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Summary

2024/7/18

Two departments: The investment in digital and intelligent transformation of an enterprise's special equipment can be used to offset part of the enterprise's tax payable in that year.

The Ministry of Finance plans to issue the 2024 ultra-long-term special government bonds (fourth phase).

Taizhou: Encourage state-owned enterprises to invest in listed companies, companies planning to go public, high-tech enterprises, etc.

China Passenger Car Association: From July 1 to 14, the new energy vehicle market sold 286,000 vehicles, a year-on-year increase of 27%.

Chengdu has introduced new policies to promote the development of the hydrogen fuel cell commercial vehicle industry, with a maximum reward of 50 million yuan.

In the second quarter, Central Huijin aggressively subscribed to multiple ETFs including the CSI 300 ETF.

Overnight foreign exchange

The three major U.S. stock indexes rose and fell. As of the close of the day, the Dow Jones Industrial Average rose 0.59%, setting a new high; the Nasdaq fell 2.77%, and the S&P 500 fell 1.39%. Large technology stocks fell across the board, with Nvidia falling more than 6%, Meta falling more than 5%, Tesla falling more than 3%, Amazon and Apple falling more than 2%, Netflix, Microsoft, and Google falling more than 1%. Chip stocks fell sharply, with ASML falling more than 12%, Qualcomm falling more than 8%, and TSMC falling nearly 8%. Popular Chinese stocks fell across the board, with the Nasdaq China Golden Dragon Index falling 1.86%. NIO fell more than 6%, Futu Holdings fell more than 5%, and Xpeng Motors, Weibo, and Bilibili fell more than 3%.

The three major European indices rose and fell. As of the close, the UK FTSE 100 index rose 0.28%, the French CAC40 index fell 0.12%, and the German DAX30 index fell 0.4%.

Spotlight

1. Two departments: The investment in digital and intelligent transformation of enterprise-specific equipment can be deducted from the tax payable of some enterprises in that year

The Ministry of Finance and the State Administration of Taxation issued an announcement on the corporate income tax policy for the digital and intelligent transformation of special equipment for energy conservation, water conservation, environmental protection, and safe production. It is proposed that the investment in the digital and intelligent transformation of special equipment made by enterprises between January 1, 2024 and December 31, 2027, which does not exceed 50% of the original tax base when the special equipment was purchased, can be deducted from the enterprise's tax payable in the current year at a rate of 10%. If the enterprise's tax payable in the current year is insufficient for the deduction, it can be carried forward to subsequent years, but the maximum carry-forward period shall not exceed five years.

2. The Ministry of Finance plans to issue 2024 ultra-long-term special government bonds (fourth phase)

According to the Ministry of Finance website, the Ministry of Finance plans to issue the 2024 ultra-long-term special treasury bonds (fourth phase) (30-year term). This phase of treasury bonds is a 30-year fixed-rate interest-bearing bond. The total face value of the competitive bidding for this phase of treasury bonds is 55 billion yuan, and no additional bidding will be conducted by Class A members. The face interest rate of this phase of treasury bonds is determined through competitive bidding. The interest of this phase of treasury bonds will be calculated from July 25, 2024, and the interest will be paid every six months. The interest payment dates are January 25 (holidays will be postponed, the same below) and July 25 of each year. The principal will be repaid and the last interest will be paid on July 25, 2054.

3. Taizhou: Encourage state-owned enterprises to invest in listed companies, companies planning to go public, high-tech enterprises, etc.

Taizhou State-owned Assets Supervision and Administration Commission recently issued the "Opinions on Accelerating the High-quality Development of Taizhou State-owned Assets and State-owned Enterprises". The "Opinions" clearly stated that the capital empowerment "Spark Plan" should be implemented. The "National Progress" action should be implemented in depth, focusing on the development of the main business and industrial chain, encouraging state-owned enterprises to introduce strategic investors with high matching, high identification and high synergy, promoting industrial innovation and management innovation, and achieving two-way empowerment and common development. Amplify the function of capital, leverage industrial development, increase support for the real economy and modern manufacturing industry, encourage state-owned enterprises to invest in listed companies, companies to be listed, high-tech enterprises, etc., and promote the efficient operation and circular value-added of state-owned capital.

4. China Passenger Car Association: From July 1 to 14, the new energy vehicle market sold 286,000 units, a year-on-year increase of 27%.

China Passenger Car Association: From July 1 to 14, the new energy vehicle market retailed 286,000 vehicles, a year-on-year increase of 27% and a month-on-month increase of 6%. The cumulative retail sales so far this year reached 4.399 million vehicles, a year-on-year increase of 33%. The national passenger car manufacturers wholesaled 251,000 new energy vehicles, a year-on-year increase of 10% and a month-on-month decrease of 13%. The cumulative wholesales so far this year reached 4.87 million vehicles, a year-on-year increase of 29%.

5. Chengdu issued a new policy to promote the development of hydrogen fuel cell commercial vehicle industry, with a maximum reward of 50 million yuan

On July 17, Chengdu Municipal Bureau of Economy and Information Technology and other nine departments jointly issued the "Chengdu Municipal Guidelines for Application of Policies to Promote the Development and Promotion of Hydrogen Fuel Cell Commercial Vehicle Industry". In terms of expanding the scale of production and sales of hydrogen fuel cell commercial vehicles, the "Application Guidelines" propose that vehicle manufacturers that develop or introduce hydrogen fuel cell commercial vehicle models (including Class II chassis) and put them into production and market for sales will be given a production and sales reward of up to 50 million yuan for each model, taking into account the vehicle price, model, output value and sales volume; in terms of supporting the construction and operation of hydrogen refueling stations, detailed subsidy standards are listed for different specifications, and a one-time subsidy of 10 million yuan is given to hydrogen production and hydrogenation integrated stations with a daily hydrogenation capacity of not less than 500 kilograms; a one-time subsidy of 10 million yuan is given to liquid hydrogenation stations with a daily hydrogenation capacity of not less than 500 kilograms.

6. Central Huijin purchased a large number of ETFs including the CSI 300 ETF in the second quarter

The second quarterly report of the fund has just been exposed. Central Huijin, known as the "national team", continues to make moves and has subscribed to many "super-sized" ETFs such as the CSI 300 ETF in the second quarter. On the evening of July 17, many large fund companies such as Huaxia, E Fund, and Harvest disclosed the second quarterly reports of their funds. The second quarterly report shows that Central Huijin subscribed to E Fund CSI 300, Harvest CSI 300, Huaxia CSI 300, Huaxia SSE 50 and many other ETFs in the second quarter. According to the average transaction price, the subscription amount in the second quarter may be close to 15 billion yuan. At present, the second quarterly reports of important broad-based ETFs such as Huatai-PineBridge CSI 300 ETF and Southern CSI 500 ETF have not yet been disclosed. With the further disclosure of the second quarterly reports in the future, the subscription amount of Central Huijin in the second quarter may be expected to increase further.

Theme Opportunities

1. Hynix will use hybrid bonding technology in HBM production, and multiple manufacturers will deploy

According to media reports, SK Hynix plans to adopt hybrid bonding in its HBM production in 2026. Currently, semiconductor packaging company Genesem has provided two next-generation hybrid bonding equipment to be installed in SK Hynix's pilot plant for testing the hybrid bonding process. Hybrid bonding eliminates the bumps and copper pillars used between copper pads and directly bonds the pads, which means chipmakers can load more chips for stacking and increase bandwidth.

Analysts believe that hybrid bonding eliminates the tedious steps of adding bumps between DRAM memory layers and achieves inter-layer connection through direct copper-to-copper connection, which not only significantly improves the signal transmission rate and better meets the urgent demand for high bandwidth in AI computing, but also effectively reduces the DRAM layer spacing. Driven by leading companies in the HBM industry, hybrid bonding is expected to usher in accelerated development and become the mainstream HBM stacking technology in the future.

Related concept companies include Tuojing Technology, Maxsun Technology, etc.

2.The domestic film market has exceeded 200 million yuan for 4 consecutive days, and there is a rich supply of subsequent films

According to Maoyan Professional Edition data, as of the afternoon of July 17, the cumulative box office of the movie "Catching Dolls" exceeded 700 million yuan, entering the top ten of the domestic movie box office list in 2024. In the first half of the 2024 summer season (June 1 to July 16), the total domestic movie box office reached 45.8 billion yuan. Among them, from July 13 to 16, the domestic film market has achieved a single-day box office of more than 200 million yuan for 4 consecutive days.

Kaiyuan Securities Research Institute believes that there is a rich supply of films in the summer season, with 114 films released or scheduled. Key films also include "Pleasant Goat and Big Big Wolf: Guardian" (July 19, produced by Aofei Entertainment, etc.), "Under the Aliens" (July 26, produced by Yuewen Group, Beijing Culture, Wanda Film, etc.), "Safe Evacuation from the 21st Century" (August 3, produced by Guangguang Media, etc.), etc. High-quality films to be released may continue to drive box office growth. Pay attention to the main investors and controllers of key films in the summer season, cinema chains, and ticket distribution platforms with channel advantages.

Related concept companies include Wanda Film, Hengdian Film and Television, etc.

3. Hesai was awarded the exclusive designation of the main laser radar for the new generation platform of Luobo Kuaipao, and related companies have development opportunities

On July 17, Hesai Technology announced that it had obtained the exclusive designation of the main laser radar for Baidu's new generation of autonomous driving platform, Carrot Run. Hesai Technology said that the driverless vehicle put into operation in Wuhan this time adopted Baidu Apollo's fifth-generation autonomous driving system solution and was equipped with Hesai's Pandar series high-performance laser radar as the main perception radar. This year, the sixth-generation Baidu Apollo driverless car will also be launched on the market. It is reported that the main laser radar on the sixth-generation Baidu Apollo driverless car, Yichi 06, is exclusively supplied by Hesai. The single vehicle is equipped with 4 ultra-high-definition long-range laser radars AT128, with a detection distance of more than 200 meters. This is also the first time in China that the ADAS semi-solid laser radar solution has been deployed on Robotaxi on a large scale.

Western Electronics believes that the potential market for LiDAR is extremely broad. In terms of passenger cars, the domestic ADAS passenger car market has begun to usher in explosive growth in the past two years. From 2022 to 2024, the shipments of passenger car LiDAR will reach 200,000 units, 710,000 units, and 1.8 million units. From 2025 to 2027, as overseas advanced driver assistance vehicles begin mass production and the domestic market continues to accelerate penetration, the passenger car LiDAR market will continue to grow rapidly; in terms of Robotaxi, it is expected to accelerate growth next year. Western Electronics estimates that under neutral expectations, the domestic Robotaxi market has a potential demand of nearly 15 million radars; in addition, unmanned trucks/rail transit, robots, mapping, vehicle-road collaboration (road test LiDAR) and other markets are also future application markets for LiDAR, and the potential space is extremely broad.

Related concept companies include Yongxin Optics, Shangluo Electronics, etc.

company news

1. Guanghui Auto: The company's stocks and convertible bonds have reached the trading delisting indicators

Guanghui Automobile (600297) announced on the evening of July 17 that the daily closing price of the company's stock has been below 1 yuan for 20 consecutive trading days, which has reached the trading delisting indicator. The company's stocks and convertible bonds will be suspended from the opening of the market on July 18, 2024. During the suspension period, the conversion of "Guanghui Convertible Bonds" will be suspended. The Shanghai Stock Exchange will issue a prior notice to the company within 5 trading days from the date of suspension of the company's stock to terminate its stock listing.

2. Sansheng Retirement: The company's shares will be delisted on July 18

Sanshengtui (300282) announced on the evening of July 17 that the company's shares have been decided to be delisted by the Shenzhen Stock Exchange and will be delisted on July 18, 2024.

3. Guobo Electronics: The controlling shareholder proposes to implement the 2024 interim dividend

Guobo Electronics (688375) announced on the evening of July 17 that the company's controlling shareholder, China Power Investment Corporation, proposed that the company formulate and implement a mid-term dividend plan for 2024, and recommended that a cash dividend of 5.1 yuan (including tax) per 10 shares be paid to all shareholders.

4. Dengyun shares: Termination of planning of major asset restructuring

Dengyun Co., Ltd. (002715) announced on the evening of July 17 that the company intends to purchase 74.97% of the shares of Speed ​​Technology Co., Ltd. by issuing shares and paying cash. As the market environment has changed significantly compared to the beginning of the transaction planning, there is a great deal of uncertainty in continuing to promote the transaction at this stage. After consultation with the actual controller of the target company, the company decided to terminate this major asset restructuring.

5. Boya Bio: Plans to acquire 100% equity of Green Cross Hong Kong Holdings for RMB 1.82 billion

Boya Bio (300294) announced on the evening of July 17 that in order to expand and strengthen its blood products business, the company plans to acquire 100% of the equity of Green Cross Hong Kong Holdings Co., Ltd. held by GC Corp., Synaptic and individual sellers for RMB 1.82 billion, thereby indirectly acquiring the domestic blood products entity Green Cross (China) Biological Products Co., Ltd. After the transaction is completed, the company will wholly own a blood products manufacturer, add a new production license, add 4 operating plasma collection stations, and add 2 new provincial plasma stations.

6. Chongqing Steel: The subsidiary of the actual controller plans to increase its shareholding by 150 million to 300 million yuan

Chongqing Steel (601005) announced on the evening of July 17 that Huabao Investment Co., Ltd., a wholly-owned subsidiary of China Baowu Steel Group, the company's actual controller, plans to increase its holdings of the company's A shares through centralized bidding transactions within 12 months. The upper limit of the increase is 300 million yuan, the lower limit of the increase is 150 million yuan, and the upper limit of the increase price is not higher than 2 yuan per share.

7. Green Harmonic: The actual controller intends to increase its shareholding by a total of 5 million to 10 million yuan

Green Harmonic (688017) announced on the evening of July 17 that the company's actual controller and chairman Zuo Yuyu and actual controller and vice chairman Zuo Jing plan to increase their holdings in the company's shares within three months from July 19 to implement the "improve quality, increase efficiency and focus on returns" action plan. The total amount of their share purchase will not be less than 5 million yuan and not more than 10 million yuan.

8. Zhongman Petroleum: The chairman or the company he controls plans to increase his shareholding by 50 million to 100 million yuan

Zhongman Petroleum (603619) announced on the evening of July 17 that the company's chairman Li Chundi or the companies controlled by him plan to increase their holdings of the company's unrestricted tradable A shares through centralized bidding transactions within 12 months, with the amount of increase not less than 50 million yuan and not more than 100 million yuan.

9. Lichen Industrial: Chairman proposes to repurchase shares for RMB 20.54 million to RMB 41.07 million

Lichen Industrial (001218) announced on the evening of July 17 that the company's chairman Liu Maolin proposed that the company repurchase the company's shares through centralized bidding transactions, with the repurchase price not exceeding 15.6 yuan per share (inclusive), and the total amount of funds for repurchased shares not less than 20.54 million yuan (inclusive) and not more than 41.07 million yuan (inclusive). The repurchased shares will be cancelled, thereby reducing the company's registered capital.

10. Jiete Bio: Net profit in the first half of the year is expected to increase by 929.77% year-on-year

Jiete Biotech (688026) released its earnings forecast on the evening of July 17, and it is expected to achieve a net profit of 30.5 million yuan in the first half of 2024, an increase of 929.77% year-on-year. The company's net profit in the same period last year was 2.9618 million yuan. During the reporting period, the company anchored the life science industry, aiming to create an overall solution for biological laboratories, and accelerated the research and development of new products based on laboratory consumables, and combined various methods to expand the product line. The company's gross profit margin level has increased significantly compared with the same period last year.

Editor: Peng Bo

Proofreader: Yang Lilin