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Summary

The General Office of the State Council issued the "Guiding Opinions on Improving the Long-term Mechanism for Basic Medical Insurance Participation".

The Ministry of Industry and Information Technology publicly solicits opinions on further strengthening the management of access, recall and online software upgrades of intelligent connected vehicles.

my country successfully launched a high-orbit satellite for satellite internet.

New policy in Guangzhou’s property market: Housing provident fund can be withdrawn as a down payment for a home purchase.

National Association of Trading Companies: Severely punish non-market issuance violations and maintain the healthy operation of the bond market.

The Bank of England announced that it would cut its base interest rate by 25 basis points to 5%.

Overnight foreign exchange

The three major U.S. stock indexes closed sharply lower, with the Nasdaq down 2.3%, the S&P 500 down 1.37%, and the Dow down 1.21%. The Philadelphia Semiconductor Index fell more than 7%. Most large technology stocks fell, with Tesla and Nvidia down more than 6%, Intel down more than 5%, Apple and Amazon down more than 1%; Meta rose more than 4%. Chip concept stocks fell sharply, with ARM down more than 15%, Qualcomm down more than 9%, and AMD down more than 8%. Popular Chinese stocks fell across the board, with the Nasdaq China Golden Dragon Index down 3.35%. NIO fell more than 8%, Tencent Music fell more than 6%, and Futu Holdings and Xpeng Motors fell more than 5%.

All three major European indices fell. As of the close, the UK's FTSE 100 index fell 1.01%, the French CAC40 index fell 2.14%, and the German DAX30 index fell 2.28%.

Spotlight

1. The General Office of the State Council issued the "Guiding Opinions on Improving the Long-term Mechanism for Basic Medical Insurance Participation"

The General Office of the State Council recently issued the Guiding Opinions on Improving the Long-term Mechanism for Participation in Basic Medical Insurance. The Guiding Opinions require that the responsibilities of all parties be clarified and participation in insurance be implemented in accordance with the law; that policy measures be improved to encourage continuous participation; and that service quality be improved to strengthen participation with awareness. The Guiding Opinions propose the following key measures. First, improve policy measures. Further relax the household registration restrictions on participating in basic medical insurance at the place of permanent residence and employment. Promote the linkage between residents' medical insurance payment and the level of economic and social development and the per capita disposable income of residents. Support the use of personal accounts of employee medical insurance to pay for the personal payment of the insured persons' immediate relatives to participate in residents' medical insurance and the personal medical expenses incurred by the insured immediate relatives in designated medical institutions for medical treatment and drug purchase. Second, optimize management services. Establish a universal insurance database to achieve "one file for one person" management. Carry out concentrated publicity activities for universal participation in basic medical insurance in September every year. Promote the implementation of integrated handling of "one thing at birth" such as birth medical certificate, household registration, and medical insurance participation, simplify procedures, optimize processes, and promote guardians to participate in insurance for newborns in the year of birth. Actively create conditions to include village clinics that voluntarily apply and meet the conditions into the scope of medical insurance settlement, and promote real-time settlement. Third, strengthen departmental coordination. Clarify the main responsibilities of relevant departments in insurance participation, do a good job in population information data comparison, social insurance business coordination and linkage, and "one thing at birth" service for newborns, mobilize and guide social forces to participate in medical assistance in accordance with the law, promote the coordinated development of basic medical insurance and commercial insurance, and promote information sharing. The "Guiding Opinions" require all regions and relevant departments to strengthen organizational leadership, strengthen comprehensive evaluation, guarantee financial support, and ensure the smooth implementation of various measures.

2. MIIT solicits public opinions on further strengthening the management of intelligent connected vehicle access, recall and online software upgrades

In order to further strengthen the management of access, recall and online software upgrade of intelligent connected vehicles equipped with combined driving assistance systems, the Equipment Industry Department I of the Ministry of Industry and Information Technology and the Quality Development Bureau of the State Administration for Market Regulation organized the preparation of the "Notice on Further Strengthening the Management of Access, Recall and Online Software Upgrade of Intelligent Connected Vehicles" (Draft for Comments). Now we are soliciting public opinions.

3. my country successfully launched a high-orbit satellite for satellite internet

On August 1, my country successfully launched the Satellite Internet High-orbit Satellite 02 using the Long March 3B carrier rocket at the Xichang Satellite Launch Center. The satellite entered the predetermined orbit smoothly and the launch mission was a complete success.

4. New policy in Guangzhou real estate market: Housing provident fund can be withdrawn as down payment for house purchase

The Guangzhou Housing Provident Fund Management Center and the Guangzhou Housing and Urban-Rural Development Bureau issued a notice on the 1st stating that housing provident fund payers who purchase newly built commercial housing within the administrative area of ​​Guangzhou can apply to withdraw housing provident funds in their own and their spouse's names to pay for the down payment of the house. Specifically, if the buyer and his/her spouse purchase newly built commercial housing within the administrative area of ​​Guangzhou, after completing the online signing of the commercial housing sales contract, they can apply to transfer the balance of the housing provident fund account to the commercial housing pre-sale fund supervision account of the project to which the purchased house belongs in accordance with the contract agreement, to pay for the down payment of the house. For the purchase of the same house, each applicant can withdraw the down payment once. The total amount withdrawn by the applicant shall not exceed the down payment amount agreed in the commercial housing sales contract, and shall not exceed the balance of the applicant's housing provident fund account.

5. NAFMII: Severely punish non-market issuance violations to maintain the healthy operation of the bond market

The NAFMII issued a document stating that in recent years, some market participants have participated in bond issuance through various non-market methods such as "self-financing" and "rebates". This behavior has disrupted the market issuance order and allowed some entities that originally did not have the ability to issue bonds to continue to increase their debt scale, resulting in the accumulation of credit risks. The NAFMII attaches great importance to the prevention and crackdown on non-market bond issuance behaviors, and has successively issued the "Guidelines for the Issuance of Debt Financing Instruments of Non-Financial Enterprises" and the "Notice on Further Strengthening the Issuance of Interbank Bond Market Business Regulations" to regulate related behaviors. At the same time, the NAFMII has continued to increase its efforts to investigate and punish non-market bond issuance violations, severely punished a number of institutions that participated in the issuance of "self-financing" and "rebates", and imposed the maximum penalty on individual serious violators and suspended their business for a certain period of time.

6. The Bank of England announced a 25 basis point cut in the base rate to 5%

On August 1, local time, the Bank of England, the central bank of the United Kingdom, announced that it would cut the benchmark interest rate by 25 basis points to 5%.

Theme Opportunities

1. A ton-class "air taxi" made its first flight across the Yangtze River, and these two companies won bids for low-altitude economic business in many places

According to media reports, on August 1, Fengfei Aviation's Shengshilong eVTOL (electric vertical take-off and landing aircraft) completed its first flight across the Yangtze River. It took off from the Nanjing UAV Base in Pukou District, Nanjing, flew over the Yangtze River and circled along the river before returning to the base. The flight distance was 25 kilometers and the round-trip flight time was 10 minutes. This is the first time that Fengfei Aviation has achieved an eVTOL flight across the Yangtze River above the ton level. In February of this year, Fengfei Aviation completed the world's first cross-city and cross-sea flight (Shenzhen to Zhuhai), shortening the three-hour ground drive between the two places to a 20-minute flight.

Since the beginning of this year, there have been continuous favorable policies for the low-altitude economy. The 2024 "Government Work Report" proposes to actively cultivate emerging industries and future industries, and actively create new growth engines such as biomanufacturing, commercial aerospace, and low-altitude economy. On July 30, Xi Jinping, General Secretary of the CPC Central Committee, delivered an important speech, proposing to do a good job in national air traffic management and promote the healthy development of the low-altitude economy. Recently, many parts of the country have accelerated the implementation of low-altitude economic projects, and many projects related to the low-altitude economy are applying for filing or have been filed and passed the review. According to data from the China Business Industry Research Institute, the scale of my country's eVTOL market will grow rapidly from 2021 to 2023, reaching 980 million yuan in 2023, and is expected to reach 1.72 billion yuan in 2024. Analysts believe that with the continuous implementation of the country's low-altitude economy-related policies, aerospace companies, automobile manufacturers and emerging technology companies continue to enter the market, and the domestic eVTOL market share will continue to expand, and they are optimistic about investment opportunities in related industrial chains.

Related concept companies include Shenzhen Urban Communications Group, Rice Information, etc.

2.Industry giants develop new flash memory stacking technology, AI helps demand continue to be strong

According to technology media reports, SK Hynix has begun to break through the limitations of NAND flash memory stacking and plans to complete mass production preparations for 400+ layer stacked NAND by the end of 2025, and officially start large-scale production in the second quarter of 2026 as the next-generation packaging technology connecting two semiconductor wafers.

As AI-related semiconductors drive demand for high-bandwidth memory (HBM), the NAND flash market has also felt the impact of this trend. Storage giants Samsung and SK Hynix are stepping up their efforts to improve the performance and capacity of NAND products. Research institutions predict that in 2024, DRAM memory and NAND flash memory industry revenues will increase significantly by 75% and 77%, respectively. The price increase of mainstream storage products is expected to be transmitted to the niche market. The current MCU inventory liquidation is expected to gradually come to an end. The inventory of analog chips has returned to normal levels. Power, silicon carbide, foundries, packaging and testing plants, AI servers, etc. all show signs of continued improvement.

Related concept companies include GigaDevice, BIWIN Storage, etc.

3. Ideal Auto's monthly delivery volume hit a record high, and these two important suppliers benefited from its continued sales growth

On August 1, Ideal Auto announced its delivery data for July 2024. The data showed that in July, Ideal Auto delivered 51,000 new cars, setting a record high for monthly deliveries, a year-on-year increase of 49.4%. A total of 239,981 vehicles were delivered from January to July 2024. As of July 31, 2024, Ideal Auto has delivered a total of 873,345 vehicles, ranking first in total deliveries among China's new power brands. Li Xiang, chairman and CEO of Ideal Auto, revealed in the announcement that Ideal Auto's new autonomous driving technology architecture based on end-to-end models, VLM visual language models and world models began to be pushed to thousands of test users at the end of July.

The agency believes that the success of Ideal's extended-range SUV comes from the resonance of the demand side and the supply side, reflecting the company's ability to grasp user needs and create high-quality products. As Ideal's first extended-range SUV with a price below 300,000 yuan, L6 continues the success of the L series with high cost performance. It has become the main sales force and its upward momentum is still strong. The company is accelerating the layout of supercharging stations, hoping to lay the foundation for the hot sales of pure electric models next year. In addition, Ideal Auto continues to promote the research and development of intelligent driving systems, and has previously released an end-to-end + VLM dual-system intelligent driving model. Driven by multiple positive factors, the agency is optimistic about the subsequent sales of Ideal Auto.

Related concept companies include Baolong Technology, Zhenyu Technology, etc.

company news

1. Aerospace Changfeng: The company's current main business does not involve the commercial aerospace field

On the evening of August 1, Aerospace Changfeng (600855) announced that the company has noticed that some media have classified the company as a commercial aerospace concept stock. The company's current main business does not involve the commercial aerospace field. On June 12, the company responded to investors' questions about whether it has contributed to the aerospace business on the "SSE e-interaction" and replied: "The company's subsidiary Aerospace Chaoyang Power Supply provides supporting power products for low-orbit satellites in the commercial aerospace field." The relevant response is supplemented as follows: Aerospace Chaoyang Power Supply is a high-power module power supply manufacturer, but the supporting power products related to low-orbit satellites in the commercial aerospace field are still in the development stage and have not formed a substantial business.

2. Huadong Heavy Machinery: The company's stock price fluctuates greatly in the short term, and the company is divesting its CNC machine tool business

Huadong Heavy Machinery disclosed an announcement of abnormal stock trading fluctuations on the evening of August 1. The company's stock closed at the daily limit on July 26, July 29, July 31, and August 1. The stock price fluctuated greatly in the short term. Investors are advised to pay attention to investment risks. The company is implementing major asset sales and divesting its CNC machine tool business. Apart from this, the company's recent business conditions are normal, and there have been no major changes in the internal and external business environment.

3. Tenda Technology: The company may face the risk of a sharp rise in stock price followed by a fall. Investors are advised to invest rationally.

Tenda Technology (001379), which has been on the board for nine consecutive days, announced on the evening of August 1 that as of August 1, 2024, the company's stock has been on the daily limit for nine consecutive trading days. The fluctuation range of the company's stock price in the short term is relatively large compared with the Shenzhen A-share index in the same period. There may be a risk of a sharp rise in the stock price followed by a fall. Investors are advised to invest rationally and pay attention to risks. The company's main business is the research and development, production and sales of stainless steel fastener products such as bolts, nuts, screws, washers, etc. Up to now, the company has no direct supply to commercial aerospace customers.

4. China Electric Motor: The company's products do not involve robots, electric vehicles, high-speed rail, military industry and other fields

China Electric Motor (603988) issued an announcement on abnormal stock trading fluctuations on the evening of August 1, stating that the company's products cover most industries in the industrial field and are widely used in wind power, water conservancy, metallurgy, energy, coal, shipbuilding, cement building materials, petroleum, chemical industry and other fields, and do not involve robots, electric vehicles, high-speed rail, military industry and other fields.

5. Ideal Auto: Delivered 51,000 new cars in July, up 49.4% year-on-year

Li Auto announced on the Hong Kong Stock Exchange that in July 2024, Li Auto delivered 51,000 new cars, setting a new monthly delivery record, a year-on-year increase of 49.4%. From January to July 2024, a total of 240,000 vehicles were delivered. As of July 31, 2024, Li Auto has delivered a total of 873,300 vehicles, ranking first in total delivery volume among China's new power brands.

6. Great Wall Motors: July car sales of 91,300 units, down 16.32% year-on-year

Great Wall Motor (601633) announced on the evening of August 1 that its car sales in July 2024 were 91,300 units, a year-on-year decrease of 16.32%; the cumulative car sales this year were 651,000 units, a year-on-year increase of 3.6%. In July, 24,100 new energy vehicles were sold, and the cumulative sales from January to July were 156,500 units.

7. Xpeng Motors: Delivered 11,100 new vehicles in July, up 1% year-on-year

On August 1, Xpeng Motors announced its latest delivery results. In July 2024, Xpeng Motors delivered a total of 11,100 new vehicles, a year-on-year increase of 1% and a month-on-month increase of 4%. From January to July 2024, Xpeng Motors delivered a total of 63,200 new vehicles, a year-on-year increase of 20%.

8. SERES: New energy vehicle sales in July reached 42,200 units, up 508.25% year-on-year

SERES (601127) announced on the evening of August 1 that the company’s sales of new energy vehicles in July reached 42,200 units, a year-on-year increase of 508.25%.

9. Runjian shares: plans to invest 650 million yuan in overseas investment projects

Runjian Co., Ltd. (002929) announced on the evening of August 1 that the company plans to use self-raised funds of RMB 650 million or equivalent currency to carry out overseas investment projects to enhance the company's market competitiveness. The scope of this overseas investment project is mainly investment projects in Europe and Southeast Asia, and the implementation methods include but are not limited to the acquisition of potential target companies, participation in project construction and operation and maintenance, etc.

10. Huangtai Wine Industry: Terminate investment in the establishment of Guizhou Huangtai Wuyou Winery Co., Ltd.

Huangtai Wine Industry (000995) announced on the evening of August 1 that the company originally planned to jointly invest with Guizhou Wuyou Wine Industry (Group) Co., Ltd. to establish Guizhou Huangtai Wuyou Winery Co., Ltd. in Maotai Town, Renhuai City, Zunyi City, Guizhou Province. Because there are still matters that need to be clarified in this foreign investment project, based on the principle of prudence, after full communication and friendly consultation with the counterparty, the company decided to terminate this foreign investment.

Editor: Peng Bo

Proofreader: Peng Qihua