the total company chain

The winter of the intelligent mobile market is far from over. According to the latest report of the Market Survey, Counterpoint, the global market for smart mobile phones produced 282 million in the first quarter of this year, a 14 per cent decline in the same ratio and a 7 per cent drop in the ring.

During the same period, apple company earned $94.8 billion, up from a decline of approximately 3 per cent, a second consecutive quarter, with a negative growth in yields from iPhone of approximately $51.3 billion, a slight increase from the same period in the previous year, as compared to the same period in the previous year, iPad, iMac, portable household housing and accessories.

The incomes of apples in the Greater China region were $17.8 billion, a decrease of 2.89 per cent, and in the Americas and Japan, they were about 7 per cent below the same period in the previous year, while in Europe and other parts of Asia and the Pacific, they increased.

Major-General Dine, a founder of science and technology, was interviewed about the sharp decline in demand for the consumer electronic sector and the expected lower performance of the external apples, but, in financial terms, its overall performance was more than expected by many agencies and the growth of the core business iPhone was sustained.

In contrast, the overall performance of the A chain company is poor. Eargencies have shown that, in the first quarter of this year, the total operating income of the 25 firms listed in the above-mentioned chain of fruit was 32.36 billion yuan renminbi, a decrease of 2.28 per cent over the same period last year, or about 50 per cent of apples’ revenues for the same period, but only 3.8 per cent of apples’ net profits.

Source: Emergencies

Obviously, the profit rate of the chain company is far from that of apples. During the first quarter of this year, apple company has a rate of up to 44 per cent, while a chain of fruits does not indicate the current rate of Māori, although annual reports indicate that the Fédération des Fonds de Fonds, communication and mobile network equipment, in 2022, was 9.25 per cent, and that the exact rate of Māori was 11.47 per cent for the same period. During the first quarter of this year, the net operating interest rate of the IPF was 4.2 per cent and 2.95 per cent, respectively.

According to the research institution, Counterpoint, in the last quarter of last year, in a climate markedly reduced by global intelligent mobile phones, apples alone accounted for 85 per cent of the total market’s profits by virtue of their superior coping capacity.

As can be seen from the foregoing, in the first quarter of this year, 25 A chain companies received better data than profits because of the relatively stable size of the larger business camps, which were largely smaller enterprises.

According to the financial report, in the first quarter, of the 25 companies listed in the chain of A fruit, the IPF, the sophisticated press, the Virgin Orientale, the Ethide battalion ranking five, with only a negative growth in the east of Nanjing, with only two out of the top 10 firms receiving the camps scoring down by more than 10 per cent. Overall, 18 of the 25 A Cobalt chain companies registered negative growth, with a drop of over 10 per cent in the camps.

Major General Dine analysed that the sharp decline in the performance of the A fruit chain company in the first quarter of this year was linked to apples, but their clients were not only apples, whose performance had been adversely affected by the depth of the consumer electronic industry as a whole. “The apples are now reoriented to the industrial chain, and the Chinese chain business may receive fewer orders than ever before, which will also affect performance.”

Net profits jump water, with 19 negative growth

Unlike receipt data, a quarterly increase in net domestic profits from fruit-market companies has not only small businesses, but also a larger breakdown of stalls.

In the first quarter of this year, 19 of the 25 A Cougar chain companies registered a negative increase in net domestic profits, of which 12 were down by more than 50 per cent, and the iPhone main factory industrial rich, the richer, the net profit of the mother, was $31,228 million, a decline of 3.9 per cent.

During the period, there were nine fruit-chain companies that suffered from losses, namely, euphoria, scientific and technological excellence, lubricant electronics, bathymetry, triumph, and science and technology in Consen.

During the first quarter of this year, the bathymetry of Maya, Shinwanga, and the science and technology of Consen lost $662 million, $165 million and $836.6 million respectively, while their net returnee profits during the same period last year were $79.8 million, $99.2 million and $588 million respectively.

As a supplier of apples and showcases, during the first quarter of this year, the revenue from the deep-rooted Maa A business was approximately $7.7 billion, a decrease of about 11 per cent, with operating costs of up to $7.2 billion, which were essentially unchanged from the same period in the previous year. The decline in the performance of the bathymetry is also associated with a downturn in the mask industry. Also on the table, in the first quarter of this year, the net return of the mother tongue declined from $4.4 billion in the same period in the previous year to $247 million, with a contraction of nine.

In the first three months of this year, science and technology was not only profiting from water, but a 43 per cent reduction in the same yield was achieved, and the company was responsible for the decline in performance. As regards science and technology, the company’s current consumption of e-banks is relatively large and, in order to reduce its dependence on the business, new energy vehicle cell structure operations and medical appliances are under way.

The performance of the chain of fruit enterprises is a cause for concern and may face even more difficult situations if it is “absented” by apples. The Ephilus and the lounge share of the apples rescinded, nearly doubled in the first quarter, from $186 million to $358 million, while the net profit from the singer shares increased from the same year.

Lock cash management in advance

The Chinese reporter of the securities firm exclusively learned that although there are more than seven months before the end of the rectification transition period, as of the end of April, the proportion of cash management products of BOCOM financial management, China Merchants Bank financial management and Xinyin financial management has been reduced to less than 30%, locking the “victory” in advance. However, it should be emphasized that this refers specifically to the surviving balance counted according to the caliber of subsidiaries (the same below), that is, the scale of entrusted cash management products issued in the name of the parent bank and not transferred to the management of subsidiaries needs to be excluded.

The rectification progress of the four major state-owned bank financial companies of CCB financial management, ICBC financial management, Agricultural Bank of China financial management and Bank of China financial management is also in line with or even better than expected. The proportion of cash management products is no more than about 40%, of which three are about 37%.

This situation is not easy to get, because for a long time, many financial management companies have rigidly emphasized the importance of “scale”. Even if they have consciously guided customers to short-term closed, fixed and minimum holding products, cash management is still the first choice for customers to win and stay. According to Chinese reporters from securities companies, in the second half of last year, the proportion of cash management financial products of several national bank financial subsidiaries was still concentrated between 45% and 60%.

“Since the draft for comments came out, we have consciously controlled the proportion of cash products very low, and took the lead in implementing investment according to the draft. Therefore, the performance is average compared with some peers, but there is little pressure for later adjustment.” An investment manager of a wealth management company told reporters. The proportion of its company’s cash management products is the first to be as low as more than 20%, which has been maintained for a long time.

Another financial management company told reporters that if only based on the caliber of cash management products issued and managed by financial management subsidiaries, it will be “properly controlled within 30%. However, if we add the cash products entrusted by the parent bank, it is indeed higher than the standard level of 30%. “In addition to the numerator and denominator of the parent bank’s products, the proportion of our (balance of cash management products) has actually been declining, and all requirements are implemented with reference to the requirements of the new cash regulations. There is still time, and we believe we can meet the standards on schedule.” The financial management company told reporters.

According to the reporter, the rectification of Everbright financial management and Ping An financial management was also carried out smoothly as scheduled, and neither of the two companies exceeded 40%. At present, the cash management products of most national wealth management companies are below 40%, and only one wealth management company located in North China accounts for nearly 55%.

From the overall situation of the industry, the balance of cash management financial products continues to expand: by the end of 2021, there were 316 cash management financial products in the whole market, and the remaining balance reached 9.29 trillion yuan, an increase of 1.51 trillion yuan compared with 7.78 trillion yuan in mid June last year. However, affected by the new cash regulations, many banks and wealth management companies consciously controlled the issuance rhythm, so the year-on-year growth rate of balance by the end of 2021 (22.89%) was nearly 42 percentage points lower than that of the same period of the previous year. In other words, although the scale of cash management products was still growing last year, it grew more slowly.

It is worth mentioning that the reporter learned from various sources that, in fact, in the past April, the scale of cash management products of many financial management companies was actually “powerful” compared with the new ones. This is because in the turbulent market, banks and wealth management companies take the initiative to keep customers, as well as the choices customers take the initiative to avoid risks. However, in the case of simultaneous amplification of numerator and denominator, as of the end of April, the proportion of cash financing of many companies was still steadily reduced to less than 40%.

Substitutes appeared frequently, and asset rectification was carried out in an orderly manner.

In order to meet the demand space for low-risk and high liquidity products after the pressure drop of cash management products, since the fourth quarter of last year, many financial management companies have continued to launch, or tried to launch a wide range of short-term financial products, and a large number of open-end products with a holding period of one week, two weeks, one month, two months and three months have been launched.

Such products have more choices than cash management products in terms of investment scope, concentration and asset duration, and have greater income elasticity than cash management products; At the same time, the redemption mechanism retains certain flexibility, which can better meet the liquidity needs than closed and fixed products.

At that time, a number of financial products were issued by the Agricultural Bank of China and the Agricultural Bank of China, and the net value of these financial products was the lowest. At the same time, some financial management companies have launched fixed income daily opening products, also known as “class goods base”, which not only take into account the liquidity and safety of cash management products, but also fully meet the requirements of the new regulations.

The performance comparison benchmark setting of “similar goods base” will also be essentially different from the stock cash management products: the performance comparison benchmark of new products is usually calculated with reference to the Treasury bond wealth index of China national debt (0-1 year), the yield of China Securities monetary fund index, the yield of Shanghai and Shenzhen 300 index, etc; The performance benchmark of stock cash management products is usually measured with reference to the benchmark interest rate level of call deposits for seven days or a certain period of time recently announced by the people’s Bank of China.

“As far as I know, many of these products are transformed into market value products through valuation switching. It is not difficult to change, that is, change the contract and change the asset valuation. But the key is the increase of Income Fluctuation and customer acceptance.” A professional told reporters. At that time, Bank of communications financial management, China Post Financial Management, Agricultural Bank of China financial management, China Merchants Bank financial management and other financial management companies quickly issued net worth products open on a daily basis. According to the reporter’s observation, the revenue performance of the product has been stable since its establishment.

The rectification of the underlying assets of stock cash management products is carried out simultaneously with the conversion of market value method products. Referring to the new regulations, financial companies have rectified the investment scope, leverage level, portfolio duration and concentration of the underlying assets of cash products, reducing the sinking of credit and shortening the duration of assets. From the position of multiple cash management products