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China Fund News Taylor

Brothers and sisters, let’s take a quick look at the news at home and abroad tonight.

Another A-share company announced: reducing executive salaries!

On July 29, Haixin Energy Technology Co., Ltd. issued an announcement stating that in view of the company's current business management needs and actual production and operation conditions,Adjustments to the remuneration of the company's senior executives for the second half of 2024。

The announcement disclosed thatThe company's general manager's target annual salary was adjusted from 1.4 million yuan to 900,000 yuanThe company's deputy general manager's target annual salary was adjusted from 960,000 yuan to 720,000 yuan; the company's board secretary and financial director's target annual salary was adjusted from 780,000 yuan to 630,000 yuan.

According to Haixin Energy's first quarter report of 2024, during the reporting period, the company achieved operating income of 521 million yuan, a decrease of 73.53% from the same period last year; and achieved a net profit attributable to shareholders of listed companies of -118 million yuan, a year-on-year decrease of 15.44%.

Haixin Energy Technology was listed on the Shenzhen Stock Exchange in 2010. It is a holding listed company under the Beijing Haidian District State-owned Assets Investment Group Co., Ltd. and is also one of the first companies in China to develop, produce and sell hydrocarbon-based biodiesel.

As of the close of July 29, Haixin Energy's share price was 2.05 yuan per share, with a cumulative decline of more than 40% so far this year.

US stocks

In the U.S. stock market tonight, the Dow Jones Index fluctuated, falling more than 100 points at one point during the session, while the Nasdaq Index rose slightly.

The earnings season for U.S. stocks is here. Four of the “Seven Sisters” of the U.S. stock market—Amazon, Apple, Meta, and Microsoft—will release their earnings reports in the coming days.

Tesla's stock price surged. On the news front, Tesla has replaced Ford as Morgan Stanley's preferred U.S. auto stock. Morgan Stanley analyst Adam Jonas and his team are optimistic about Tesla's prospects and gave a target price of $310, suggesting that the stock price has 40% room to rise.

They believe that Tesla has made progress in its expected control of the automotive business and that the emerging drivers of the company's value are strong. Jonas particularly highlighted Tesla's potential monopoly in the zero-emission vehicle credit market and its growing recurring service revenue.

Philips' stock price soared more than 10%. The Dutch equipment manufacturer released its second-quarter financial report, showing its sound financial situation and growth potential. Although revenue fell slightly from the same period last year, from 4.47 billion euros to 4.462 billion euros, comparable sales increased by 2%, while comparable orders increased by 9%. Behind this achievement, the surge in net profit is particularly eye-catching, from 74 million euros last year to 452 million euros, a year-on-year surge of 5.1 times.

Philips CEO expressed optimism about the company's development: "This quarter, we witnessed a positive recovery in order volume, mainly due to strong demand in the North American market. In the current challenging macroeconomic environment, we not only achieved a significant improvement in profit margins, but also achieved solid operating cash flow and comparable sales growth in line with our expectations through productivity plans and continued improvements in working capital management."

Tonight, commodity and oil prices fell again.