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China Fund News Amman

In the morning session of August 6, the A-share index rose and then fell, major financial sectors such as insurance and banks fell, the Shanghai Composite Index turned green at one point, and the gains of the Shenzhen Component Index and the ChiNext Index both narrowed.

As of press time, the three major A-share indices rose slightly, with more than 4,500 stocks rising.

Multiple stocks hit daily limit

In the morning of August 6, the clean energy sector strengthened. Among them, the photovoltaic sector rose collectively, with Foster, Autech, Saiwu Technology, and Junda shares hitting the daily limit, followed by GoodWe, JA Solar, Jinlong Technology, and Sungrow Power Supply.

The wind power sector also rose accordingly. Xinqianglian once rose by more than 12% during the session, followed by Jinlei Shares, Haiguo Shares, Haili Wind Power, Taisheng Wind Energy, and Yunda Shares.

On the news front, the National Energy Administration introduced at a press conference that in the first half of the year, the country's renewable energy power generation installed capacity increased by 134 million kilowatts, a year-on-year increase of 24%. The total wind and solar power generation reached 900.7 billion kilowatt-hours, accounting for about 20% of the total power generation, a year-on-year increase of 23.5%.

11 consecutive bull stocks "ground-to-sky board"

At the opening of the market on August 6, A-share high-priced stocks collectively plunged. Volkswagen Transportation, King Long Automobile, Tengda Technology and others all hit the limit down.

Near 10 o'clock, Tengda Technology rose straight to the daily limit, and recorded 12 consecutive daily limits. The intraday turnover was nearly 55%, and the transaction volume was nearly 1 billion yuan.

On August 5, Tenda Technology released its 2024 semi-annual performance report. The company achieved operating income of 857 million yuan in the first half of 2024, a year-on-year decrease of 6.96%; the net profit attributable to shareholders of the listed company was 39.9568 million yuan, a year-on-year decrease of 11.94%.

Tenda Technology said that the company's revenue and profit data have declined, mainly due to the large fluctuations in stainless steel prices in the domestic market in the past two years, especially the continued plunge in prices of bulk raw materials such as nickel, chromium and iron ore, which caused a sharp drop in the price of stainless steel wire rods, leading to a decline in the company's product sales prices. At the same time, affected by the intensified market competition, the product gross profit level has declined.

On the same day, Tenda Technology issued an unusual announcement stating that the company's main business is the research and development, production and sales of stainless steel fasteners such as bolts, nuts, screws, washers, etc. Fasteners are a general term for components used to connect and fasten various parts. They have a wide range of applications and are called "industrial rice". From the sales model, the company currently adopts the method of mainly selling through traders and supplemented by direct sales to end users. So far, the company has no direct supply to commercial aerospace customers.

Editor: Captain

Audit: Wooden Fish

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