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【News Review】

The State Council issued a document to promote high-quality development of service consumption

The State Council recently issued the "Opinions on Promoting High-Quality Development of Service Consumption" (hereinafter referred to as the "Opinions"). The "Opinions" fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, coordinate the expansion of domestic demand and the deepening of supply-side structural reforms, expand the opening up of the service industry, focus on improving service quality, enriching consumption scenarios, and optimizing the consumption environment, stimulate the endogenous momentum of service consumption with innovation, cultivate new growth points for service consumption, provide strong support for high-quality economic development, and better meet the people's personalized, diversified, and quality service consumption needs.

The central bank has finalized five major priorities for the second half of the year, including monetary policy, exchange rate and property market

Recently, the People's Bank of China held a work meeting for the second half of 2024 to finalize the work priorities for the second half of the year.

The meeting called for greater macro-control efforts, intensified counter-cyclical adjustments, and solid work on key tasks in the second half of the year to enhance the momentum of sustained economic recovery.

Specifically, the key tasks in the second half of the year involve five major aspects: first, continue to implement a prudent monetary policy; second, strengthen the overall planning and policy implementation of the "five major articles" of finance; third, continue to prevent and resolve financial risks in key areas; fourth, deepen financial reform and opening up and international financial cooperation; and fifth, continue to improve the level of financial services and management.

Official data released! The number of marriage registrations in the first half of the year hit a new low, 498,000 fewer couples than the same period last year!

The "2024 Second Quarter Civil Affairs Statistics" released on the Ministry of Civil Affairs' official website on August 2 showed that in the first half of this year, 3.43 million couples registered for marriage and 1.274 million couples registered for divorce. In the first half of 2023, a total of 3.928 million couples registered for marriage and 1.317 million couples registered for divorce. In comparison, the number of marriage registrations in the first half of this year decreased by 498,000 couples compared with the same period last year, and the number of divorce registrations decreased by 43,000 couples year-on-year.

It is worth mentioning that the number of marriage registrations in the first half of this year also hit a new low in recent years, only about half of the 6.94 million couples in the same period of 2014. According to statistics from the Ministry of Civil Affairs, the number of marriage registrations nationwide has continued to decline for many years before it stopped falling and rebounded in 2023, with 3.732 million couples in the first half of 2022.

The strong rebound of the RMB exchange rate against the US dollar is expected to remain basically stable at a reasonable equilibrium level

In recent times, the RMB exchange rate against the US dollar has shown a relatively obvious upward trend. In the past two weeks (July 22 to August 2), the onshore and offshore RMB exchange rates against the US dollar rose by 0.72% and 1.65% respectively.

On August 2, the onshore and offshore RMB exchange rates against the US dollar rebounded strongly. Wind data showed that the onshore RMB exchange rate against the US dollar closed at 7.2150, up 0.41% on the day, with an intraday high of 7.1524; the offshore RMB exchange rate against the US dollar closed at 7.1658, up 1.18% on the day, with an intraday high of 7.1433.

RecentRMB exchange rateWhy is it getting stronger?Bank of ChinaFan Ruoying, a researcher at the institute, told the Securities Daily reporter that one of the reasons is the weakening of the US dollar index. As the downward pressure on the US economy has increased and the trend of inflation falling is relatively certain, the Federal Reserve's latest statement has changed from "hawkish" to "dovish", and the market's expectations for the Federal Reserve to cut interest rates have increased.

Halving Apple Holdings BuffettReturn to cash strategy

"The stock god" Buffett has made a rare big move to reduce his holdings in Apple, his top holding. On August 3, local time, Berkshire Hathaway, owned by Buffett, announced its latest results, showing that the company reduced its holdings of Apple shares in the second quarter from 789 million shares in the first quarter to about 400 million shares, a decrease of about 49.3%. And after the large-scale reduction of Apple shares, Berkshire Hathaway's cash reserves hit a new high of US$276.9 billion at the end of the second quarter, compared with US$189 billion at the end of the first quarter. After the recent fluctuations in the US stock market, it can be seen that the "stock god" is cautious about the future.

Falling below 1.5%, the yield of money market funds continues to decline

since this year,Monetary FundThe yield rate continues to decline. From the perspective of the 7-day annualized yield rate, many large-scale money market funds have fallen below 1.5%, and the 7-day annualized yield rate of some money market funds issued by securities asset management companies has even fallen below 0.9%. From the perspective of the difference in returns between different money market funds, it may be more due to the fee rate. The annual comprehensive fee rate of money market funds established in the early stage is more than 0.6%, while the annual comprehensive fee rate of some money market funds established in the later stage is as low as about 0.21%. Industry insiders believe that in the context of continued downward interest rates, the "fee war" of money market funds may be imminent.

The Ministry of Industry and Information Technology accelerates the construction of new information infrastructure such as 5G and computing power

According to the Ministry of Industry and Information Technology's micro-newsletter on August 3, Jin Zhuanglong, Secretary of the Party Committee and Minister of the Ministry of Industry and Information Technology, recently visited the Zhejiang Provincial Communications Administration for research. Jin Zhuanglong proposed that the information and communications industry should truly unify its thoughts and actions with the spirit of the Third Plenary Session of the 20th CPC Central Committee, deeply understand and grasp major decisions and deployments such as promoting new industrialization and promoting the deep integration of the real economy and the digital economy, coordinate development and security, promote "construction, use, and research" in an integrated manner, accelerate the construction of new information infrastructure such as 5G and computing power, vigorously develop the industrial Internet, consolidate the foundation of network and data security, better enable the digital transformation of the manufacturing industry, give birth to new models and new applications, cultivate and develop new quality productivity, and make greater contributions to promoting high-quality economic and social development.

【Industry Hotspots】

1.4 trillion yuan track, major breakthrough!

Shipping prices have fallen significantly, and four major variables need to be paid attention to

Battery LevelLithium carbonateThe price falls below 80,000 yuan/ton and the industry's capacity clearance may accelerate

The penetration rate of smart cockpits continues to grow, and companies in the industry chain are competing to make layouts

【Topic Company】

Nvidia AI chip delivery delay affects Microsoft and others

Nvidia, which has been making great strides in the past two years, may have encountered a setback. According to foreign media reports, the delivery time of the company's latest artificial intelligence chip, Nvidia's next-generation Blackwell architecture series AI flagship chip GB200, will be delayed by at least 3 months. In addition, the US government has launched an antitrust investigation into Nvidia.

According to US media reports, two people familiar with the matter who helped produce Nvidia's new AI chips and server hardware revealed that due to "design defects", the release of Nvidia's new AI chips will be delayed by 3 months or even longer.

The battle for board seats is imminent, and the battle for controlling rights of Colin Electric has entered the "second season"

In the early stage, both parties continued to increase their holdings and collectPublic CompanyEquityThe battle for the controlling rights of Colin Electric, "staged" by Hisense Network Energy and Shijiazhuang State-owned Assets, is about to enter a "new season" as they use their shares as bargaining chips in the hope of gaining the upper hand in the future competition for board seats.

On August 3, Colin Electric issued several announcements regarding the election of the company's board of directors and board of supervisors. It was made clear that the company will hold the first extraordinary general meeting of shareholders in 2024 on August 30 to discuss relevant election matters. The announcement disclosed by the company on the same day also showed that the number of directors nominated by the largest shareholder Hisense Network Energy has been reduced from the previously announced 7 to 5, and the number of non-employee representative supervisor candidates has been reduced from 2 to 1. Judging from the overall list of candidates for the board of directors and the board of supervisors that have been disclosed, Zhang Chengsuo, chairman of Colin Electric, and his core senior management team will all be out, and Hisense Network Energy, which he once called a "barbarian", is coming in with great momentum, intending to control the board of directors of the listed company and dominate the operation.

【Stock Market Dynamics】

A shares: On the 2nd, the three major stock indexes fell sharply during the trading session, with the Shanghai Composite Index approaching 2,900 points, the Shenzhen Component Index,gemThe index fell by more than 1%, nearly 4,200 stocks in the market turned red, and the trading volume of the two markets shrank again. As of the close, the Shanghai Composite Index fell 0.92% to 2,905.34 points, the Shenzhen Component Index fell 1.38% to 8,553.55 points, the ChiNext Index fell 1.66% to 1,638.3 points, and the Science and Technology Innovation 50 Index and the Beijing Stock Exchange 50 Index fell nearly 2%; the total trading volume of the two markets was 722.3 billion yuan.

Hong Kong stocks: On the afternoon of August 2, Hong Kong stocks closed, and the market fluctuated and fell throughout the day. The Hong Kong Hang Seng Index closed down 2.08%, and the Hang Seng Technology Index closed down 2.62%. The market stocks fell more than they rose.

U.S. stocks: In the early morning of the 3rd Beijing time, U.S. stocks closed sharply lower on Friday, with the Dow Jones Industrial Average falling more than 600 points and the Nasdaq falling into a correction zone. The Dow Jones Industrial Average fell 610.71 points, or 1.51%, to 39,737.26 points; the Nasdaq fell 417.98 points, or 2.43%, to 16,776.16 points; and the S&P 500 fell 100.12 points, or 1.84%, to 5,346.56 points.

European stocks: Germany's DAX30 index fell 2.28%, Britain's FTSE 100 index fell 1.32%, France's CAC40 index fell 1.61%, Europe's STOXX 50 index fell 2.71%, Spain's IBEX35 index fell 1.66%, and Italy's FTSE MIB index fell 2.50%.

【Notice】

*ST Meiji: The company's shares will be delisted

*ST Meiji (002621) announced on the evening of August 4 that the company receivedShenzhen Stock ExchangeAccording to the Decision on Termination of Listing of Dalian Meigym Education Technology Co., Ltd.'s Stocks, the daily closing price of the company's stock was less than RMB 1 for 20 consecutive trading days from May 16 to June 13, 2024, which triggered the termination of listing of stocks stipulated in Article 9.2.1, Paragraph 1, Item 4 of the Shenzhen Stock Exchange's Stock Listing Rules (Revised in 2024). The company's stock will be delisted on August 5, 2024, and will not enter the delisting consolidation period.

Yalian Development: Other risk warnings will be implemented for the company's stock trading on August 5Suspensionone day

Yalian Development (002316) announced on the evening of August 4 that the company received the "Administrative Penalty Advance Notice" issued by the Jilin Securities Regulatory Bureau. The company's former holding subsidiary Kaidianbao Technology Group Co., Ltd. related matters caused the company's 2021 annual report to contain false records. According to regulations, the company's stock has been subject to other risk warnings since August 6, 2024, and the stock name has been changed from "Yalian Development" to "ST Yalian". The daily limit on stock trading is 5%. The company's stock will be suspended for one day from the opening of the market on August 5, 2024, and will resume trading from the opening of the market on August 6.

ShiTou Shares: Received the Administrative Supervision Measures Decision from Shanxi Securities Regulatory Bureau

Shi Tou Co., Ltd. (600539) announced on the evening of August 4 that the company and related personnel, Xili Industrial Chongqing Co., Ltd. recently received a warning letter issued by the Shanxi Securities Regulatory Bureau. The company has violated regulations such as inaccurate disclosure of financial data information in the annual report and failure to disclose related party funds occupation in accordance with regulations. The Shanxi Securities Regulatory Bureau decided to take supervisory and management measures against the company and related personnel by issuing a warning letter. The company stated that it will strictly take effective measures to actively implement rectification in accordance with the requirements, strengthen the study of relevant securities laws and regulations, strictly abide by relevant regulations, strengthen the awareness of standardized operations, effectively improve the level of standardized operations, and strictly fulfill information disclosure obligations.

*ST Shentian: The company and related parties received the "Administrative Penalty Advance Notice"

*ST Shentian (000023) announced on the evening of August 4 that the company and related parties recently received the "Administrative Penalty Advance Notice" issued by the Shenzhen Securities Regulatory Bureau. After investigation, it was found that the company was suspected of violating the law by failing to disclose guarantee matters in accordance with regulations. The Shenzhen Securities Regulatory Bureau intends to decide: order the company to make corrections, give a warning, and impose a fine of 4 million yuan; give a warning to the actual controller of the company, Lin Hongrun, and impose a fine of 8 million yuan; give a warning to Wu Hanxiong, Lin Jianrui, Lin Sicun, Zhao Luxiang, Luo Zhongwei and others, and impose corresponding fines.

*ST Zhongrun: The production and operation of the subsidiary Vatukolla Gold Mine has not been affected by the freezing of the company's accounts

*ST Zhongrun (000506) issued an announcement on abnormal stock trading fluctuations on the evening of August 4, and the company's stock price had a cumulative deviation of more than 12% in closing price increases for two consecutive trading days on August 1 and 2, 2024. Upon verification, the company has not found any recent public media reports of undisclosed major information that may or has had a significant impact on the company's stock trading price. The freezing of the company's bank account has had a certain impact on the company's capital operation, business management, and internal and external operating environment. At present, the production and operation of the company's subsidiary, the Vatukolla Gold Mine, has not been affected by the freezing of the company's account.

Watson Bio: Bivalent HPV vaccine passes WHO PQ certification

Watson Bio (300142) announced on the evening of August 4 that Yuxi Zerun Biotechnology Co., Ltd. (hereinafter referred to as "Zerun Biotechnology"), a wholly-owned subsidiary of the company's holding subsidiary Shanghai Zerun Biotechnology Co., Ltd., recently received an official notification from the World Health Organization (hereinafter referred to as "WHO"), confirming that the bivalent human papillomavirus vaccine (Pichia pastoris) (hereinafter referred to as "bivalent HPV vaccine") independently developed and produced by Zerun Biotechnology has passed the WHO Prequalification (hereinafter referred to as "WHO PQ certification"). The bivalent HPV vaccine is suitable for preventing diseases such as cervical cancer caused by high-risk HPV16 and 18 in women.

Industrial Foxconn's performance report: net profit in the first half of the year was 8.739 billion yuan, a year-on-year increase of 22.04%

Industrial Internet of Things (601138) released its performance report on the evening of August 4, with total operating revenue of 266.091 billion yuan in the first half of 2024, a year-on-year increase of 28.69%; net profit attributable to shareholders of the parent company was 8.739 billion yuan, a year-on-year increase of 22.04%, and basic earnings per share was 0.44 yuan. Benefiting from the strong growth in demand for AI servers, the company has relied on its vertical integration capabilities covering the entire AI industry chain, and its cloud computing business revenue has grown strongly. Among them, the revenue of AI server products has increased by multiples, showing an accelerating growth trend. The proportion of cloud service providers' revenue has continued to increase, driving the company's revenue and profitability. The company has seized the opportunities of the development of the digital economy and AI, and through advanced technology research and development and capacity layout, it has enabled cloud computing, network communications and other sectors to gain a significant leading edge in the industry.

Huadong Medicine: Wholly-owned subsidiary signs exclusive product commercialization cooperation agreement

Huadong Medicine (000963) announced on the evening of August 4 that on August 2, its wholly-owned subsidiary Huadong Medicine (Hangzhou) Co., Ltd. (hereinafter referred to as "Huadong Medicine (Hangzhou)") signed an exclusive product commercialization cooperation agreement with Beijing ImmunoPharma Technology Co., Ltd. (hereinafter referred to as "ImmunoPharma"). Huadong Medicine (Hangzhou) has obtained the exclusive commercialization rights of ImmunoPharma's CD19-targeted autologous CAR-T candidate product IM19 chimeric antigen receptor T cell injection in mainland China. Huadong Medicine (Hangzhou) will pay ImmunoPharma a down payment of RMB 125 million, as well as registration and sales milestone payments of up to RMB 950 million.

Huaya Intelligent: The restructuring matter was approved by the Shenzhen Stock Exchange's Mergers and Acquisitions Committee

Huaya Intelligent (003043) announced on the evening of August 4 that the company's issuance of shares and payment of cash to purchase 51% of the equity of Suzhou Guanhong Intelligent Equipment Co., Ltd., and the issuance of shares to specific objects to raise matching funds (referred to as the "reorganization matter") were approved by the Shenzhen Stock Exchange's Mergers and Acquisitions and Reorganization Committee.

Sanlian Forging: Gaoxin Tonghua plans to reduce its holdings of no more than 3% of the company's shares

Sanlian Forging (001282) announced on the evening of August 4 that Anhui Tonghua High-tech Center (Limited Partnership) (referred to as "Gaoxin Tonghua"), a shareholder holding 10.1447% of the shares, plans to reduce its holdings of the company's shares by no more than 4.7611 million shares, or no more than 3% of the company's total share capital, through one or more methods such as centralized bidding and block trading.