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Summary

The State Council Tariff Commission released the 15th exclusion and extension list of goods subject to additional tariffs on the United States;

The central bank’s interest rate cut supports the continued economic recovery;

Five departments: Cultivate and form a trillion-level water-saving industry by 2027;

Ministry of Finance: Securities transaction stamp duty revenue in the first half of the year was 50.9 billion yuan, down 54% year-on-year;

National Press and Publication Administration: 105 domestic online games were approved in July;

National Data Bureau: We will work with relevant departments and localities to accelerate the construction of a national integrated computing network.

Spotlight

The State Council Tariff Commission released the 15th list of exclusions and extensions of tariffs on US products

The Tariff Commission of the State Council issued an announcement on the fifteenth extension of the list of exclusions for goods subject to additional tariffs on the United States: According to the "Announcement of the Tariff Commission of the State Council on the Thirteenth Extension of the List of Exclusions for Goods Subject to Additional Tariffs on the United States" (Tax Commission Announcement No. 11 of 2023), the thirteenth extension of the list of exclusions for goods subject to additional tariffs on the United States will expire on July 31, 2024. The Tariff Commission of the State Council decided to extend the exclusion period for relevant goods in accordance with the procedures. From August 1, 2024 to February 28, 2025, the relevant goods will continue to not be subject to the tariffs imposed by China in response to the US 301 measures.

The central bank cuts interest rates to support the continued recovery of the economy

On July 22, the People's Bank of China issued an announcement, announcing a 10 basis point reduction in the policy interest rate (7-day reverse repurchase operation rate), a 10 basis point reduction in the new loan market benchmark rate (LPR), a 10 basis point reduction in the standing lending facility (SLF) rate, and a phased reduction in the collateral for the medium-term lending facility (MLF). People close to the central bank told the Securities Times reporter that this interest rate cut is in line with the needs of the current economic and financial situation, is conducive to increasing financial support for the real economy, is conducive to supporting the continued recovery of the economy, and demonstrates the determination of monetary policy to protect the economic recovery. Some quoting banks have corrected the deviation between their quotations and the loan interest rates of the best customers by lowering their quotations.

Ministry of Finance: Securities transaction stamp duty revenue fell 54% year-on-year in the first half of the year

Data from the Ministry of Finance showed that in the first half of the year, stamp tax revenue was 163.2 billion yuan, down 22.9% year-on-year, of which stamp tax revenue from securities transactions was 50.9 billion yuan, down 54% year-on-year.

Five departments: Cultivate and form a trillion-level water-saving industry by 2027

On July 22, the National Development and Reform Commission and five other departments jointly issued the "Guiding Opinions on Accelerating the Development of Water-Saving Industry", requiring that by 2027, the scale of the water-saving industry will reach one trillion yuan, a group of specialized and innovative "little giant" enterprises will be cultivated, and a water-saving industry development pattern with enterprises as the main body, market as the orientation, innovation as the driving force, and the combination of production, learning, research and application will be initially established. By 2035, a group of leading enterprises with a scale of tens of billions will be cultivated, water-saving technology and technology, product equipment manufacturing and management services will reach the world's advanced level, and a water-saving production and lifestyle will be fully formed.

National Press and Publication Administration: 105 domestic online games were approved in July

The National Press and Publication Administration released the approval information of domestic online games in July, with a total of 105 games approved.

National Data Bureau: Accelerate the construction of a national integrated computing network

Du Wei, Director of the Digital Technology and Infrastructure Construction Department of the National Data Administration, said at a press conference that in the next step, we will work with relevant departments and localities to accelerate the construction of a national integrated computing network with the high-quality development of computing power enabling high-quality economic development as the main line. Specifically, it includes: promoting the coordinated development of multi-source heterogeneous computing power, and promoting the gathering of various types of new computing power to national hub nodes; promoting 400G/800G high-bandwidth all-optical connections between national hub nodes and demand areas, guiding telecom operators to improve the efficiency of "public transmission channels", and promoting the deep integration of computing networks; promoting the coordination of industry data and computing power, realizing the reliable circulation of data, and improving data processing capabilities and governance levels; promoting the integrated development of computing power and electricity, strengthening the coordinated linkage between hub nodes and non-hub nodes, and supporting the integration of non-hub nodes in the central and western regions with rich green electricity resources into the construction of a national integrated computing network; promoting the improvement of the security protection capabilities of the national integrated computing network, and promoting the benign interaction between high-quality development and high-level security.

Two departments: Further strengthen the management of light vehicle energy consumption labeling

The General Office of the Ministry of Industry and Information Technology and the General Office of the State Administration for Market Regulation issued a notice on further strengthening the management of light-duty vehicle energy consumption labeling, which stated that automobile manufacturers or imported automobile dealers should ensure that their light-duty vehicle products are affixed with light-duty vehicle energy consumption labels (hereinafter referred to as "energy consumption labels") when they are sold. Automobile manufacturers or imported automobile dealers should fill in the energy consumption label data of relevant models through the "China Automobile Energy Consumption Record" system within 15 working days after the "Announcement on Road Motor Vehicle Manufacturers and Products" is issued or the compulsory product certification certificate is obtained. The Ministry of Industry and Information Technology will release automobile energy consumption information through the "China Automobile Energy Consumption Query" website.

Theme Opportunities

Data infrastructure is further promoted by policies, and institutions are optimistic about the prospects of computing power construction

On the afternoon of July 22, the State Council Information Office held a series of press conferences on "Promoting High-quality Development". The National Data Bureau stated at the meeting that it will accelerate the layout of data infrastructure, implement the "East Data West Computing" project in depth, and promote the construction of a national integrated computing network. The National Data Bureau is organizing the compilation of the "Guidelines for Data Infrastructure Construction" to promote the construction of a coordinated, scaled, efficient, standardized and reliable data infrastructure service system. In addition, this year's Big Data Expo is scheduled to be held in Guiyang, Guizhou Province from August 28 to 30. Minsheng Securities believes that China is currently in a stage of rapid development of AI, and computing power construction has become a new important domestic demand. Considering the misalignment of the computing power investment cycle between China and the United States, domestic computing power construction may be the most certain main line.

Milestone: The first batch of energy storage power stations in the world were successfully connected to the grid

According to reports, recently, Xinjiang, Qinghai, Tibet and other places have reported good news frequently about multiple grid-connected energy storage power stations, and the grid connection test of the world's first batch of grid-connected energy storage power stations has been successfully completed. As an important technical means to support the grid connection and consumption of a high proportion of new energy, the successful grid connection test of the above-mentioned grid-connected energy storage project marks that the grid-connected energy storage of Huawei's intelligent solar wind storage power generation mechanism has successfully entered the stage of large-scale application, which will have a far-reaching impact on the industry and become an important milestone in the construction of a new power system with new energy as the main body. Analysis points out that in the process of low-carbon transformation of the power system, the "double high" characteristics of a high proportion of new energy and a high proportion of power electronic equipment will have a huge impact on the stability of power grids in various countries. At present, in many countries and regions, whether the grid-related performance of power electronic power sources such as solar wind storage can be improved and the grid characteristics of traditional synchronous generators can be possessed has become the key to the sustainable development of new energy.

my country's bus exports have been growing for six consecutive months, and overseas demand for new energy buses is strong

Since the beginning of this year, my country's bus exports have continued to grow at a high rate. In the first half of the year, bus exports have increased year-on-year for six consecutive months, with exports exceeding 5,000 units for two consecutive months in May and June. Data shows that in the first half of 2024, my country exported a total of 27,551 large, medium and light buses, a year-on-year increase of 39.36%. Industry insiders believe that bus "going overseas" has become the second growth curve for many bus companies, among which new energy buses have strong overseas demand and broad export prospects.

company news

Wahaha: Zong Fuli decides to continue to perform relevant management duties of Wahaha Group

Wahaha issued a statement on July 22 saying that in order to ensure the company's stable and healthy development, after friendly consultation among shareholders, Zong Fuli decided to continue to perform the relevant management duties of Wahaha Group. Wahaha also expressed gratitude for the recent attention from all walks of life and the media, and apologized for occupying media resources.

Jinghua Laser: The lithography machines developed by the holding subsidiary are mainly used for optical plate making, not for the semiconductor field

Jinghua Laser (603607) issued a risk warning on the evening of July 22, and the company noticed that the photolithography machine concept sector has received high attention from the market recently. The company's holding subsidiary, American Fresnel Platemaking Technology, is mainly engaged in the research and development of photolithography machines. The photolithography machines developed are mainly used for optical platemaking, not for the semiconductor field. There are great differences in accuracy and complexity with chip photolithography machines. For example, the company's photolithography machines are micron-level, while chip photolithography machines are nanometer-level, with a precision difference of 1,000 times, and there is no possibility of upgrading to chip photolithography machines through technical improvements. Therefore, the company's layout in the field of photolithography machines is mainly concentrated on photolithography machines for optical platemaking.

Jinjiang Online: The demonstration operation of intelligent connected driverless taxis is still in the experimental stage and basically does not generate any income.

Jinjiang Online (600650) issued an unusual announcement on the evening of July 22. The company has noticed that the concept of smart taxis has received high attention from the market recently. At present, some of the company's Jinjiang Taxi companies and relevant partners have carried out demonstration operations of smart connected unmanned taxis in designated areas of Jiading District and Lingang New City in Shanghai. The above demonstration operations are still in the experimental stage and basically do not generate income. There is still uncertainty in future business development, and it will not have a significant impact on the company's business activities in the short term.

Baiyin Nonferrous Metals: Plans to purchase all the shares of a mining company that operates a copper and gold mine in Brazil

Baiyin Nonferrous Metals (601212) announced on the evening of July 22 that it intends to purchase all the shares of a mining company (hereinafter referred to as the "target company") in cash and thereby obtain control of the target company. The target company currently operates a copper-gold mine in Brazil, which is the main asset of the target company, with an average annual copper concentrate production of approximately 20,000 tons of total copper metal.

Lvkang Biochemical: Plans to raise no more than 80 million yuan for photovoltaic film projects

Lvkang Biochemical (002868) announced on the evening of July 22 that the company plans to issue shares to specific objects through simplified procedures to raise a total amount of no more than 80 million yuan, which is intended to be used for Lvkang (Haining) Film Materials Co., Ltd.'s annual production of 320 million square meters of photovoltaic film project and to supplement working capital.

Xinbo shares: received customer car model fixed-point notification

Xinbo Co., Ltd. (003038) announced on the evening of July 22 that the company recently received a notification from a leading domestic automobile company on the designation of a vehicle model. The above-mentioned customer selected the company to carry out the customized development and delivery of the left and right side beams and front and rear bumpers of a certain model. According to the customer's plan, the project is expected to be mass-produced in November 2024, with a life cycle of 5 years, and the total sales amount of the life cycle is expected to be 808 million yuan.

Zhongfutong: Signed a strategic cooperation agreement with Xiamen Kinglong to explore multi-scenario applications of autonomous driving technology

Zhongfutong (300560) announced on the evening of July 22 that the company and Xiamen Kinglong United Automotive Industry Co., Ltd. (hereinafter referred to as "Xiamen Kinglong") signed a "Strategic Cooperation Agreement" on July 22. Both parties are willing to jointly explore the application of autonomous driving technology based on efficient collaboration of vehicles, roads, networks, clouds, and maps in multiple scenarios such as smart parks and tourist attractions, and explore the cooperation scenarios and project implementation of "Internet of Things + Digitalization + Intelligence" under the background of industrial digitalization.

Donghua Energy: Plans to sell Fuqi 1 and Fuqi 2 vessels

Donghua Energy (002221) announced on the evening of July 22 that in the context of high international ship prices, in order to maximize asset benefits, enhance cash flow security, optimize asset-liability structure, and improve profitability, the company agreed to sign an agreement with Alpha 13 Limited and Alpha 14 Limited to sell Fuqi No. 1 and Fuqi No. 2 under the name of its subsidiary Fuqi No. 1 Co., Ltd. at a price not less than the assessed value. The market value of the two liquefied gas vessels to be transferred by the company on the assessment base date of May 31 was RMB 1.27 billion.

Shanghai Airport: Plans to repurchase 5.2543 million to 10.5085 million shares

Shanghai Airport (600009) announced on the evening of July 22 that it plans to repurchase 5.2543 million (inclusive) to 10.5085 million (inclusive) shares of the company at a price of no more than RMB 50.46 per share (inclusive) for equity incentives. It is estimated that the total amount of funds the company intends to use for the repurchase will not exceed RMB 530 million.

Guanghui Energy: Plans to repurchase shares for RMB 400 million to RMB 800 million

Guanghui Energy (600256) announced on the evening of July 22 that the company plans to repurchase shares for 400 million to 800 million yuan to cancel and reduce the company's registered capital. The repurchase price will not exceed 10.29 yuan per share.

Weilan Lithium Core: Net profit of 167 million yuan in the first half of the year, a year-on-year increase of 301.74%

Weilan Lithium Core (002245) disclosed its semi-annual report on the evening of July 22. The company achieved operating income of 3.065 billion yuan in the first half of 2024, a year-on-year increase of 36.19%; net profit attributable to the parent company was 167 million yuan, a year-on-year increase of 301.74%; basic earnings per share was 0.15 yuan. During the reporting period, the destocking of major overseas customers of the lithium battery business was basically completed, related purchases gradually resumed, and with the development of other customers and application scenarios, lithium battery sales increased significantly.

Qilu Bank's performance report: net profit in the first half of the year increased by 16.98% year-on-year

Qilu Bank (601665) announced on the evening of July 22 that it achieved operating income of 6.412 billion yuan in the first half of the year, a year-on-year increase of 5.53%; net profit attributable to shareholders of listed companies was 2.347 billion yuan, a year-on-year increase of 16.98%; basic earnings per share was 0.46 yuan. As of the end of the first half of 2024, the bank's non-performing loan ratio was 1.24%, a decrease of 0.02 percentage points from the beginning of the year; the provision coverage ratio was 309.25%, an increase of 5.67 percentage points from the beginning of the year.

Lihua shares: net profit is expected to be 550 million to 600 million yuan in the first half of the year, turning losses into profits year-on-year

Lihua Shares (300761) released its earnings forecast on the evening of July 22, predicting a net profit of 550 million to 600 million yuan in the first half of 2024, compared with a loss of 592 million yuan in the same period last year. During the reporting period, the company's yellow-feathered broiler output increased by 10.69% year-on-year, and coupled with the decline in breeding costs, the chicken farming sector achieved good profitability. During the reporting period, the pig market rebounded, and the company's pig output and average sales price increased year-on-year; pig production performance and production efficiency steadily improved, and breeding costs decreased month by month; the pig farming sector turned losses into profits in the second quarter.

Economic Calendar

Editor: Chen Lixiang

Proofreading: Yang Lilin