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July 24 news, Wednesday opening,A sharesThe three major stock indexes opened slightly lower.Shanghai Stock IndexIt fell 0.21% to 2909.15 points.Shenzhen Component IndexIt fell 0.28% to 8582.63 points.gemThe Shanghai-Shenzhen Stock Exchange fell 0.29% to 1666.62 points, and the Science and Technology Innovation 50 Index fell 0.09% to 720.47 points. The total turnover of the Shanghai and Shenzhen stock markets was 4.632 billion yuan; online car-hailing, rail transit equipment, DRG/DIP and other sector indices fell the most; the transportation equipment sector opened lower, Tongye Technology opened more than 9% lower, China Railway High-speed fell more than 6%, Jiaoda Sino, Dinghan Technology, and Railway opened lower. DRG/DIP concept stocks pulled back, Jiayuan Technology and Sichuang Medical fell 6%, ST Yilianzhong, Rongke Technology, and Shanda Diwei followed suit.

As of press time, the Shanghai Composite Index fell 6.22 points, or 0.21%, to 2909.15 points; the Shenzhen Component Index fell 23.95 points, or 0.28%, to 8582.63 points; the CSI 300 Index fell 7.53 points, or 0.22%, to 3432.35 points;ChiNext IndexThe S&P 500 Index fell 4.82 points, or 0.29%, to 1666.62 points; the Science and Technology Innovation 50 Index fell 0.64 points, or 0.09%, to 720.47 points.

company news

Jingfang Technology: China New Venture Capital, the largest shareholder holding 17.76% of the shares, plans to reduce its holdings by no more than 13.0434 million shares, or no more than 2% of the company's total share capital, through block trading from August 15, 2024 to November 14, 2024. At present, China New Venture Capital is not the company's controlling shareholder or actual controller, and the implementation of this reduction plan does not pose a risk of changing the company's control.

Xinyuanwei: After inquiring institutional investors, the preliminary transfer price is 64.72 yuan per share. There are 13 institutional investors participating in this inquiry transfer quotation, including fund management companies, qualified foreign institutional investors, securities companies, private equity fund managers and other professional institutional investors. The shares to be transferred in this inquiry transfer have been fully subscribed, and the transferees are preliminarily determined to be 13 institutional investors, and the total number of shares to be transferred is 2,004,000 shares.

Juchen Shares: According to the inquiry subscription situation on the day, the transfer price preliminarily determined for this inquiry transfer is 55.49 yuan/share. There are 14 institutional investors participating in this inquiry transfer quotation, and the total number of valid subscribed shares by institutional investors participating in this inquiry transfer quotation is 3.37 million shares, corresponding to an effective subscription multiple of 1.06 times. The shares to be transferred in this inquiry transfer have been fully subscribed. The company expects to achieve operating income of 514.6788 million yuan in the first half of 2024, an increase of 62.37% over the same period last year; the net profit attributable to shareholders of the listed company is 142.9604 million yuan, a year-on-year increase of 124.93%.

Lanqi Technology: According to the inquiry subscription situation on that day, the preliminary transfer price for this inquiry is 57.72 yuan/share, which is 90.29% of the closing price on July 22. There are 16 institutional investors participating in the inquiry, with a total effective subscription of 21.39 million shares, which is 1.24 times the number of shares to be transferred. The intended transferees are 12 institutional investors, and the total number of shares to be transferred is 17.2073 million shares. The company expects that the number of PCIe Retimer chip orders to be delivered in the third quarter of 2024 will be approximately 600,000.

Changyuan Power: The People's Government of Songzi City and the company signed the "National Energy Changyuan Songzi City New Energy Project Investment and Development Cooperation Agreement". According to the agreement, the total installed capacity of the new energy projects jointly developed and constructed by the two parties in Songzi City will be no less than 1.5 million kilowatts (of which wind power will be no less than 650,000 kilowatts), and the total investment of the project will be about 7 billion yuan.

Shengquan Group: Plans to repurchase company shares for RMB 150 million to RMB 250 million for employee stock ownership plans or equity incentives, and the repurchase price will not exceed RMB 24 per share (inclusive).

Institutional Views

Orient Securities: The speculation of theme stocks has not stopped, pay attention to new quality productivity

Orient Securities believes that the market opened lower and fell throughout the day, with the ChiNext Index leading the decline, and the Science and Technology Innovation 50 Index falling by more than 4%. The major stock indexes formed a trend of a second bottoming out, but there were still active sectors. First, the banking sector rose sharply. Secondly, although semiconductor-related concepts have been on the list of decliners, the driverless concept continued to soar, showing a leading trend. Overall, the market is still in the process of shocking bottoming out, but the speculation of theme stocks has not stopped, the rotation pattern is obvious, and the speculation opportunities brought by the development of new quality productivity are obvious.

CITIC Securities: Domestic tourism expectations remain stable during summer vacation, and demand for outbound travel continues to recover

CITIC Securities released a research report saying that domestic tourism expectations for the summer vacation are stable, outbound travel demand continues to recover, and the resilience of leisure travel consumption demand continues to be verified. The bank maintains its view: Looking forward to the second half of 2024, the trends of "travel enthusiasm" and "affordable choices" are still clear, and the allocation rhythm suggests that the 2024 sector revenue performance may form a U-shaped year-on-year growth based on the high base of Q2 and Q3 in 2023. Maintaining the view that outbound demand > domestic holiday leisure demand > domestic business travel demand > domestic daily optional demand, it is recommended to allocate OTA, scenic spots, and gambling, and pay attention to the turning points of duty-free, hotel and other industry data.

CITIC Securities: Banking sector holdings are expected to continue to recover

CITIC Securities released a research report saying that since the second quarter of 2024, the overall stock price performance of the banking sector has maintained an upward trend, significantly outperforming the market. In April and June, the market showed a volatile market, and the defensive value of the banking sector's dividends was highlighted; in May, the favorable real estate policy catalyzed the pro-cyclical market, and the banking sector also benefited from the economic recovery and the expectation of real estate risk repair. Under the high prosperity of the sector, the proportion of bank stocks in the heavy holdings of active funds continued to increase slightly, but the holding ratio of 2.45% is still at a relatively low level in history (22% percentile since 2010). Looking ahead, based on the pace of economic recovery and the performance of macro-finance, it is expected that the short-term market style will still prefer defensive allocations, and the holdings of the banking sector are expected to continue to recover. In terms of individual stocks, two main lines are recommended: 1) Steady bottoming, large banks with high dividends and small valuation fluctuations are more valuable under the product logic; 2) Growth offense: Under the growth logic, companies with sustained alpha have more room for valuation improvement.

CICC: Pay attention to new clues on the direction of "Trump 2.0" transactions

CICC released a research report saying that, combined with the new clues and main lines of influence of Trump's policy propositions, the high probability and more likely directions of Trump 2.0 transactions are: 1) U.S. Treasuries: Inflationary policies limit the downward space of interest rates. 2) U.S. stocks: Not pessimistic overall, but intervene after a short-term correction; technology leaders have industrial advantages, but have more policy pressures than the cycle. 3) Gold: It will be under pressure after the interest rate cuts and Trump's stimulus policies, but it will benefit from risk aversion. 4) U.S. dollar: Both interest rate cuts and Trump's policies support a strong dollar, but whether intervention promotes competitive depreciation deserves close attention. 5) Commodities: Short-term supply pressure, interest rate cuts and policy stimulus may bring a boost. 6)Bitcoin: Benefit from policy support. 7) Chinese assets: Market sentiment may be disturbed by external factors, and exports and overseas expansion may face challenges, but this may prompt domestic policy hedging.

Everbright Securities: Shanghai Composite Index is expected to bottom out and rebound around 2,900 points

A research report by Everbright Securities stated that the Shanghai Composite Index is not far from 2,900 points, approaching the interim low set in early July. Against the backdrop of recent good news, there may still be favorable policies released in the future. It is expected that the market's downside space may be limited, and the Shanghai Composite Index is expected to bottom out and rebound around 2,900 points.