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NetEase Finance July 29th,on MondayA sharesThe three major stock indexes opened slightly lower.Shanghai Stock IndexDown 0.05% to 2889.47 points,Shenzhen Component IndexDown 0.09% to 8589.28 points,gemThe index fell 0.37% to 1653.39 points, and the Science and Technology Innovation 50 Index fell 0.04% to 719.55 points;Shanghai Stock ExchangeThe comprehensive total return index opened down 0.05% at 3198.29 points; the total turnover of the Shanghai and Shenzhen stock markets was 5.296 billion yuan; most of the commercial aerospace concepts opened higher, Tenda Technology and Aerospace Morning Light hit the daily limit, Jinming Precision Machinery rose more than 14%, and many stocks such as Blue Shield Optoelectronics and De'en Precision followed suit.

As of press time, the Shanghai Composite Index fell 1.42 points, or 0.05%, to 2889.47 points; the Shenzhen Component Index fell 7.9 points, or 0.09%, to 8589.28 points; the CSI 300 Index fell 4.93 points, or 0.14%, to 3404.37 points;ChiNext IndexThe S&P 500 Index fell 6.14 points, or 0.37%, to 1653.39 points; the Science and Technology Innovation 50 Index fell 0.32 points, or 0.04%, to 719.55 points.

company news

CATL: In the first half of 2024, the company achieved a net profit attributable to shareholders of listed companies of 22.865 billion yuan, a year-on-year increase of 10.37%.

Fuyao Glass: In response to the news that relevant locations in the United States were raided by the Department of Homeland Security, a relevant person in charge of Fuyao Glass stated that (the factory) stopped production during the investigation, and production has resumed after the investigation was completed, which will not affect normal supply.

Evergrande Auto: The Company's subsidiaries, Evergrande New Energy Auto and Evergrande Smart Auto (the relevant subsidiaries), received notices issued by the relevant local people's courts, whereby individual creditors of the relevant subsidiaries applied to the relevant local people's courts for bankruptcy reorganization of the relevant subsidiaries. The above notices have a significant impact on the production and operation activities of the Company and the relevant subsidiaries.

CITIC Securities: Recently, a college student named Wang shot a video during his study tour at CITIC Securities, which has attracted public attention. CITIC Securities said that after verification, the student is a freshman at Huazhong University of Science and Technology, and his father is a non-public official who has never worked in a financial regulatory department. The student was introduced to the company's study tour by a team leader of the company's investment bank in violation of regulations. The company has dismissed the leader and will hold the head of the investment bank department accountable.

Dazhong Transportation: Except for the information disclosed in the designated media, there are no major events that affect the company's stock trading price. There is no other major information that should be disclosed by the company but has not been disclosed. The company has noticed that the market has paid much attention to intelligent networked vehicles recently. This model is still in the experimental stage and basically does not generate income for the company. There is still uncertainty about the future business development trend. It will not have a significant impact on the company's business activities in the short term.

Gu Jiajia Furniture: Li Donglai, the company's director and senior executive, plans to increase his holdings of the company's A shares by RMB 150 million to RMB 220 million. There is no price range for this share purchase plan.

Zangge Mining: Zangge Venture Capital, the company's controlling shareholder, proposed that the company repurchase shares with 150 million to 300 million yuan, all of which will be used to cancel and reduce registered capital. In addition, Zangge Venture Capital proposed that the company implement the 2024 interim dividend, paying a cash dividend of 2.6 yuan (including tax) per 10 shares to all shareholders, without issuing bonus shares or increasing capital by capital reserve.

iFlytek: iFlytek Medical, a holding subsidiary of the company, recently received the "Notice on the Registration of Overseas Issuance and Listing of iFlytek Medical Technology Co., Ltd. and the "Full Circulation" of Domestic Unlisted Shares" issued by the China Securities Regulatory Commission.H sharesObtained registration with China Securities Regulatory Commission.

Institutional Views

Guotai Junan: The sectors that were oversold in the previous period and benefited from the policy are expected to rebound

Guotai Junan believes that the expected lack of progress, micro-transactions are blocked, and the stock market is waiting for the right time to fluctuate. The widening gap between the valuation increase of heavyweight stocks and the downward revision of earnings expectations has brought structural problems. In the short term, we should pay attention to cost-effectiveness and sector rotation. The sectors that were oversold in the previous period and benefited from policy efforts are expected to rebound; after the valuation is corrected, the strong style of technology blue chips + large-cap value is expected to return.

Haitong Securities: The scale of fund net redemption narrows and the A-share market is ready to take off

Haitong Securities said that in the second quarter of 2024, the net redemption of active equity funds was about 120 billion yuan, and after excluding new issuances, it was about 160 billion yuan, which was narrower than the first quarter.ETFNet subscriptions were about 60 billion, lower than the 350 billion in the first quarter, but nearly 200 billion since the end of June. The A-share market is still in the stage of accumulating momentum. The positive changes in the capital market and fundamentals in the second half of the year may push the A-share market center up a level, with structural focus on high-end manufacturing. Three major factors - fiscal policy, monetary policy and foreign capital inflows - are expected to push the A-share market center up.

Tianfeng Securities: During the market rebound, oversold directions and policy directions usually perform relatively well

Tianfeng Securities pointed out that historically, in the process of market rebound, it is necessary to focus on the main line of oversold rebound and the main line of policy, and if there is a main line that significantly benefits from the policy, the rebound amplitude of the policy main line may be higher than the rebound amplitude of the main line of oversold rebound, and if the policy has a relatively balanced impact on various industries in the market, the main line of oversold rebound usually performs better. For example, from April to July 2022 and from February to March 2024, there was an obvious oversold rebound in the market rebound process, and because the impact of policies on various industries in the market during these two periods was relatively balanced, the market performance of the oversold direction in these two periods was more dominant, and in the market rebound process from November to December 2022, both the policy direction and the previous oversold direction performed well, and the increase in the policy-related industries during the market rebound was greater than the decline in the previous market decline.

CITIC Construction Investment: It is expected that the "expanding domestic demand" transactions will gradually grow in the next six months

CITIC Construction Investment said that the market continued to adjust last week, and the differentiation of dividend assets weakened. However, CITIC Construction Investment believes that it is necessary to note that the recent monetary and fiscal policies have responded quickly to weak domestic demand, which may indicate that the progress and strength of subsequent policies may exceed expectations. From the perspective of capital, policy, and valuation, the index has limited room to fall further. It is not appropriate to be overly pessimistic at present. CITIC Construction Investment believes that it is necessary to gradually shift from cautious to neutral. From the history of A-shares, if the "expanding domestic demand" policy continues, it is expected to increase risk appetite in the end. Therefore, "expanding domestic demand" transactions include procyclical and growth stocks. From the perspective of the domestic and foreign demand environment and policy economic goals, it is expected that "expanding domestic demand" transactions will gradually grow in the next six months. Pay attention to sectors with industrial logic under targeted policy easing and wind bias boost. Focus on: home appliances, automobiles, real estate, military industry, computers, electronics, construction machinery, medicine, etc.