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July 16, TuesdayA sharesThe three major stock indexes opened slightly lower.Shanghai Stock IndexDown 0.34% to 2963.9 points,Shenzhen Component IndexIt fell 0.21% to 8783.35 points.gemThe Shanghai Stock Exchange fell 0.07% to 1671.92 points, and the Science and Technology Innovation 50 Index fell 0.43% to 712.76 points. The total turnover of the Shanghai and Shenzhen stock markets was 4.024 billion yuan; Jinjiang Online (5th board) bid up, and the smart driving concept stock StarNet Yuda (5th board) opened 9.78% higher, Haowen Automotive opened 5.50% higher, and Leierwei (first board of the ChiNext) opened 4.32% higher.

As of press time, the Shanghai Composite Index fell 10.11 points, or 0.34%, to 2963.9 points; the Shenzhen Component Index fell 18.27 points, or 0.21%, to 8783.35 points; the CSI 300 Index fell 9.39 points, or 0.27%, to 3466.85 points;ChiNext IndexIt fell 1.09 points, or 0.06%, to 1671.92 points; the Science and Technology Innovation 50 Index fell 3.1 points, or 0.43%, to 712.76 points.

company news

Sichuan University Zhisheng: Sichuan University Zhisheng's stock price hit the daily limit in early trading on July 15. In this regard, a person from the investor relations department of Sichuan University Zhisheng said that the reason for the stock price limit could not be determined and the company's operations were normal.

New Eoptostar: It is estimated that the net profit attributable to shareholders of the listed company from January 1 to June 30, 2024 will be 810 million to 950 million yuan, a year-on-year increase of 180.89% to 229.44%. The performance growth mainly benefits from the improvement of industry prosperity and the rapid growth of demand for high-speed products.

Xinwanda: It plans to establish Vietnam Liwei Co., Ltd. through its subsidiary Hong Kong Xinwei, and invest in the construction of Vietnam Liwei consumer lithium battery factory project, with a total investment of no more than 2 billion yuan. This overseas investment is to further improve the business layout and expand overseas business. Xinwanda also announced that the company's wholly-owned subsidiary Qianhai Hongsheng plans to acquire 30.1266% of the shares held by minority shareholders of the company's holding subsidiary Huizhou Yingwang Precision for approximately 535 million yuan. After the acquisition is completed, Qianhai Hongsheng will hold 82.5316% of the shares of Huizhou Yingwang Precision. The acquisition of part of the shares of Huizhou Yingwang Precision will enhance the company's profitability and increase profits.

Yanshan Technology: Nullmax, a subsidiary of the company, is committed to creating full-scenario unmanned driving applications. It has formed an intelligent driving technology solution with vision as the main and multi-sensor fusion perception, which can provide vehicles with a full stack of software algorithm applications throughout the vehicle and the cloud, provide intelligent driving functions covering up to L4 level, and support platform applications. Nullmax has established in-depth cooperation with many well-known automobile manufacturers for mass production, and has obtained designated mass production projects from many domestic automobile manufacturers. In addition, the Yansi Brain Research Institute continues to develop and research large EEG models and non-organic brain disease-related products, and some products are close to being launched on the market.

Hainan Mining: The company's 2021 non-public offering of shares, the "magnetic roasting project", is a technical transformation of the company's existing second ore dressing plant of Shilu Iron Mine to improve product quality and comprehensive resource utilization. So far, the magnetized roasting project has basically completed construction and equipment installation, and recently achieved a successful test run of the roasting furnace system, and the test runs of various devices were smooth and the process was connected. In the future, the company will promote the magnetized roasting project after the construction of the gravity separation plant is completed, and the original equipment will be connected and tested.

Huace Navigation: The company has reached a cooperation with Baidu and is the exclusive supplier of P-Box products for Baidu's sixth-generation unmanned vehicle, Carrot Run. At the same time, the company is also actively following up on related businesses of other companies.

Huada Technology: The company has recently been awarded projects by domestic automobile manufacturers and new energy battery companies, providing customers with various types of automotive parts products. The total sales of the customer projects are expected to be 9.1 billion yuan in the life cycle.

Mei Jin Energy: At present, the hydrogen energy trading platform has been developed and entered the stage of internal testing and compliance qualification application. It is expected to be put into operation in the fourth quarter of 2024. In addition, the company plans to postpone the time for the "Mei Jin Hydrogen Energy Headquarters Base Phase I" to reach the scheduled usable state from June 2024 to June 2025.

Institutional Views

CITIC Construction Investment: In July, the stock price was greatly affected by the interim results. The allocation strategy of the dividend sector further focused on stable performance. Sectors with negative profit growth, such as coal, have undergone significant adjustments. Overall, we believe that the fundamentals of domestic demand need to be repaired with patience. There are signs of marginal slowdown in external demand. Big market opportunities still need to be waited for. In the next stage, we need to pay attention to the expectation of the Fed's interest rate cut.RMB exchange rateWhether it can stabilize and rebound and whether China's monetary and fiscal policies will be significantly strengthened. Focus: gold, electricity, telecom operators, banks, Apple's industrial chain, Huawei cars, smart driving, etc.

CICC: The further weakening of the US CPI in June, coupled with Powell's "dovish" speech, opened the "door" for the Fed to cut interest rates. The market's expectations for a rate cut in September also rose to 90%, making the rate cut a "high probability event". For this round of rate cut transactions, CICC suggests that it is necessary to take a half step ahead moderately. 1) In the early stage, assets that simply or more benefit from the denominator logic are more elastic (typically such as US bonds, gold, small-cap growth, and some growth stocks in the Hong Kong stock market), but may gradually end after the rate cut is realized, especially if there is no fundamental support, it cannot last for a long time. 2) In the later stage, it should gradually turn to assets that can improve the fundamentals of the numerator (typically such as the post-cycle US stock market, leading technology stocks, copper, or sectors that benefit from domestic rate cuts, etc.). In terms of sector allocation, in the short-term rate cut transaction, you can pay attention to assets that benefit from liquidity. Historical experience shows that Hong Kong stocks are better than A-shares. Growth sectors such as semiconductors, automobiles (including new energy) industries, media entertainment, software, and biotechnology may have higher elasticity. On the contrary, high dividends may underperform in the stage.

CITIC Securities: Tesla's Optimus humanoid robot has made significant progress since its debut at Tesla AI Day in 2021. Performance level: As of May 2024, Optimus Gen2 demonstrated a walking speed of approximately 0.6m/s, a total body weight reduction of more than 10kg, and a walking speed increase of more than 30%. The robot's degrees of freedom have increased, and its balance ability, whole-body control, and finger flexibility have all been significantly improved. Application level: In the latest iteration, Optimus uses end neural networks to perform basic factory tasks, including battery cell sorting and power tool use, highlighting its technological breakthroughs in precision operation and autonomous working capabilities. As for domestic manufacturers, domestic manufacturers such as Yushu, Fourier, Zhiyuan Yuanzheng, Xiaomi, and Dreame Technology have successively launched humanoid robot products. CITIC Securities suggests that in the future, the humanoid robot industry chain is expected to make full use of the advantages of the automotive industry chain to achieve category expansion and spillover of competitiveness.

CITIC Securities: The intensive disclosure of interim report forecasts in mid-July shows that the A-share earnings cycle is still in a bottoming state. The companies with good forecasted earnings are concentrated in two directions. One is some upstream resource products with supported prices, such as nonferrous metals and electricity, and the other is export-oriented manufacturing with a good supply structure, with electronics and automobiles as typical representatives; the companies with poor interim report forecasts are concentrated in the real estate chain and the manufacturing industry with intensified competition. It should be noted that the profit scale of the "first loss" in some industries accounts for a large proportion of the total loss. Looking forward, it is expected that domestic consumption, manufacturing, technology, and medicine with a good supply and demand structure will become structural highlights, but the overall earnings of A-shares are still in the process of transformation from old to new momentum. Industry is gradually replacing financial real estate as a new source of profit increment, which also leads to a high degree of consistency between the A-share earnings cycle and the PPI cycle, and the volatility of short-term financial report indicators has been significantly reduced. Judging from the forward guidance of social financing indicators on PMI and PPI and the trend of changes in Wind's consistent forecast of net profit, it is expected that A-shares will still be in a bottoming state in the short term, and we need to wait for the price signal to stabilize and rebound in the future.

Guojin Securities: Considering the medical insurance settlement cycle, the improvement in policy expectations and the recovery in performance, and considering that institutional pharmaceutical holdings are at a low level, the pharmaceutical sector will see an improvement in Q3, and the overall long-term adjustment of the pharmaceutical sector over more than three years is also expected to reverse. For the Q2 performance of pharmaceutical companies, we maintain a reasonable and cautious expectation; for the overall growth expectations for Q3 and the second half of the year, we can be optimistic.