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Li Jizun takes office as General Manager of Shenzhen Stock Exchange.

Chengdu has introduced new real estate policies to optimize the criteria for identifying first-time home buyers.

Zhuang Rongwen, director of the Cyberspace Administration of China: Vigorously promote the construction of basic capabilities in artificial intelligence and accelerate the development and application of independent large models.

China Electricity Council: It is expected that the spot price of coal will continue to fluctuate and run weakly in the later period, but the conditions for a sharp decline are not yet in place.

Hubei builds an “air road network” for low-altitude economic development.

Guiyang has cancelled the limit on the number of early repayments for housing provident fund loans.

Wanhua Chemical's net profit in the first half of the year fell 4.6% year-on-year.

Overnight foreign exchange

The three major U.S. stock indexes closed mixed, with the Dow Jones Industrial Average down 0.36%, the Nasdaq up 0.21%, and the S&P 500 flat. Popular technology stocks rose and fell, with Nvidia up more than 4% and Tesla down more than 1%. Most popular Chinese stocks rose, with the Nasdaq China Golden Dragon Index up 0.61%. Weibo and iQiyi rose more than 4%, and Manbang rose more than 2%. Xpeng Motors fell more than 3%, Bilibili fell more than 2%, and Li Auto fell more than 1%.

The three major European indices rose and fell. As of the close, the UK FTSE 100 index rose 0.52%, the French CAC40 index fell 0.26%, and the German DAX30 index fell 0.06%.

Hot Spots

1. Li Jizun takes office as general manager of Shenzhen Stock Exchange

After being vacant for half a year, the candidate for the position of general manager of the Shenzhen Stock Exchange has finally been decided. Reporters learned that on August 12, Li Jizun had resigned as director of the General Office of the China Securities Regulatory Commission and went to Shenzhen to officially take up the position of general manager of the Shenzhen Stock Exchange. In the afternoon of the same day, the Shenzhen Stock Exchange held a meeting to announce the news. Li Jizun is young and energetic, with rich experience, and has experienced multiple positions from local to central ministries. Before working at the China Securities Regulatory Commission, he worked in Qingdao universities, grassroots government departments, municipal party committees and other units, and was later transferred to Beijing and worked in the State Council Research Office for 12 years.

2. Chengdu issued a new real estate policy to optimize the first home identification standard

Chengdu Municipal Housing and Urban-Rural Development Bureau issued a notice on further optimizing housing transaction-related policies. For housing included in the affordable rental housing source database for the purpose of obtaining home purchase qualifications, if it is not rented out or the lease contract has been terminated, you can voluntarily apply to withdraw from the affordable rental housing source database in advance and lift the listing and transaction time limit. For new housing purchases within the city, only the housing situation of the buyer within the district (city) and county where the proposed housing is located will be verified. If there is no housing, it will be recognized as the first house. If there is a house within the district (city) and county where the proposed housing is to be purchased and it is listed for sale, the number of houses will be reduced accordingly. Support commercial banks to handle personal housing loan business according to the number of houses recognized by customers. For those who own 2 or more houses in the city and the corresponding housing purchase loans have been settled, support financial institutions to determine the down payment ratio and interest rate on their own. This notice will take effect on August 13, 2024. If the original regulations are inconsistent with this notice, this notice shall be implemented.

3. Director of the Central Cyberspace Affairs Commission: Vigorously promote the construction of basic capabilities of artificial intelligence

In an exclusive interview with reporters, Zhuang Rongwen, director of the Central Cyberspace Affairs Commission, said that the next step will be to focus on promoting the development of independent and controllable computing chips and algorithm frameworks, creating a high-quality Chinese corpus, vigorously promoting the construction of basic artificial intelligence capabilities, and accelerating the development and application of independent large models. Adhere to inclusive and prudent and agile governance, optimize the large model filing process, reduce corporate compliance costs, and continuously stimulate corporate innovation vitality.

4. China Electricity Council: It is expected that the spot price of coal will continue to fluctuate and run weakly in the later period, but the conditions for a sharp decline are not yet met.

According to the China Electricity Council, high temperatures have continued in eastern my country recently, and the daily coal consumption of power plants has increased month-on-month, but rainfall in many places has a certain easing effect on the demand for electricity for cooling. The overall production and sales in the main coal producing areas in China are balanced, and some areas have slightly reduced the pit-mouth coal prices. In terms of ports, the coal reserves of power plants have always been much higher than the same period last year, and the destocking speed is slow. Considering that the beginning of autumn has passed, the cost of imported coal has dropped, and the power generation output of clean energy such as hydropower has increased, the demand for spot purchases by power plants is not high. But at the same time, due to the inverted shipping price, the shipping volume of port traders has always hovered at a low level. Comprehensively judging, it is expected that the spot price will continue to fluctuate and run weakly in the later period, but it is in the peak summer consumption stage and does not yet have the conditions for a sharp decline.

5. Hubei builds an "air network" for low-altitude economic development

On the afternoon of August 12, the Hubei Provincial Government held a meeting to promote the development of low-altitude economy. The meeting emphasized that it is necessary to adhere to the construction of facilities as the basis, focus on improving the ground "facility network" such as general airports, take-off and landing points, and maintenance stations, improve the low-altitude intelligent "information network" such as communications, navigation, meteorology, and monitoring, actively strive for airspace resources, set up a low-altitude flight "route network", and create a low-altitude flight "service network" covering the entire region, and strive to build an "air road network" for the development of low-altitude economy. Recently, the Hubei Provincial Development and Reform Commission issued the "Action Plan for Accelerating the High-quality Development of the Low-altitude Economy in Hubei Province (2024-2027)" (hereinafter referred to as the "Action Plan"), proposing that by 2027, the province's low-altitude infrastructure will be basically complete, the industry level will leap forward, and the application scenarios will be accelerated. Strive to exceed 100 billion yuan in industrial scale, and the low-altitude economy will become an important growth pole for the province's high-quality economic development.

6. Guiyang cancels the limit on the number of early repayments of housing provident fund loans

Guiyang Housing Provident Fund Management Center issued an announcement on the cancellation of the number of early repayments of housing provident fund loans on August 12. The announcement pointed out that in order to implement the spirit of the State Council's deepening of the "delegation, regulation and service" reform, further improve the convenience of business handling, and enhance the borrowers' sense of gain and experience, after research, it was decided to cancel the number of early repayments of housing provident fund loans from now on.

Theme Opportunities

1. Realme will launch 320W ultra-fast charging for its mobile phone, and related companies are expected to benefit from the increase in fast charging power.

Realme officially announced on August 12 that it will release 320W super-fast charging at the Realme Technology Carnival on August 14, surpassing the 300W fast charging capacity previously officially announced, and will also be a new record for mobile phone wired fast charging. The previously leaked video shows that the Realme fast charging only takes 35 seconds to charge from 0% to 17%.

Driven by the "arms race" among mobile phone manufacturers, fast charging has become a standard feature of smartphones. Currently, charge pumps are gradually becoming the mainstream solution for fast charging. According to Frost & Sullivan's forecast, the penetration rate of charge pump solutions is expected to reach 90% in 2025. According to Counterpoint Research data, the average power of smartphone fast charging is gradually increasing, and the maximum charging power in the industry is also increasing. Fast charging above 120W requires the use of 2 to 3 ultra-high power charge pump chips in parallel. Therefore, the increase in fast charging power is expected to drive the increase in both the volume and price of charge pump solutions. The increase in the penetration rate of fast-charging mobile phones has driven mobile phone chargers to develop towards fast charging and high power, driving the growth of the mobile phone charger market. QY Research predicts that the global mobile phone charger market size is expected to reach 55.8 billion yuan in 2029, with a CAGR of 3.2% from 2022 to 2029.

Related concept companies include Aohai Technology, Nanxin Technology, etc.

2.China's first hydrogen energy full industry chain innovation ecological project completed

According to reports, the first domestic hydrogen energy full industry chain innovation ecological project, the National Energy Group Guohua Investment Ningdong Renewable Hydrogen Carbon Emission Reduction Demonstration Zone Phase I Project, has recently successfully produced qualified green hydrogen, achieving a one-time start-up of the project, marking the completion of the first domestic hydrogen energy full industry chain innovation ecological project integrating green hydrogen production, storage, transportation, addition, and hydrogen quality testing. The project has created the National Energy Group's first pure renewable energy hydrogen production and green hydrogen coupling coal chemical demonstration project, and is the first domestic hydrogen energy full industry chain innovation ecological project integrating green hydrogen production, storage, transportation, addition, and hydrogen quality testing.

On August 11, the "Opinions on Accelerating the Comprehensive Green Transformation of Economic and Social Development" was released to promote the green and low-carbon transformation and upgrading of traditional industries, vigorously develop non-fossil energy, and promote the development of the entire chain of hydrogen energy "production, storage, transmission and use". Since the beginning of this year, green, low-carbon and sustainable industrial policies have been continuously implemented. In addition, with the rapid development of wind and solar power, the marketization of electricity, the price of green electricity, especially valley electricity, has continued to decline, and the cost of green hydrogen production has continued to decrease. Industrial policy support and fiscal capital injection have created certain conditions for hydrogen energy demand, exchanging space for time, and accelerating the improvement of the economic efficiency of the entire hydrogen energy industry chain.

Related concept companies include Chuangyuan Technology, Xin Ao Shares, etc.

3. Pig prices are rising rapidly, and profits are expected to further expand in the third quarter

Today, the price of live pigs continued to rise, and repeatedly hit new highs this year. According to data from China Pig Farming Network, on August 12, the latest price of domestic live pigs (three-way crossbreds) was 21.26 yuan/kg, up 0.08 yuan/kg from the previous day, and up 14.06% from the previous month. The latest price of live pigs (three-way crossbreds) was 20.89 yuan/kg, up 0.22 yuan/kg from the previous day, and up 12.08% from the previous month.

Huaxi Securities Research Report pointed out that with the opening of schools in September, cooler weather and the boost from the Mid-Autumn Festival, pork demand is expected to improve marginally, and judging from the production capacity, the decline in the number of pigs in breeding stock in the second half of 2023 will increase month by month, and supply pressure may decrease faster. With the rise in pig prices, the fundamentals of pig farming companies have improved, and profits in the third quarter are expected to expand further. It is recommended to continue to pay attention to targets with significant cost improvements and high elasticity of future slaughter volume.

Related concept companies include Muyuan Foodstuff Co., Ltd., Shennong Group, etc.

Company News

1. Wanhua Chemical: Net profit in the first half of the year fell 4.6% year-on-year, and it plans to pay 5.2 yuan per share

Wanhua Chemical (600309) disclosed its semi-annual report on the evening of August 12. The company achieved operating income of 97.067 billion yuan in the first half of the year, a year-on-year increase of 10.77%; net profit of 8.174 billion yuan, a year-on-year decrease of 4.6%; basic earnings per share of 2.60 yuan. The company plans to pay a cash dividend of 5.2 yuan (including tax) for every 10 shares. In the first half of 2024, the company's polyurethane series products achieved sales revenue of 35.455 billion yuan, petrochemical series products and LPG trade achieved sales revenue of 39.575 billion yuan, and fine chemicals and new materials series products achieved sales revenue of 12.979 billion yuan.

2. Jinghua New Materials: Net profit in the first half of the year increased by 179.62% year-on-year

Jinghua New Materials (603683) disclosed its semi-annual report on the evening of August 12. The company achieved operating income of 856 million yuan in the first half of the year, a year-on-year increase of 28.95%; net profit of 40.6425 million yuan, a year-on-year increase of 179.62%; basic earnings per share of 0.16 yuan.

3. Canaan Intelligence: Net profit in the first half of the year increased by 69.38% year-on-year

Canaan Smart (300880) disclosed its semi-annual report on the evening of August 12. The company achieved operating income of 549 million yuan in the first half of the year, a year-on-year increase of 51.20%; net profit of 118 million yuan, a year-on-year increase of 69.38%; basic earnings per share of 0.61 yuan.

4. Xinghui Environmental Materials: Net profit in the first half of the year increased by 66.04% year-on-year

Xinghui Environmental Materials (300834) disclosed its semi-annual report on the evening of August 12. The company achieved operating income of 827 million yuan in the first half of the year, a year-on-year increase of 14.51%; net profit of 50.0979 million yuan, a year-on-year increase of 66.04%; basic earnings per share of 0.26 yuan.

5. Xiehe Electronics: Net profit in the first half of the year increased by 58.94% year-on-year

Xiehe Electronics (605258) released its semi-annual report on the evening of August 12, achieving operating income of 402 million yuan in the first half of the year, a year-on-year increase of 21.81%. Net profit attributable to shareholders of the listed company was 31.583 million yuan, a year-on-year increase of 58.94%; basic earnings per share was 0.36 yuan.

6. Offcn Education: There have been no major changes in the internal and external operating environment

Offcn Education Group (002607) issued an announcement on abnormal stock trading fluctuations on the evening of August 12, stating that the company's stock trading price has fallen by more than -20% in the cumulative closing price deviation for three consecutive trading days. After the company's self-examination, the company's current production and operation activities are normal, the internal and external operating environment has not changed significantly, and there is no major information that should be disclosed but has not been disclosed that affects the abnormal fluctuations of the company's stock.

7. Qingyan Environment: There are no major changes in recent operating conditions

Qingyan Environment (301288) issued an announcement on abnormal stock trading fluctuations on the evening of August 12, stating that the company's stock price has risen significantly recently, with the cumulative deviation of the closing price increase exceeding 30% for three consecutive trading days from August 8 to 12, 2024. After the company's self-examination, there are no major changes in the company's recent operating conditions and internal and external operating environment; the company, the controlling shareholder and the actual controller have no major matters that should be disclosed but have not been disclosed, nor are there any major matters in the planning stage.

8. Gravity Media: The controlling shareholder's concerted action intends to transfer 15 million shares of the company

Gravity Media (603598) announced on the evening of August 12 that Jiang Li, the person acting in concert with the company's controlling shareholder, signed a "Share Transfer Agreement" with Shanghai Quanqiao Private Equity Fund Management Co., Ltd. to transfer a total of 15 million shares of the company's unrestricted tradable shares (accounting for 5.6% of the company's total share capital) to Quanqiao Fund. The transfer price of each share of the target shares is 10.76 yuan, and the total transfer price is 161 million yuan. This agreement transfer will not lead to changes in the company's controlling shareholder and actual controller.

9. Guizhou Sanli: The controlling shareholder intends to transfer 5.12% of the company's shares by agreement

Guizhou Sanli (603439) announced on the evening of August 12 that Zhang Hai, the company's controlling shareholder and actual controller, intends to transfer his 21 million shares of the company to Hainan Yuexin Pharmaceutical Investment Partnership (General Partnership) (hereinafter referred to as "Yuexin Pharmaceutical") by agreement transfer, accounting for 5.1244% of the company's total share capital, and the total transfer price is 221 million yuan. This equity change will not lead to changes in the company's controlling shareholder and actual controller.

10. Zhuhai Port: Plans to transfer 50% equity of its wholly-owned subsidiary Hong Kong Terminal

Zhuhai Port (000507) announced on the evening of August 12 that in order to enhance the strategic positioning of its wholly-owned subsidiary Zhuhai Ganghong Terminal Co., Ltd. ("Ganghong Terminal") and develop and expand its main business of port shipping and logistics, the company plans to introduce a strategic partner and transfer 50% of the equity of Ganghong Terminal to Zhuhai Guoneng Gangtie Logistics Co., Ltd. ("Guoneng Gangtie Logistics") through a non-public agreement, with a transaction amount of 723 million yuan. The formal delivery of this equity transfer is based on the premise that the State Energy Group Port Co., Ltd. ("Guoneng Port Company") increases its capital and controls Guoneng Gangtie Logistics. After the completion of this transaction, Ganghong Terminal will become a subsidiary holding company of the company.

Editor: Peng Bo

Proofread by: Tao Qian

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