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NetEase Finance, August 1,ThursdayA sharesThe three major stock indexes opened slightly higher, among whichShanghai Stock IndexUp 0.05% to 2940.12 points,Shenzhen Component IndexUp 0.15% to 8767.33 points,gemThe Shanghai Composite Index rose 0.12% to 1690.22 points, the Science and Technology Innovation 50 Index rose 0.35% to 745.96 points, and the Shanghai Composite Index rose 0.06% to 3255.43 points. The total turnover of the Shanghai and Shenzhen stock markets was 8.531 billion yuan. Immunotherapy,Department of Aeronautics and Astronautics, horse racing and other sectors rose the most. The new urbanization concept opened actively, with New City rising by more than 10%. Ebulu, Shanshui Bid, Leo Planning, Hangzhou Garden, Shenzhen Ruijie and others opened higher.

As of press time, the Shanghai Composite Index rose 1.37 points, or 0.05%, to 2940.12 points; the Shenzhen Component Index rose 13.24 points, or 0.15%, to 8767.33 points; the CSI 300 Index rose 1.06 points, or 0.03%, to 3443.14 points;ChiNext IndexThe Sci-Tech Innovation 50 Index rose by 2.59 points, or 0.35%, to 745.96 points.

company news

Aerospace Morning Light: The company's stock has closed at the daily limit for four trading days, but the company's fundamentals have not changed significantly. The company's commercial aerospace product revenue accounts for a relatively small proportion. The company's products used in the commercial aerospace field are mainly metal hoses used to support launch missions. In 2023, this part of the revenue was about 27 million yuan, accounting for a relatively small proportion of revenue. The company's revenue structure will not change significantly in the short term.

CRRC Corporation Limited: The company recently signed several contracts with a total amount of approximately RMB 45.99 billion. The total contract amount accounts for approximately 19.6% of the company's operating income in 2023 under Chinese accounting standards.

Estun: The company plans to transfer its 10% stake in Estun Medical to the company's controlling shareholder, Perrest, at a transfer price of RMB 24 million. After the transfer is completed, the company will hold a 16.68% stake in Estun Medical. In addition, the company plans to increase the capital of Estun Robotics by RMB 450 million, of which RMB 300 million will be included in the registered capital and RMB 150 million will be included in the capital reserve. After the capital increase is completed, the registered capital of Estun Robotics will increase from RMB 150 million to RMB 450 million, and the company will still hold 100% of the equity of Estun Robotics.

Haiyin Shares: Haiyin Shares announced that the company originally planned to issue shares to purchase 51% of the equity of Jiangsu Judian Company. As of the date of this announcement, referring to the due diligence results of the intermediary institutions, the litigation and performance losses of the target company, and taking into account the relevant uncertainties faced by this transaction, the company believes that this transaction is not as expected, and the two parties have failed to reach an agreement on the core terms. It is expected that continuing to promote it will not improve the financial situation of the listed company and enhance its sustainable operating capacity in the short term. The company has decided to terminate the issuance of shares to purchase assets in accordance with the principle of prudence. The company's stock will resume trading from the opening of the market on August 1, 2024 (Thursday).

Institutional Views

Industrial Securities: In August, the market style will shift from over-defense to both offense and defense

Industrial Securities said that the current situation is similar to late April, and the subsequent risk appetite will enter a window of slow climb and repair from the overly pessimistic state, and the turning point may be in August. The market style will also shift from over-defense to both offense and defense, and spread from high dividends to high prosperity and high ROE. But it should be emphasized that this spread is limited. It is a spread in the era of high-win investment and the beta of large-cap leaders, and does not support the market to return to the style of small and micro-cap stocks and theme speculation.

CITIC Securities: New games will flourish in 2024, and products from A-share companies will be coming

CITIC Securities said that the market has always been worried that the market share of other companies besides Tencent, NetEase and Mihoyo will be squeezed, but the problem of the pattern is essentially a product cycle problem. From the perspective of this summer, new games are in a state of "a hundred flowers blooming". There are more popular games from other companies such as Bilibili, Xindong, Kuro, and Diandian Interactive, and the market share is expected to increase significantly. According to Diandian data, it is estimated that "Sanmou" will have a turnover of 1.4 billion in the first month and "Let's Go Muffin" will have a turnover of 800 million in the first month. This year, low ARPU, young and low-threshold games are more likely to run out. A-share companies will take over and usher in a product cycle in the second half of the year, including Kaiying's "Slime" and "Douluo Continent", Shenzhou Taiyue's "Codename DL", Jibit's "Sword of Immortality" and "Legend of Sword", etc. With the launch of new games, the performance of A-share games will also improve quarter by quarter. From the perspective of valuation, Game II (Shenwan) has fallen 28.7% since the beginning of the year, and the corresponding valuation of major companies is 10-13x, and the sector has a high investment cost performance.

Zhongyuan Securities: The overall demand for electrical equipment is expected to improve. It is recommended to pay attention to the leaders of the electrical equipment sector

Zhongyuan Securities said that the PMI in June was still in the contraction range, the traditional manufacturing industry entered the seasonal off-season, and the production willingness of enterprises declined, resulting in passive inventory accumulation and poor production and sales; the year-on-year decline in PPI narrowed, and the downward trend eased, showing certain positive changes. In terms of demand, the external environment will be unstable in the future, but the global demand for new energy and power grid upgrades will drive electrical equipment into an upward cycle of demand, and exports will remain optimistic. Domestic power grid construction, especially ultra-high voltage construction, will usher in an acceleration period, and the overall demand for electrical equipment is expected to improve. On the cost side, the downward trend in commodity prices has put some pressure on the price of electrical equipment, while also reducing the production cost of electrical equipment, and corporate profits may be repaired in the future. The low valuation of the power equipment sector may be repaired. It is recommended to pay attention to the leading companies in the electrical equipment sector.

Huaxi Securities: 2024 will be the year of frequent satellite launches and networking, and the starting point of commercial aerospace industrialization

Huaxi Securities pointed out that the popularity of rocket launches remained high in the first half of this year. It is expected that the industry will continue to be catalyzed in the second half of the year as the GW constellation and G60 Starlink will enter a period of intensive bidding and launch. Commercial aerospace has the characteristics of great development potential, broad market scale, and rapid growth. It has a solid foundation in terms of policy and launch, and has good and broad development opportunities. The networking of low-orbit satellite constellations is necessary and urgent. 2024 will be the starting year for the frequent launch of satellites and the industrialization of commercial aerospace.