Trade

  • Ministry of Energy of South Korea: Starting from November 1st, the price of LNG in specific industries will be reduced by 25% for a period of 3 years to promote the national sales of fuel cell vehicles and accelerate the production and promotion of blue hydrogen. In addition, the import duties imposed on liquefied natural gas used by ships traveling between South Korea and foreign countries will be fully refunded.
  • Russian Railways will reduce freight rates for some goods. Russia’s PRIME news agency recently reported that from the end of October to the end of 2025, the freight of timber processed products shipped from the Far East to home and abroad by the Russian Railway Company’s covered wagons will be reduced by 35%. The freight for rolled ferrous metal cargoes shipped to domestic and foreign countries with a cumulative total of more than 102,000 tons decreased by 36.3%.

Company

  • Geely Automobile: The first self-developed 7-nanometer process car-level SOC “smart cockpit chip” chip is about to be mass-produced; the first 7-nanometer, high-computing autonomous driving chip will be launched in 2023; the 5-nanometer process will be launched in 2025 Driving chips, and fully grasp the L5 level autopilot technology, and realize the commercial application of L4 level autopilot. The “Smart Geely 2025” strategy will be released. In the next five years, 150 billion yuan will be invested in research and development, and more than 30 new smart new energy products will be launched. In 2025, it will achieve annual sales of 3.65 million vehicles. By 2025, new energy sales will reach 900,000 vehicles, accounting for 30%.
  • Amazon: The third-quarter financial report released shows that net profit has dropped by about 50% due to increased costs such as supply chain issues. At the same time, Amazon’s holiday season sales forecasts are lower than analysts’ expectations, indicating that the epidemic’s boost to online shopping continues to weaken. The stock fell about 4% in after-hours trading.
  • Shopify’s net profit increased by more than 500% year-on-year. Shopify announced its results for the third quarter ending September 30, 2021. The financial report showed that the company’s Q3 revenue was US$1.124 billion, compared with US$767 million in the same period last year, an increase of 46.5%; net profit was US$1.148 billion, compared with US$191 million in the same period last year, a year-on-year increase of 501%.
  • UPS: In the third quarter, revenue and net profit increased year-on-year. UPS announced the third quarter of fiscal 2021 results. Quarterly revenue was US$23.184 billion, a year-on-year increase of 9.2%; net profit was US$2.329 billion, a year-on-year increase of 19%. Among them, the US sector revenue was 14.408 billion U.S. dollars, an increase of 7.4% year-on-year.
  • Apple: Announces the results of the fourth quarter of fiscal 2021. The total net revenue for the fiscal quarter was US$83.36 billion, an increase of 29% compared to US$64.698 billion in the same period last year; net profit was US$20.551 billion, an increase of 62% compared to US$12.673 billion in the same period last year.
  • Glory announced that its products will return to the global market. The official platform of Honor recently announced that the 50 series of its products will be released simultaneously in many countries in Europe, Africa and other regions. This is a concentrated appearance of Honor mobile phones in the global market after the restart of the supply chain. And said that in the future, it will land in more than 40 countries overseas.

China Industry

  • Since the beginning of this year, Datang and other central state-owned enterprises have started the centralized procurement of GW-level inverters, with a total scale of about 30GW. Up to now, the projects that have announced the winning results have exceeded 23GW. Among the projects related to the recent bid opening and clarification of the scale, the average price of 196kw and above string inverters is around 0.147 yuan/W, the lowest price is 0.112 yuan/W, and the highest price is 0.23 yuan/W. The products are used in household photovoltaic projects. .

China

  • Bureau of Statistics: In October, the manufacturing PMI was 49.2, a month-on-month decrease of 0.4%, which was in the contraction range for two consecutive months; the non-manufacturing PMI was 52.4, a month-on-month decrease of 0.8%.
  • China Automobile Dealers Association: In October, the inventory warning index of auto dealers was 52.5%, down 1.6 percentage points year-on-year and up 1.6 percentage points month-on-month. The inventory warning index was above the prosperity and decline line and was still in a recession zone.

World

  • United States: Due to the lack of raw material aluminum, many regions in the United States have currently suspended the manufacture of license plates. The Montana State Penitentiary Production Department has run out of aluminum used to make license plates. The next batch of aluminum is expected to arrive in December at the earliest. It is reported that Montana State Prison can produce approximately 750,000 license plates each year. At present, the vehicle management departments and license plate stocks of various counties in the state are being investigated for the purpose of adjustment and issuance.
  • The U.S. Department of Commerce announced that the initial value of the third-quarter GDP growth rate was 2.0% year-on-year, which was lower than expected 2.7%. The reason is that the surge of new crown cases has further aggravated the tension of the global supply chain, leading to shortage of goods and causing serious obstacles to consumer spending.
  • Spain’s October inflation rate hit a 29-year high. Preliminary data recently released by the Spanish National Bureau of Statistics show that the country’s inflation rate in October was as high as 5.5%, the highest inflation rate since September 1992. Due to a series of factors such as rising energy prices, Spain’s inflation rate has always maintained an upward trend.
  • Indonesia passed a tax reform bill. The Indonesian National Assembly recently passed a tax reform bill, stating that the value-added tax rate for goods and services will be increased to 11% from April 1, 2022, and will be adjusted to 12% in 2025. Indonesia’s corporate income tax rate will remain at 22%, and a carbon emission tax will be levied on entities engaged in activities that generate carbon emissions.