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Summary

SASAC: Focus on developing new quality productivity and accelerate the high-quality development of central enterprises;

Central enterprises achieved a total profit of 1.4 trillion yuan in the first half of the year;

National Development and Reform Commission: Support high-quality enterprises to borrow medium- and long-term foreign debt to promote high-quality development of the real economy; special policies on energy conservation and carbon reduction for electrolytic aluminum were introduced;

National Health Insurance Administration: gradually study and explore payment based on DRG/DIP for cross-provincial medical treatment;

On the first day of the new regulations’ implementation, the balance of securities lending hit a four-year low.

Spotlight

SASAC: Accelerate the high-quality development of central enterprises by focusing on developing new quality productivity

From July 22 to 23, the State-owned Assets Supervision and Administration Commission of the State Council held a seminar for the heads of central enterprises. The meeting emphasized that it is necessary to focus on developing new quality productivity and accelerate the high-quality development of central enterprises. Focus on high-quality stable growth, continue to deepen quality improvement and efficiency increase, keep a close eye on the goal of "one profit stable growth, five profits continuous optimization", pay more attention to the gold content of operating performance, strengthen cash flow management, strengthen lean management and control, actively expand effective investment, ensure the supply and price stability of important basic products, strictly handle the accounts of small and medium-sized enterprises, and promote the continuous recovery of the economy. Vigorously promote scientific and technological innovation and industrial innovation, actively undertake major national scientific and technological projects, promote continuous breakthroughs in emerging industries, deepen the development of strategic emerging industries and future industries, continue to promote the high-end, intelligent and green development of industries, comprehensively implement the "AI+" special action, further optimize talent development support policies, accelerate the establishment and improvement of a precise, differentiated and long-term scientific and technological innovation assessment system, layout new tracks and cultivate new momentum. Effectively prevent and resolve major risks, coordinate development and safety at a high level, strictly implement control measures, deal with risks in a safe and orderly manner, accelerate the improvement of international business quality, and do a good job in production safety and emergency management. We will further promote the deepening and upgrading of state-owned enterprise reforms, promptly refine and classify the major reform measures proposed at the Third Plenary Session of the 20th CPC Central Committee, and promptly improve the work records to ensure that more than 70% of the main tasks are completed by the end of the year. We will comprehensively strengthen the Party's leadership and Party building, strengthen the leadership team and cadre team, unswervingly rectify the work style, discipline and fight corruption, and ensure that the decisions and deployments of the Party Central Committee are consistently implemented in state-owned central enterprises.

Central SOEs achieved a total profit of 1.4 trillion yuan in the first half of the year

From July 22 to 23, the State-owned Assets Supervision and Administration Commission of the State Council held a seminar for the heads of central enterprises. Data released at the meeting showed that from January to June, central enterprises achieved a total profit of 1.4 trillion yuan, a return on net assets of 6.9%, annualized full-staff labor productivity and R&D investment intensity grew steadily year-on-year, risk prevention was solid and effective, and key reform tasks were accelerated.

National Development and Reform Commission: Support high-quality enterprises to borrow medium- and long-term foreign debt to promote high-quality development of the real economy

The National Development and Reform Commission issued a notice on supporting high-quality enterprises to borrow medium- and long-term foreign debt to promote the high-quality development of the real economy, which proposed to actively support high-quality enterprises with significant industry status, good credit, and which play a leading role in promoting the high-quality development of the real economy to borrow foreign debt.

The proportion of renewable energy in the electrolytic aluminum industry will reach more than 25% by 2025

On July 23, the National Development and Reform Commission and five other departments issued the "Special Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry". The "Plan" clearly states that by the end of 2025, the proportion of production capacity above the energy efficiency benchmark level in the electrolytic aluminum industry will reach 30%, and the production capacity below the energy efficiency benchmark level will complete technical transformation or be eliminated, the proportion of renewable energy utilization in the industry will reach more than 25%, and the output of recycled aluminum will reach 11.5 million tons. Through the implementation of energy-saving and carbon-reduction transformation, the electrolytic aluminum industry will save about 2.5 million tons of standard coal and reduce carbon dioxide emissions by about 6.5 million tons from 2024 to 2025. By the end of 2030, the energy consumption and carbon emissions per unit product of the electrolytic aluminum industry will be significantly reduced, the use of renewable energy will be further improved, and important breakthroughs will be made in energy-saving and carbon-reduction technologies such as low-temperature aluminum electrolysis, new continuous anode electrolytic cells, inert anode aluminum electrolysis, and recycled aluminum grade retention. The supply capacity of high-end aluminum products has been greatly improved, and the green and low-carbon development of the industry has achieved remarkable results.

National Health Insurance Administration: Gradually study and explore cross-provincial medical treatment payment based on DRG/DIP

The General Office of the National Healthcare Security Administration issued a notice on the issuance of the 2.0 version of the payment plan based on disease groups and disease types and the in-depth promotion of related work, exploring the inclusion of medical expenses in other places into the DRG/DIP management scope. Provinces with conditions are encouraged to implement DRG/DIP payment for medical treatment in other places within the province, manage it in accordance with the payment methods and standards of the place where the medical treatment is received, consolidate the local management responsibilities of the medical insurance department in the place where the medical treatment is received, standardize the medical service behavior of patients in other places, and promote reasonable diagnosis and treatment, and treatment according to the disease. Gradually study and explore the payment of DRG/DIP for medical treatment in other places across provinces.

Guangzhou's lowest mortgage rate is expected to drop to the "2" digit

According to Nan Fang +, along with the adjustment of LPR, mortgage interest rates have also been lowered. The lowest mortgage interest rate in Guangzhou has dropped to below 3%, a record low. On July 23, reporters learned from several major banks in Guangzhou that after the People's Bank of China announced the loan market benchmark rate (LPR) on July 22, 2024, all commercial banks in Guangzhou will implement the latest mortgage interest rate standards from the 23rd. At present, state-owned banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, which have a relatively large scale of mortgage business, have lowered the interest rate for the first mortgage to 3.1% (i.e. LPR-75BP); the interest rate for the second mortgage has been lowered to 3.75% (i.e. LPR-10BP). In addition, reporters learned that some high-quality customers are currently in foreign banks such as HSBC. If they apply for a mortgage of a certain amount, the interest rate is expected to drop to the "2" digit.

The balance of securities lending on the first day of the new regulations hit a four-year low

According to the previous notice of the exchange, in order to strengthen the counter-cyclical regulation of securities lending, from July 22, when investors sell securities through securities lending, the margin ratio of securities lending shall not be less than 100%, and the ratio of private placement shall not be less than 120%. Recently, securities firms have successively issued notices stating that investors' existing securities lending contracts will not be affected, but the new regulations will apply to existing contracts that are extended on or after July 22. Wind data shows that as of July 22, the balance of securities lending in the A-share market was 27.902 billion yuan, a new low in more than four years. The balance of securities lending has declined for 8 consecutive trading days, with a single-day decrease of 1.295 billion yuan on the 22nd. In addition, after the suspension of the securities lending business, the scale of the securities lending balance in the A-share market also declined rapidly, with the balance of securities lending on the 22nd being 26.217 billion yuan.

Theme Opportunities

Data centers will usher in green and low-carbon development, and technologies such as liquid cooling will be more widely used

The National Development and Reform Commission and four other departments recently issued the "Special Action Plan for Green and Low-carbon Development of Data Centers", with the goal of making the layout of data centers nationwide more reasonable by the end of 2025, with an overall rack rate of no less than 60%, an average power efficiency of less than 1.5, an average annual increase of 10% in renewable energy utilization, and a significant improvement in average unit computing power energy efficiency and carbon efficiency. We will promote high-efficiency cooling and heat dissipation technologies such as liquid cooling, evaporative cooling, heat pipes, and fluorine pumps according to local conditions to improve the utilization rate of natural cold sources.

China Post Securities believes that liquid cooling utilizes the high thermal conductivity and high heat capacity of liquid to replace air as a heat dissipation medium, and has the advantages of low energy consumption, high heat dissipation, low noise, and low TCO. Under the "dual carbon" policy goals, data centers are moving towards green and sustainable development. On the industrial side, the computing power scale of data centers is growing rapidly, and high-power single cabinets are rapidly popularizing. The penetration rate of liquid cooling in data centers will be about 13% in 2023, and it is expected to increase to about 33% in 2030, with a market size of US$5.5 billion.

my country has developed a carbon nanotube processor chip that is expected to replace silicon chips

It is reported that the research team of the Carbon-Based Electronics Research Center of the School of Electronics of Peking University has made a major breakthrough in the field of next-generation chip technology and successfully developed the world's first tensor processing unit (TPU) based on carbon nanotubes. Simulation results show that this achievement marks a major progress in carbon nanotube technology in the chip field, which is expected to meet the demand for high-performance and energy-efficient chips in the era of artificial intelligence.

The analysis pointed out that carbon nanotubes, as a new type of material, have been included in the national strategic layout. Its technological progress and commercial application are in an accelerated development period, and the industry prospects are good. In the future, with the continuous advancement of technology, carbon nanotube chips are expected to replace traditional silicon chips and become the new favorite in the field of computer hardware. At the same time, this will also have a profound impact on the performance and efficiency of computers.

India slashes gold import tax, dollar substitution logic continues to boost demand

On the 23rd local time, the Indian Finance Minister delivered his annual budget speech, announcing that the import tax on gold and silver would be reduced from 15% to 6%, and the import tax on platinum and palladium would be reduced from 15.4% to 6.4%. Industry insiders said that India's jewelry demand has been hit by record high gold prices, and the reduction in import tariffs will protect consumption and reduce the motivation for smuggling gold.

After the news was announced, the international gold price rose slightly and once again reached the $2,400/ounce mark. The World Gold Council's survey report in June this year showed that 29% of the central banks surveyed planned to increase their gold reserves in the next 12 months, setting a record high since the annual survey began in 2019. Guosheng Securities believes that under the simultaneous effects of the weakening global economy and the cracks in the credit of the US dollar, gold may have surpassed other credit currencies and become a direct substitute for US dollar assets, and continues to be optimistic about the central elasticity of gold prices.

company news

Linglong Tire: Received $56.06 million in anti-dumping tax refund

Linglong Tire (601966) announced on the evening of July 23 that the U.S. Department of Commerce announced the final ruling of the first annual administrative review of the anti-dumping investigation on Thai passenger car and light truck tires this year. Before the release of the final tax rate of this review, the company's subsidiary Thailand Linglong, as a mandatory respondent to the original investigation, was subject to the original trial separate tax rate of 21.09%. After the release of the final tax rate of this review, Thailand Linglong is subject to the final tax rate of 4.52%. The company has recently received anti-dumping tax refunds of US$56.06 million, which exceeds 10% of the company's audited net profit in 2023.

Baosteel Co., Ltd.: Plans to acquire the remaining 50% equity of Baosteel Nippon Steel Automotive Plate for RMB 1.758 billion

Baosteel Co., Ltd. (600019) announced on the evening of July 23 that the company's board of directors approved the "Proposal on Acquiring 50% Equity of Baosteel Nippon Steel Automotive Plate Co., Ltd." Baosteel Nippon Steel Automotive Plate Co., Ltd. (hereinafter referred to as "BNA") was established in 2004. Its operating period will expire on August 29, 2024. Baosteel Co., Ltd. and Nippon Steel Corporation (hereinafter referred to as "Nippon Steel") each hold 50% equity. After consultation between the two parties, Baosteel Co., Ltd. acquired the 50% equity of BNA held by Nippon Steel for RMB 1.758 billion. After the acquisition is completed, BNA will continue to exist as a wholly-owned subsidiary of Baosteel Co., Ltd.

China Electric Motor: Controlling shareholder and others are planning major events and stock trading is suspended

China Electric Motor (603988) announced on the evening of July 23 that the company's controlling shareholder Ningbo Juntuo and major shareholders Wang Jianyu and Wang Jiankai are planning a major event, which may lead to a change in the company's control. The company's stock will be suspended from the opening of the market on the morning of July 24 (Wednesday), and the suspension is expected to last no more than two trading days.

Juchen shares: net profit in the first half of the year is expected to increase by 124.93% year-on-year

Juchen Co., Ltd. (688123) announced on the evening of July 23 that it expects to achieve a net profit of 143 million yuan in the first half of the year, a year-on-year increase of 124.93%. With the gradual recovery of demand in the downstream application market, the company's SPD products, NOR Flash products, automotive-grade EEPROM products, and industrial-grade EEPROM products used in industrial control and other fields have achieved rapid year-on-year growth in shipments, driving the company's sales revenue in the first half of 2024 to achieve the best performance in the same period in history.

Songcheng Performing Arts: Net profit in the first half of the year is expected to increase by 58.52% to 104.75% year-on-year

Songcheng Performing Arts (300144) released its earnings forecast on the evening of July 23, predicting that the net profit attributable to the parent company in the first half of 2024 will be 480 million to 620 million yuan, a year-on-year increase of 58.52% to 104.75%. During the reporting period, the cultural tourism market was stable and improved. The company added the Guangdong Ancient Scenery Scenic Area to operation, and the number of operating days of existing projects also increased year-on-year, and the overall number of tourists and operating income achieved significant growth.

Jiangling Motors: Net profit in the first half of the year was 895 million yuan, up 22.77% year-on-year

Jiangling Motors (000550) released its performance report on the evening of July 23. Its total operating revenue for the first half of 2024 was 17.92 billion yuan, a year-on-year increase of 16.14%; its net profit attributable to the parent company was 895 million yuan, a year-on-year increase of 22.77%; and its basic earnings per share was 1.04 yuan. This was mainly due to the increase in sales, strict cost control, and the increase in profits brought about by the additional deduction of input value-added tax in this period. In the first half of 2024, the company sold 159,677 vehicles, including 38,274 light buses, 28,982 trucks, 36,579 pickups, and 55,842 SUVs. Total sales increased by 9.11% over the same period last year.

Editor: Chen Lixiang

Proofread by: Tang Haocheng