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NetEase Finance July 31st,WednesdayA sharesThree majorStock IndexThe Shanghai Composite Index opened slightly lower, down 0.06% to 2877.54 points, and the Shenzhen Component Index fell 0.26% to 8446.5 points.gemThe Shanghai Composite Index fell 0.48% to 1623.04 points, the Science and Technology Innovation 50 Index fell 0.33% to 707.66 points, and the Shanghai Composite Index of Returns fell 0.05% to 3185.83 points.Shanghai and ShenzhenThe total transaction volume of the two markets was 5.56 billion yuan; DRG/DIP, military electronic and other sector indices fell the most, the education sector opened high, Code Education hit the 20cm daily limit, Quantong Education, Doshin Education, Offcn Education, Action Education and others opened high.

As of press time, the Shanghai Composite Index fell 1.76 points, or 0.06%, to 2877.54 points; the Shenzhen Component Index fell 22.09 points, or 0.26%, to 8446.5 points; the CSI 300 Index fell 5.36 points, or 0.16%, to 3364.03 points; the ChiNext Index fell 7.91 points, or 0.49%, to 1623.04 points; and the Science and Technology Innovation 50 Index fell 2.35 points, or 0.33%, to 707.66 points.

company news

Dazhong Transportation: The cumulative deviation of the closing price increase of the company's stock in two consecutive trading days has reached more than 20%, which is an abnormal stock trading fluctuation. The company's price-earnings ratio and price-to-book ratio deviate from the industry average. The company has noticed that the market has paid close 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. Investors are advised to make decisions prudently and pay attention to investment risks.

Foxconn Industrial Internet: The company plans to repurchase shares through centralized bidding transactions. The total amount of funds to be repurchased will not be less than RMB 200 million and not more than RMB 300 million. The repurchased shares will be used for cancellation to reduce registered capital.

Guiguan Power: The company plans to invest in the construction of the 115MW Xiaopingyang photovoltaic project, with a total investment of approximately RMB 485 million; and plans to invest in the construction of the 200MW Gaodeling wind farm project, with a total investment of approximately RMB 1.278 billion. The total investment of the two projects is approximately RMB 1.763 billion.

China Green Power: Subsidiary Luneng New Energy (Group) Co., Ltd. Shaanxi Branch obtained a 100,000-kilowatt wind power construction quota in Guizhou. The project is a wind power generation project with an installed capacity of 100,000 kilowatts. The company released its performance report on the same day, with operating income of 1.805 billion yuan in the first half of 2024, a year-on-year decrease of 5.89%; net profit attributable to the parent company was 465 million yuan, a year-on-year decrease of 16.22%; basic earnings per share was 0.24 yuan.

Huaneng International: In the first half of 2024, the company achieved operating income of 118.806 billion yuan, a year-on-year decrease of 5.73%; net profit of 7.454 billion yuan, a year-on-year increase of 18.16%; basic earnings per share of 0.38 yuan. During the reporting period, the company continued to increase its cost control efforts, giving full play to the supporting role of coal-fired power units as a "stabilizer" and "ballast stone" for power supply, achieving a year-on-year decrease in unit fuel costs and a year-on-year increase in coal-fired power unit profits; the scale of new energy expanded, and profit contribution increased year-on-year.

Institutional Views

Orient Securities: Existing fundsTheme stocksShangtengnuo focuses on semiconductors, smart travel, etc.

Orient Securities believes that the market continued to fluctuate and adjust yesterday. From the perspective of the main index, it is still relatively weak, but the short-term theme profit effect continues to improve. Overall, the market trading is slightly insufficient, the stock funds are moving on theme stocks, the sectors are seriously differentiated, the stock index is still in the accumulation stage, and it will take time to strengthen. In the second half of the year, there may be changes in the capital and fundamentals, which will push the A-share center to a higher level. In terms of structure, attention should be paid to the semiconductor industry chain, smart travel, commercial satellites, etc.

Huatai Securities: August may enter a "window period" for policy adjustments

Huatai Securities said that judging from the Politburo meeting's judgment on the current situation and the relevant statements that reaffirmed the determination to achieve the annual growth target, short-term countercyclical regulation is expected to increase - August may enter the "window period" for policy adjustment. However, in the medium and long term, the guiding ideology of giving equal importance to stabilizing growth and adjusting the structure remains unchanged. Overall, the momentum of economic recovery in the second quarter fluctuated, and with the US election approaching, the uncertainty about the US government's change of government and global trade-related policies has also increased. Therefore, combined with the current trend of domestic demand and the uncertainty of external demand, countercyclical regulation is expected to increase, especially in the context of the implementation of fiscal policy in the first half of the year lagging behind the annual budget target. However, the meeting's statements on medium- and long-term risk prevention and structural adjustment have strong consistency and continuity. Therefore, in the medium and long term, macroeconomic regulation may still maintain the overall orientation of giving equal importance to "countercyclical" and "cross-cycle", and adjust the countercyclical strength in a timely and appropriate manner during the process of structural adjustment.

CICC: High bank dividends remain attractive in the current context of falling interest rates

CICC said that the Politburo meeting had a clearer assessment of the challenges facing the economy during the transition from old to new drivers, and the urgency of stabilizing growth has increased. However, while emphasizing "active response", it also mentioned "maintaining strategic focus". CICC believes that the main focus of the financial sector is to continue and improve the policies introduced in the early stage.Bank stocksFor the current downward interest rate environment, high bank dividends are still attractive, but volatility may also increase after the rapid rise of the sector in the short term. As the mid-year earnings season approaches, it is recommended to pay attention to banks with high dividend yields and solid fundamentals, as well as banks with faster performance growth or marginal improvement potential.

Guotai Junan: Huawei's new foldable phones are expected to further boost market development in the second half of the year

Guotai Junan pointed out that Huawei has been in the field of tri-fold mobile phones for many years and is expected to release a number of folding products, including Nova Flip and Mate X6, in August-September. Huawei's tri-fold mobile phone has significantly improved thickness and weight through innovative design, and optimized UI adaptation to enhance user experience. According to IDC data, from Q3 2023 to Q2 2024, China's folding machine market sales continued to grow rapidly, and Huawei's market share exceeded 40% for two consecutive quarters, ranking first in China. It is expected that new folding machine products in the second half of the year will further promote market development.