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Today, A-shares continued to fluctuate and adjust. The Shanghai Composite Index once fell below 2,900 points, hitting a new low in more than five months. As of the close, the Shanghai Composite Index closed at 2,901.95 points. The Shenzhen Component Index fell below 8,500 points, also hitting a new low for a period of time, and the CSI 300 tested the support of 3,400 points. More than 4,200 stocks in the two markets fell, and the turnover shrank to 631.4 billion yuan.

On the market, sectors such as water, electricity, oil, and banking were relatively strong, while sectors such as car, road, cloud, tourism, lithography machines, and unmanned driving had the largest declines.

Bank stocks remained strong throughout the day. Industrial and Commercial Bank of China and Agricultural Bank of China both hit new historical highs (adjusted, the same below), while Bank of Communications hit a 16-and-a-half-year high since January 2008.

Wind's real-time monitoring data showed that the three industries of public utilities, power equipment, and national defense industry all received net inflows of more than 1 billion yuan from the main funds today, and the construction and decoration, communications, mechanical equipment, environmental protection and other industries also received net inflows of more than 100 million yuan. The main funds in the automobile industry had a net outflow of more than 1.8 billion yuan, and the net outflows of food and beverage, non-bank financial, and real estate all exceeded 100 million yuan.

Looking ahead, CICC said that the market is showing a differentiated trend, the preference for "high-certainty" assets has increased, and the interest rate spread has continued to decline. Looking forward, if long-term interest rates remain low, "high-certainty" assets are still worthy of attention and allocation, but attention should be paid to valuation cost-effectiveness, and a correction may be a good opportunity to intervene. It is recommended that investors can appropriately extend the observation period (such as half-year, annual) to obtain a more stable expectation of available allocation.

Huaan Securities pointed out that the accelerated decline in market sentiment is unsustainable, market risk preferences are easily disturbed by policy expectations and changes in external situations, and the structural characteristics of rapid industry rotation are still expected to continue. Therefore, in the short term, we should seize the phased opportunities with higher certainty; in terms of certainty in the medium term, we should focus on two aspects: one is science and technology, innovation, and "new quality productivity", and the other is the direction of improving the economy in the second half of the year.

In terms of market focus, affected by the decline in performance in the second quarter, Tesla's stock price plummeted by more than 10% after the market, which in turn led to the collapse of the entire new energy vehicle industry.

A-share new energy vehicle stocks opened lower and fell throughout the day, with the sector index falling by more than 2% at one point. Shanzi Hi-Tech opened at the limit down, with its share price falling below the 1 yuan par value, hitting a new historical low; Ankai Bus also fell to the limit down after a low altitude; Yutong Heavy Industry fluctuated violently, once going from the daily limit up to the daily limit down; King Long Motors, Zhongtong Bus, Jiangling Motors, etc. all fell sharply.

Hong Kong stocks of new energy vehicles also fell sharply, with the Shanghai-Shenzhen-Hong Kong Automotive Thematic Index, the Hang Seng Automotive Thematic Index, and the Shanghai-Shenzhen-Hong Kong Smart Electric Vehicle Index all falling by more than 2%. Great Wall Motors, Xpeng Motors-W, NIO-SW, and Li Auto-W all weakened.

Among the top 10 ETF funds with the largest declines, four are related to automobiles, among which the auto parts ETF fell 3.66%, ranking first in the decline list. The smart car ETF, AI smart car ETF, and smart car ETF funds also fell by more than 3%.

Early this morning Beijing time, Tesla released its second quarter 2024 financial report, with revenue of US$25.5 billion, a slight increase of 2% year-on-year, but net profit of only US$1.478 billion, a sharp drop of more than 45% from US$2.703 billion in the same period last year.

The financial report shows that in the second quarter of this year, although Tesla's overall revenue increased slightly year-on-year, the revenue of its automotive business, as its main segment, declined, with revenue of only US$19.88 billion, a year-on-year decrease of 7%.

Public data statistics show that from 2021 to 2023, Tesla's global sales growth continued to slow down, with year-on-year growth rates of 87%, 40% and 38% respectively. In the first quarter of this year, deliveries fell by 8.3% year-on-year, marking the first year-on-year decline in quarterly sales in nearly four years. In the second quarter, Tesla delivered 444,000 new vehicles, a year-on-year decrease of nearly 5%.

Editor: Peng Bo

Proofread by: Tang Haocheng