news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

NetEase Finance July 26th, FridayA sharesThe opening trends of the three major stock indexes diverged.Shanghai Stock IndexDown 0.03% to 2886 points,Shenzhen Component IndexUp 0.45% to 8512.79 points,gemThe Shanghai Stock Exchange Index rose by 0.3% to 1649.34 points, the Science and Technology Innovation 50 Index was 713.89 points, and the total turnover of the Shanghai and Shenzhen Stock Markets was 4.791 billion yuan; the indexes of automobile dismantling and household appliances ranked first in terms of growth, and DRG/DIP,Precious MetalsThe indexes of the sectors fell the most. Xueqi Electric hit the daily limit in the bidding, Ruide Intelligent rose by more than 10%, Changhong Meiling, Chunguang Technology, Vatti Shares, Hisense Home Appliances, Bofei Electric, Martian, Zhejiang Meida and others opened higher.

As of press time, the Shanghai Composite Index fell 0.75 points, or 0.03%, to 2886.0 points; the Shenzhen Component Index rose 38.09 points, or 0.45%, to 8512.79 points; the CSI 300 Index rose 4.44 points, or 0.13%, to 3403.71 points;ChiNext IndexThe Sci-Tech Innovation Index rose by 4.89 points, or 0.3%, to 1649.34 points; the Science and Technology Innovation 50 Index rose by 0.01 point to 713.89 points.

company news

Minsheng Bank: On July 25, against the backdrop of the expected reduction in deposit interest rates by banks, China Minsheng Bank's share price fell by 4.6%. A reporter called the relevant department of China Minsheng Bank to inquire about the reason, and the other party said that they were unaware of the reason for the stock price drop and that there had been no major changes in the company's operating conditions. On July 24, China Minsheng Bank had 18 large transactions, with a total transaction amount of approximately 678 million yuan and a transaction volume of approximately 195 million shares, with a discount of between 1% and 7% relative to the closing price. According to media reports, this transaction may be related to the shares of China Minsheng Bank held by Oceanwide Group.

Hangzhou Bank: In the first half of the year, it achieved operating income of 19.34 billion yuan, a year-on-year increase of 5.36%; net profit attributable to shareholders of listed companies was 9.996 billion yuan, a year-on-year increase of 20.06%. As of the end of June 2024, the company's non-performing loan ratio was 0.76%, the same as at the end of the previous year, and the provision coverage ratio was 545.17%, a decrease of 16.25 percentage points from the end of the previous year, maintaining an excellent level overall.

Zheshang Securities: In the first half of the year, the company achieved total operating revenue of 8.01 billion yuan, a year-on-year decrease of 5.27%; net profit attributable to shareholders of listed companies was 780 million yuan, a year-on-year decrease of 14.45%. In the first half of 2024, the capital market experienced drastic fluctuations. Affected by the overall operating environment of the securities industry, the company's securities investment business, investment banking business and brokerage business revenue declined, but overall maintained a relatively stable operating performance.

Everbright Securities: In the first half of the year, the company achieved operating income of 4.2 billion yuan, a year-on-year decrease of 32.03%; the net profit attributable to shareholders of the listed company was 1.391 billion yuan, a year-on-year decrease of 41.87%. In the first half of the year, due to factors such as the decline in the scale of equity financing in the market, the decline in trading activity, and the intensification of market volatility, the company's brokerage, investment banking, and equity investment businesses declined year-on-year.

China Power Construction: Recently, the company's Abu Dhabi branch and its subsidiary Huadong Institute Middle East Co., Ltd. (HDEC) formed a consortium and signed the EPC contract for the Abu Dhabi PV3 Ajiban 1.5GW photovoltaic project with Ajiban Photovoltaic Project Holding Co., Ltd. The contract amount is approximately US$755 million, equivalent to approximately RMB 5.384 billion. The main engineering content of the project is the design, construction, procurement, installation, commissioning, trial operation and operation and maintenance of a 1500MW photovoltaic power station and a 400kW booster station within the 24-month warranty period. The total project period is approximately 28 months.

Jinghe Integrated: It is expected that production capacity will continue to remain fully loaded in the third quarter. The company has raised the foundry prices of some products based on market conditions, and will continue to adjust the foundry prices accordingly based on market conditions and capacity utilization.

Junda Shares: The company plans to invest in the construction of a 5GW high-efficiency battery production base in the Sohar Free Trade Zone in the Sultanate of Oman. The total investment of the project is expected to be US$280 million and is expected to be completed and put into production in 2025.

Institutional Views

CITIC Securities: The interim report is an important trading clue for the market, and traditional TMT and high-end manufacturing are more certain

CICC believes that the July-August interim reports will become important trading clues in the market, and attention should be paid to sectors that exceed expectations or have higher growth rates. In terms of major styles, stable stocks performed best, cyclical products improved month-on-month, and dividend-related sectors were generally positive; technology manufacturing was internally differentiated. Overall, traditional TMT (semiconductors and Apple chains, etc.) and some high-end manufacturing sectors are still relatively certain opportunities. It is worth noting that dividend and some growth sectors may face short-term risks of increased trading heat and congestion, but this also provides a good opportunity for mid-term layout of the sector.

CICC: There are two major changes in this fiscal increase, focusing on the policy boosting effects of automobiles and home appliances

CICC pointed out that on July 25, 2024, the National Development and Reform Commission and the Ministry of Finance issued the "Several Measures on Further Supporting Large-Scale Equipment Updates and Consumer Goods Trade-in". The "Several Measures" proposed: "Coordinate the arrangement of about 300 billion yuan of ultra-long-term special treasury bonds to further support large-scale equipment updates and consumer goods trade-in." This shows that the positive fiscal policy has been further implemented. CICC expects that it may be able to boost the total amount.GDPThere are two changes in this fiscal increase that are worth noting. First, compared with similar support measures in the past, the central government's share of this time has increased. Second, the ultra-long-term special government bonds not only support investment (equipment renewal), but also support consumption (trade-in of old consumer goods), with a focus on the policy boosting effect of automobiles and home appliances.

CITIC Securities: Commercial spaceflight is accelerating, with policies and enterprises promoting it from both ends

CITIC Securities pointed out that satellite Internet can achieve global coverage and is an important part of the satellite-ground fusion network. It has bright prospects for application in the military and civilian fields and a broad market space. Recently, Wuhan City issued the "Several Measures for Breakthrough Development of Commercial Spaceflight", and the construction of Beijing Rocket Street started to build the country's first commercial aerospace common scientific research and production base, and the policy side continued to increase. China Mobile Research Institute established the Institute of Satellite-Ground Fusion Technology to focus on the development of my country's satellite Internet industry. The Long March 12 carrier rocket was erected at the Hainan Commercial Space Launch Site, and my country's rocket launch efficiency was further improved. The Gaofen 11-05 satellite was successfully launched, and the national space mission was promoted in an orderly manner. In terms of international commercial aerospace, the US SpaceX Starlink has provided services to 400,000 Canadian users, and the commercialization of satellite Internet has made great progress. NASA announced the cancellation of the VIPER lunar rover project, and the "Artemis" plan to return to the moon is full of difficulties.

Guotai Junan: Tesla FSD's timetable for entering China is becoming clearer, and the automotive intelligent sector continues to benefit

Guotai Junan Securities said that according to Tesla's 2024 second quarter earnings conference, due to the continuous optimization of Robotaxi, the product launch originally scheduled for August was postponed to October 10. Musk said at the earnings conference that FSD will apply for regulatory approval in Europe and China, and is expected to be approved before the end of the year. The timetable for FSD to enter China is becoming clearer. Guotai Junan Securities maintains the industry overweight rating. Tesla's FSD, new cars, and robots are progressing gradually. The adjustment of time nodes will not change Tesla's medium- and long-term growth. The timetable for FSD to enter China is becoming clearer, and the automotive intelligent sector continues to benefit.