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On January 16th, Shichuang Energy announced that it expects to achieve a net profit attributable to owners of the parent company of -358 million yuan to -298 million yuan in 2025, a reduction in losses of 291 million yuan to 351 million yuan compared to the same period last year, representing a year-on-year reduction in losses of 44.83% to 54.08%. It also expects to achieve a net profit attributable to owners of the parent company of -388 million yuan to -328 million yuan in 2025, a reduction in losses of 274 million yuan to 334 million yuan compared to the same period last year, representing a year-on-year reduction in losses of 41.40% to 50.46%. While new photovoltaic installations are expected to continue to grow in 2025, the imbalance between supply and demand in the industry remains prominent. During this period of deep industry adjustment, the company has consistently adhered to interdisciplinary integrated R&D and driven development through independent innovation. During the reporting period, sales of photovoltaic cells and equipment increased, leading to increased sales revenue. In addition, based on the principle of prudence, an asset impairment provision was made for the equipment related to 2GWPERC silicon wafers and cells in the same period last year, which had a certain adverse impact on the net profit in the same period last year.On January 16, Rongsheng Development issued a performance forecast, expecting the companys net profit attributable to shareholders of the listed company to be negative in 2025. The companys operating performance in 2025 will show a loss, but the amount of loss is not expected to exceed the unaudited net assets at the end of the previous year. The companys net assets at the end of 2025 are expected to be positive.On January 16, the China Securities Regulatory Commission (CSRC) held its 2026 system-wide work conference. The conference emphasized upholding the principle of strengthening the capital markets domestic market presence and promoting deeper and higher levels of two-way opening up. It stressed expediting the implementation of optimized schemes for qualified foreign investors, expanding the scope of openness for specific futures products, and improving the convenience of cross-border investment and financing. The conference also called for improving regulations and systems for overseas listings, enhancing the standardization and transparency of filing management, strengthening regulatory and risk prevention capabilities in an open environment, and actively participating in international financial governance.On January 16, the China Securities Regulatory Commission (CSRC) held its 2026 system-wide work conference. The conference emphasized the need to continuously improve the standardized operation of listed companies, accelerate the promulgation of regulations governing listed companies, fully implement the newly revised corporate governance guidelines, strengthen constraints on the behavior of controlling shareholders and actual controllers, and improve institutional arrangements such as dividend repurchases, equity incentives, and employee stock ownership. It also stressed the importance of stimulating the vitality of the mergers and acquisitions market, improving the supervision of the entire restructuring chain, and taking multiple measures to promote the high-quality development of listed companies.Japanese Finance Minister Satsuki Katayama: We have not yet received any inquiries from the Bank of Japan regarding the joint statement from other central banks supporting Powell.

S&P 500 and Forex Analysis

Cory Russell

May 10, 2022 10:50

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S&P 500 and Global Macro Forecast

The FOMC's commitment to 50 basis point rises over the next two sessions signals the Board's determination to tighten financial conditions to drive inflation down while avoiding market volatility. However, a steeper yield curve combined with higher rates shows that investors are skeptical of the Fed's ability to control inflation.


Much of this has to do with how Treasury rates and inflation expectations have behaved. Despite the Fed turning more hawkish, the market's inflation forecast remains unchanged.


The Federal Reserve and US inflation have been involved in a contest to see who can be the most hawkish, but the Fed constantly appears to be playing catch-up.


As markets assess increased near-term policy certainty vs medium-term inflation uncertainty, investors continue to be concerned about central banks' capacity to successfully combat inflation. The longer this goes on, the more investor fear will rise, putting downward pressure on markets.


The unexpected strength of 1Q profit reporting has been overshadowed by tightening financial conditions. The market's future direction will be determined by the Fed's fight against inflation.


Given the unrest in Ukraine and China's economic troubles, the Fed will find it difficult to hike interest rates quickly without sending the US economy into a tailspin. And, as if the ominous "Fed behind the curve" combination wasn't enough, risk sentient continues to price in a recession via the global benchmark S&P 500. As a result, I believe risk is heading down as stock market players attempt to price in a recession via the S&P 500.

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