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NetEase Finance July 23rd, opening on Tuesday,A sharesThe three major stock indexes opened slightly lower.Shanghai Stock IndexDown 0.13% to 2960.5 points,Shenzhen Component IndexDown 0.08% to 8862.94 points,gemThe Shanghai and Shenzhen stock markets had a total turnover of 4.474 billion yuan. Huawei's Euler concept stocks fell back, and the VPN, digital watermark, and education informatization sectors fell the most. The sewage treatment sector opened higher, Dayu Water Saving opened more than 10% higher, Guozhong Water Affairs bid up, Guanlong Energy Saving, Sunyu Shares, etc. opened higher.

As of press time, the Shanghai Composite Index fell 3.72 points, or 0.13%, to 2960.5 points; the Shenzhen Component Index fell 6.87 points, or 0.08%, to 8862.94 points; the CSI 300 Index fell 5.14 points, or 0.15%, to 3509.79 points;ChiNext IndexThe S&P 500 fell 1.98 points, or 0.11%, to 1721.93 points; the Science and Technology Innovation 50 fell 1.87 points, or 0.25%, to 750.13 points.

company news

BYD: Hong Kong Stock Exchange documents show that Buffett's Berkshire Hathaway reduced its stake in BYD, with its shareholding ratio falling from 5.06% to 4.94%.

Baiyin Nonferrous Metals: Proposes to purchase all the shares of a mining company by cash payment, and thereby obtain control of the target company. The target company currently operates a copper-gold mine in Brazil, which is the target company's main asset, with an average annual copper concentrate production of approximately 20,000 tons of total copper metal.

Desay SV: Jointly released a new generation of high-performance CRD03P corner radar with Texas Instruments (TI), a world-renowned semiconductor company. At the same time, Desay SV has also deployed a series of sensor products such as FRD02 cascade imaging radar, FRD03 forward millimeter-wave radar, and CRD03E corner radar, facing all-scenario urban NOA, providing the strongest "perception" for high-level intelligent driving. In the future, Desay SV will build satellite radars with the powerful computing power of domain controllers, launch higher-performance ADAS millimeter-wave radar system solutions, and help accelerate the implementation of urban NOA.

Guanghui Energy: The company plans to repurchase shares with 400 million to 800 million yuan for cancellation and reduction of the company's registered capital. The repurchase price will not exceed 10.29 yuan per share.

Inspur Information: Response to the chip distribution with NVIDIA: The news is not true.

Wantai Biological: The cervical cancer vaccine cooperation agreement between its wholly-owned subsidiary and GSK is terminated.

Baiyunshan: Chairman Li Chuyuan resigned and Vice Chairman Yang Jun will perform the duties of chairman.

Guanghui Energy: Plans to repurchase 400 million to 800 million yuan of shares. The repurchased shares will be used for cancellation.

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

Jinjiang Online: The demonstration operation of intelligent connected driverless taxis basically generates no income.

Jinghua Laser: The lithography machines developed by the subsidiary are mainly used for optical platemaking and not in the semiconductor field.

Mass Transportation: Intelligent connected vehicles are still in the experimental stage and generate little revenue for the company.

Ruian Gene: The actual controller and others have been placed under residential surveillance or criminal detention for suspected illegal business operations.

Qiming Information: The company's direct controlling shareholder will change from China FAW to a travel company.

Geer Software: There is no material information that should be disclosed but has not been disclosed. The company expects a loss of 38 million to 57 million yuan in the first half of the year.

Institutional Views

Zhongtai Securities: Technology stocks will be an important theme in the second half of the year

Zhongtai Securities believes that with the rise of anti-globalization thoughts, the protection of cutting-edge scientific and technological achievements, which used to be mainly patent-based, will rise to a full range of technological blockades and suppression. With the trend of increasing blockades of related technologies in Europe and the United States, the future market for domestic substitution will gradually expand. In the global technological revolution under the new round of competition among major countries in the A-share market, under the strategic goal of breaking through the "neck of the bottleneck" policy, technology stocks including TMT and core technology will be the important main line in the second half of the year. It is recommended to select domestic alternative technology companies with key links of "neck of the bottleneck" and strong core R&D capabilities in investment allocation.

CICC: Currently, the banking sector as a whole is still underweight by funds by about 10.5 percentage points

CICC has compiled statistics on the positions and valuations of public funds in bank stocks in 2Q24. Statistics show that the fund positions in bank stocks in 2Q24 were 2.64%, up 0.28ppt from 1Q24, mainly due to the good performance of bank stocks.H sharesBanks rose by +26.3%/+19.4% respectively, with large state-owned banks and some regional banks performing well. At present, the overall banking sector is still underweighted by funds by about 10.5 percentage points, which is a historically high level, indicating that there is still room for adding bank stocks. CICC said that in the current context of falling interest rates, high dividends of banks are attractive. After the rapid rise of bank stocks, short-term volatility has increased. It is recommended to intervene in stocks with relatively stable fundamentals according to the valuation adjustment range.

Haitong Securities: AI technology is booming, and the AI+pharmaceutical industry has great potential

Haitong Securities said that AI technology is booming, and AI+pharmaceuticals are expected to become the next golden track. AI technology has played an important role in the entire process of drug discovery, preclinical research and clinical trials through machine learning and deep learning. AI+pharmaceuticals are supported by national policies, with diversified investment opportunities in the upstream and downstream of the industrial chain and flourishing applications. The AI ​​pharmaceutical industry has received policy support at the national level, such as the "14th Five-Year Plan for the Development of the Pharmaceutical Industry" and the "14th Five-Year Plan for the Development of the Bioeconomy", which aim to promote the application of cloud computing, big data, artificial intelligence and other technologies in the research and development of new drugs. CRO companies are accelerating the layout of AI+pharmaceutical application technology. The application of AI technology by CRO drug research and development outsourcing companies is gradually deepening, covering all aspects of drug discovery, from target identification, compound screening, structure prediction to drug design. With the continuous advancement of AI technology and the enhancement of the professional capabilities of CRO companies, it is expected that the field of drug research and development will usher in more innovative breakthroughs in the future.

Everbright Securities: Robotaxi may drive new growth in the travel market, and OEMs may be the ultimate beneficiaries

Everbright Securities believes that Robotaxi may drive new growth in the travel market, and OEMs may be the ultimate beneficiaries. Intelligent connected vehicles involve multi-party collaboration between vehicles, roads and clouds, which is in line with the policy orientation of vigorously developing new quality productivity. Everbright Securities believes that: 1) Local governments should take measures according to local conditions; 2) Technology (safety assurance) and experience upgrades, and prices (subsidies/discounts) are the key to the large-scale promotion of Robotaxi; 3) Robotaxi can meet the demand for vehicles at all times + solve the problem that the number of taxis (online ride-hailing vehicles) in remote areas may be relatively limited, and is expected to drive new growth in the travel market; 4) It is expected that the consortium model will become the mainstream in China, and OEMs (combined with their travel platform companies, as well as local resources/data advantages) may be the ultimate beneficiaries.

Donghai Securities: Pay attention to investment opportunities in innovative drug chains, specialty APIs, and other sectors

Donghai Securities Research Report pointed out that the current valuation of the pharmaceutical and biological industry is at a historical low, and the industry has limited room for further correction; the performance in the second half of the year is expected to continue to improve, and the influencing factors such as medical anti-corruption continue to weaken, and the mid- and long-term investment value is significant. It is recommended to pay attention to investment opportunities in the innovative drug chain, equipment, medical services, blood products, Class II vaccines, specialty APIs and other sub-sectors. Individual stocks that can be paid attention to include Qianhong Pharmaceutical, Boya Bio, Huaxia Ophthalmology, etc.