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NetEase Finance July 15th,on MondayA sharesThe three major A-share indices opened slightly lower.Shanghai Stock IndexDown 0.25% to 2963.85 points,Shenzhen Component IndexIt fell 0.32% to 8825.47 points.gemThe Shenzhen Stock Exchange fell 0.52% to 1674.89 points, and the Science and Technology Innovation 50 Index fell 0.26% to 716.48 points. The total turnover of the Shanghai and Shenzhen stock markets was 5.909 billion yuan.

As of press time, the Shanghai Composite Index fell 7.45 points, or 0.25%, to 2963.85 points; the Shenzhen Component Index fell 28.61 points, or 0.32%, to 8825.47 points; the CSI 300 Index fell 9.79 points, or 0.28%, to 3462.61 points;ChiNext IndexThe S&P 500 Index fell 8.74 points, or 0.52%, to 1674.89 points; the Science and Technology Innovation 50 Index fell 1.89 points, or 0.26%, to 716.48 points.

company news

Luoyang Molybdenum Co., Ltd.: Net profit in the first half of the year is expected to be 5.189 billion yuan to 5.735 billion yuan, a year-on-year increase of 638%-716%. The reason for the sharp increase in the company's performance in the first half of 2024 is that the production and sales volume of its main products, copper and cobalt, have achieved a significant year-on-year increase, and the measures such as cost optimization and technical improvement have achieved obvious results. At the same time, the copper market price will strengthen in 2024, which will bring about an improvement in performance.

JD.comFang A: Net profit in the first half of the year is expected to be 2.1 billion yuan to 2.3 billion yuan, a year-on-year increase of 185%-213%. During the reporting period, the semiconductor display industry has become more prosperous, the industry structure has continued to optimize, the company's operating conditions have improved year-on-year, and the net profit attributable to shareholders of listed companies and the net profit after deducting non-recurring gains and losses have increased significantly compared with the same period last year.

China Duty Free Group: Total operating revenue in the first half of the year was 31.265 billion yuan, down 12.81% year-on-year; net profit attributable to shareholders of listed companies was 3.288 billion yuan, down 14.94% year-on-year; basic earnings per share was 1.5893 yuan.

LONGi Green Energy: The company launched its self-developed high-efficiency HPBC2.0 battery technology in the first half of 2024. After sufficient R&D demonstration, ecological chain construction and market promotion, the company's BC second-generation technology has met the conditions for large-scale mass production. In order to accelerate the industrialization of BC second-generation technology, according to the capacity layout plan, the company plans to invest in the construction of the first phase of the LONGi Green Energy Photovoltaic (Xixian New District) 12.5GW high-efficiency BC battery project in Jinghe New City, Xixian New District, Shaanxi Province, with an estimated total investment of 3.206 billion yuan (including working capital).

Jingwei Hirain: The company's intelligent driving electronic products are self-developed around the evolution of intelligent driving technology. The products cover intelligent sensors, integrated driving and parking controllers, and high-level intelligent driving products, etc., providing customers with intelligent driving solutions with rich configurations and clear levels. Some of the company's related products and technical reserves can be applied to the field of unmanned driving. In the future, the company will actively strive for related project opportunities, but the development of related businesses is still very uncertain.

JCHX: The company held meetings on January 21, 2024 and February 6, 2024 to review and approve the "Proposal on the Proposed Acquisition of Lubambe Copper Mine", intending to acquire 80% of the equity and related claims of Lubambe Copper Mine Limited through a wholly-owned subsidiary, thereby acquiring 80% of the equity of Lubambe Copper Mine in Zambia. In view of the fact that all the preconditions agreed in the relevant agreement have been met, the equity delivery of this acquisition was completed on July 11, and the company acquired 80% of the equity of LCML.

Shanghai Electric Co., Ltd.: Net profit in the first half of the year is expected to be 1.08 billion yuan to 1.16 billion yuan, a year-on-year increase of 119.24% to 135.48%. Benefiting from the structural demand for printed circuit boards in emerging computing scenarios such as high-speed computing servers and artificial intelligence, the company's operating income and net profit in the first half of 2024 are expected to increase compared with the same period last year.

Northern Copper: Net profit in the first half of the year is expected to be 422 million to 452 million yuan, a year-on-year increase of 41% to 51%. In the first half of the year, the market price of non-ferrous metal products increased year-on-year. The company strengthened internal management, reduced costs and increased efficiency, and achieved steady growth in operating performance.

Zhongji Xuchuan: Net profit in the first half of the year is expected to be 2.15 billion to 2.5 billion yuan, a year-on-year increase of 250.30%-307.33%. During the reporting period, thanks to the rapid growth in the proportion of shipments of high-end products such as 800G/400G and the continuous optimization of product structure, the company's operating income and net profit increased significantly year-on-year.

Goertek: Net profit for the first half of the year is expected to be RMB 1.181 billion to RMB 1.265 billion, a year-on-year increase of 180% to 200%. During the reporting period, under the company's business orientation of strengthening lean operations and improving profitability, the profitability of the smart acoustic machine and smart hardware businesses improved.

Institutional Views

CITIC Securities: In the short term, we can focus on policy-driven themes and highlights of the interim report structure

CITIC Securities believes that the three major signals of the market turning point are being verified one after another. The Third Plenary Session of the 18th CPC Central Committee is about to be held, and the policy signals will soon be clear. The external signals of the Fed's interest rate cut expectations and the situation of the US election are gradually becoming clear. The price signal is still weak, among which the housing price signal remains to be observed, and the PPI still needs to continue to turn positive on a month-on-month basis. Under the influence of the central bank's interest rate expectations, the dividend strategy will continue to diverge. In the short term, we can pay attention to the policy-catalyzed themes and the highlights of the mid-term report structure. As the three major signals are gradually verified, the market is expected to usher in a turning point in the third quarter. It is recommended that the allocation will shift to high-performance growth at that time.

Everbright Securities: Market upturn is expected, high dividends and "Koter valuation" are worth long-term attention

Everbright Securities pointed out that medium- and long-term funds are actively entering the market, and the bottom is expected to rise. The current market has returned to the bottom range again, and the market's downward space is expected to be limited, while the market's upward space and timing depend on the timing and intensity of the introduction of key policies and the timing and elasticity of significant price increases. From the point of view of timing, it is expected that policies will be an important catalyst for the market in the third quarter, and changes in prices in the fourth quarter may be an important factor affecting the market. In terms of allocation direction, pay attention to high dividends and "technical valuation" sectors. In the current market environment, the high dividend sector is worthy of long-term allocation, and policies are also actively guiding dividends, which will boost the attractiveness of the high dividend sector. In terms of "technical valuation", the current overall valuation of the domestic technology industry is significantly lower than that of overseas, and there is significant room for revaluation in the medium term.

CITIC Construction Investment: Bottlenecks in wind turbine foundations and submarine cables supply in Europe bring export opportunities to Chinese companies

CITIC Securities pointed out that Europe has strong potential for offshore wind installations, and Europe's annual new installations are expected to grow from 3.8GW in 2023 to 24.1GW in 2030, with an average annual compound growth rate of about 30%. It is expected that there will be a significant supply and demand gap in Europe's fixed offshore wind foundations (monopiles, etc.) in 2026. According to estimates, the supply of local wind turbine foundations in Europe will be bottlenecked in 2024, and there will be a significant capacity gap after 2026; in 2027, the gap will reach more than 500,000 tons, and after 2029, the gap will reach more than 1 million tons, or even more than 2 million tons; according to GWEC, in 2025, Europe's medium-voltage and high-voltage submarine cable demand will be about 10,000 km, and the demand for ultra-high voltage submarine cables will be about 1,000 km; in terms of supply, in 2023, Europe's medium-voltage and high-voltage submarine cable capacity will be about 5,700 km, and the ultra-high voltage submarine cable capacity will be about 4,000 km. Compared with the industry demand in 2025, it is expected that Europe's medium-voltage and high-voltage capacity will face capacity bottlenecks. The supply bottlenecks of wind turbine foundations and submarine cables in Europe have brought export opportunities to Chinese companies.

Industrial Securities: Electronics and resource products have leading mid-year performance reports and are expected to become the focus of market attention

Industrial Securities said that July is one of the months that focuses on performance the most throughout the year, and the market will pay more attention to transaction reality and the realization of fundamentals. Judging from the recent market performance, performance has become one of the main contradictions affecting returns. Among them, the mid-year performance of electronics and resource products is leading and is expected to become the focus of the market.