Trade in the new marketplace 5G

In recent years, the domestic 5G commercialization process has been accelerating, and five G mobile phones have also gained a good size on the market.

The Chinese Institute of Commons report shows that the number of mobile users in the country has reached 16.8 billion, and the number of mobile users in the country has surpassed 542 million households with an infiltration rate of 32.2 per cent. Taking into account the combined data published by the Chinese Institute of Correspondents and daily interaction, 5G mobile phones are already in a stable market for smart mobile phones.

The same is true of secondary markets. Q1 Transferring group mobile phones show that the total volume of transactions of 5G was 52.44 per cent, with three consecutive quarterly transactions accounting for half a year, with a smooth overall performance.

On the brand side, the volume of transactions remained unchanged from the previous quarter and apples were once again raised. In particular, iPhone accounted for 33.23 per cent of transactions, with a slight drop of 0.11 per cent over ring. The rice is still the first of the country’s origin, vivo, OPPO (including one plus), followed by honour. Compared to Q4 in 2022, which was a mere apples and a rise in the volume of transactions, Q1 in 2023 was on the contrary, with a rise in the share of transactions in handicrafts in vivo, OPPO and Yukon.

The analysiser of the trans-group data department considered that, in the light of the new frequency of the market for new machines, the diversity of product layouts in national production machines was an important factor in driving the increase in the volume of transactions of second-hand home-based operators.

In terms of prices, iPhone, the main domestic product (NPS) prices have declined overall. For example, thermal market price is maintained. Of these, 99 new 8G+256G editions are Mate 40 Pro + the lower price of around 870 per month in March when the second-hand market was sold on average.

In response, the analysiser of the trans-group data department indicated that over a quarter the high-end flagship market had accelerated the decline in the prices of two high-end mobile phones.

Apple® 4G temperature, iPhone14 Pro Prevalence

While apples were not released on a quarterly basis, the discussions in the new market have not diminished.

The new machine market, apples 14/14Plus, introduced new formulations, although it was subject to a “commissary-breaking” scenario; the Pro-Road, albeit relatively heat-intensive, began to relax prices after the new machine dividend.

The lower prices of new aircraft are affected by the lower prices of secondary market apples.

Q1 Transferring group mobile phones show that the bulk of the air downscaling ranges are within 300 dollars, of which 99 new 64G editions of® SE (third generation) are the lowest, with only one floor. In contrast, the higher-end Pro-Road down price is evident, with the highest drop in iPhone14 Pro Max, with a new 128 G version, a decrease of approximately $886 per month compared with the average sales price in the second-hand market in March, iPhone14 Pro price of approximately $852, and iPhone13Pro/Pro Max at 390 and 445 respectively.

In response, the analysts of the trans-group data department believe that, on the one hand, consumer options are increasing as the market is becoming more sophisticated. In the first quarter, the old adversary of apples was the launch of high-end flagship aircraft, as well as a folder. On the other hand, after nearly half years of marketing fire, the iPhone14 Pro series market has been adequately supplied and prices have naturally come to a “wind”.

From the ranking of the list, iPhone maintains a hegemonic list, recovered, total volume of transactions, search sheets, all machine-types are listed. Of these, iPhone11 has six consecutive quarterly hegemony, while occupying the top of the C2B, B2C search list.

The search for 5G mobile phones remains high, and the search for mobile phones has not changed in the last quarter compared with the Top10 model.

It is a matter of concern that the Q1 Referral Group mobile phones show that on the Top 10 list of transactions, the 5G® ceiling was reduced from 6 in the previous quarter to 5 seats, 4G and 5G mobile phones returned to the “fifth” situation.

In particular, the 4G® heat was slightly rebounded, with one Phone XR, iPhone Xs Max being ranked by one, and one Phone11 Pro Max, ranked in nine; 5G®, iPhone13 Pro Max, down from the fourth in 2022 Q4, to Q1 in 2023, iPhone13 Pro.

The small size of the national product is still the country’s first and the Chinese is the P series.

The new frequency of home-based branding is also accelerating with the warming of weather in spring.

New Air Market, iQOO under the vivo flag, yuan renminbi, iQOO Z7, glorious play 7T, high-end market glomeration 5; OPPO Find X6 series; Chinese P60 series;ate

Introduction

Next water pilots, our first generation of nuclear submarine crews, ours and our friends are afraid to survive, “to death and honour, to work”. Air, in the face of aircraft that continue to be close to my Eastern Sea Anti-aircraft Identification Zone, Navy pilot Shenyang responded with light weapons, “I can be you!” At sea, the doorboat responded to the unjustified shouting of the Taiwan Strait: “You have so-called “24 nautical miles”.

The fifth closing period of the fund is from May 11, 2021 (inclusive) to May 11, 2022 (inclusive). In accordance with the relevant provisions of the fund contract and prospectus of the fund, the fund manager decides to accept the application for subscription, redemption and conversion business from investors on the working days from May 12, 2022 (inclusive) to June 1, 2022 (inclusive). From June 2, 2022 (inclusive) to June 2, 2023 (inclusive), it is the sixth closed period of the fund. During the closed period, the fund does not handle subscription, redemption, conversion or other businesses.

If the fund cannot be opened on time due to force majeure or other circumstances during the opening period, or the subscription and redemption business needs to be suspended according to the fund contract, the fund manager has the right to reasonably adjust the processing period of subscription or redemption business and make an announcement, and continue to calculate the opening period from the next working day after the day when the influencing factors of force majeure or other circumstances are eliminated.

Risk warning: the fund manager promises to manage and use the fund assets on the principle of honesty, credit and diligence, but does not guarantee the fund’s certain profit or minimum return. When investing in the fund managed by the fund manager, investors should carefully read the fund contract, prospectus and other legal documents, understand the details of the fund products, select the fund matching their risk identification ability and risk tolerance, and pay attention to the investment risk.

It is hereby announced

Cathay Pacific Fund Management Co., Ltd

May 12, 2022

Cathay Pacific Fund Management Co., Ltd

On adjusting the transaction type of Cathay Pacific CSI photovoltaic industry

Minimum subscription of open-end index securities investment fund

Announcement of redemption of units

In order to meet the needs of investors, Cathay Pacific Fund Management Co., Ltd. (hereinafter referred to as “the company”) has decided to adjust the minimum subscription and redemption unit of Cathay Pacific CSI photovoltaic industry trading open-ended index Securities Investment Fund (hereinafter referred to as “photovoltaic 50ETF”, fund code: 159864) from May 16, 2022.

1、 Adjustment content

From May 16, 2022, the minimum subscription and redemption units of photovoltaic 50ETF will be adjusted from 1 million to 2 million.

2、 Other matters

1. The fund units subscribed and redeemed by investors shall be integral multiples of the minimum units subscribed and redeemed.

2. This announcement only explains the matters related to the adjustment of the minimum subscription and redemption units of the above funds. For details, please read the fund contract, updated prospectus and other legal documents of relevant funds.

3. Cathay Pacific Fund Management Co., Ltd. reserves the right to interpret this announcement. Investors can log in to the website of the fund manager www.gtfund.com COM, or call customer service hotline 400-888-8688 for relevant information.

4. Risk warning: the fund manager promises to manage and use the fund assets on the principle of honesty, credit and diligence, but does not guarantee the fund’s certain profit or minimum return. When investing in the fund managed by the fund manager, investors should carefully read the fund contract, prospectus and other legal documents of the fund, understand the details of the fund products, select the fund matching their risk identification ability and risk tolerance, and pay attention to the investment risk.

5. It is hereby announced.

6. Cathay Pacific Fund Management Co., Ltd

7. May 12, 2022

8. 
   

Shi Bo, deputy general manager and chief investment officer (equity) of China Southern Fund

Today, the Shanghai Composite Index closed at 3372.86 points, down 2.17%; Shenzhen Component Index closed at 12573.43 points, down 3.43%; The gem index closed at 2630.37, down 4.30%. Northward funds flowed out 8.3 billion yuan throughout the day. In terms of Hong Kong stocks, as of 15:06, the Hang Seng Index fell 3.50% and the Hang Seng technology index fell 3.68%.

The complicated political situation in Russia and Ukraine overseas constitutes the main disturbing factor in the current market. In the conflict between Russia and Ukraine, Russia was subjected to economic and financial sanctions from many countries. As an important global energy exporter, Russia’s exports of coal, crude oil and wheat accounted for more than 15% of global exports. The price of crude oil rose sharply under the fear of limited supply. Moreover, the market may give a higher risk premium to the problem of energy prices caused by the conflict between Russia and Ukraine, further pushing up energy prices and intensifying concerns about global inflation. In this case, in order to combat inflation, the Fed’s monetary policy may accelerate tightening, investors’ expectations are pessimistic, risk aversion is strong, the global stock markets have fallen, and the growth plate of a shares has been significantly impacted.

In terms of the domestic environment, the two sessions of the National People’s Congress being held in China continue to release the signal of steady growth, and expanding investment has become the main driving force of steady growth. Facing the three pressures of economic downturn, the government work report pointed out that we should “strive to stabilize the macro-economic market, so as to keep the economic operation within a reasonable range and maintain the overall social stability”, and set the economic growth target of 2022 at about 5.5%, which fully demonstrates the government’s determination to stabilize growth. Fiscal and tax policy support will be strengthened, and fiscal expenditure in 2022 will increase by more than 2 trillion yuan over last year; Monetary policy adheres to the principle of “focusing on ourselves”, which requires “strengthening the implementation of monetary policy, giving full play to the dual functions of the total amount and structure of monetary policy tools” and “promoting financial institutions to reduce the real loan interest rate”. Affected by this, the construction, real estate and other industries benefiting from steady growth performed relatively well.

Looking forward to the future, referring to historical experience, the disturbance of geopolitical risk to the market is temporary, and it is difficult to change the medium and long-term trend of the market. Domestically, the domestic policy environment is friendly. The period of the two sessions is a stage of intensive release of steady growth policies, which forms a positive support for relevant industries. Therefore, it is expected that the short-term correction space of a shares is limited. Once the overseas negative factors land smoothly, a shares are expected to regain the upward trend. What needs to be vigilant is that the overall trend of overseas monetary policy is tightening, which deviates from the direction of China’s monetary policy. If the interest rate gap between China and the United States is narrower than expected or the people’s exchange rate fluctuates greatly, it may restrict the domestic easing policy.

In terms of industry configuration, the market is expected to focus on the independent prosperity direction and the steady growth direction of old and new infrastructure. On the one hand, in the future annual report and the performance forecast of the first quarterly report, look for the direction of high performance growth and high prosperity for layout. On the other hand, considering that the first half of the year is an important window for the centralized development of steady growth policies, we can continue to layout steady growth on bargain hunting. Among them, industrial metals, petroleum, petrochemicals and cement that benefit from steady growth and rising bulk prices can be mainly considered. New infrastructure is also an important starting point in this round of steady growth. Among them, photovoltaic, wind power and lithium battery of new energy infrastructure are still the direction of high prosperity at present.

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