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On August 13, the A-share turnover was 477.3 billion yuan, down 18.5 billion yuan from the previous day. The Shanghai Composite Index turned positive at the end of the trading day, up 0.34%, closing at 2867.95 points. The Shenzhen Component Index rose 0.43%, and the ChiNext Index rose 0.93%. More than 3,700 stocks in the two markets rose.

On the market, large infrastructure, environmental protection, oil and gas extraction, lithium batteries, consumer electronics, semiconductors and other sectors performed actively, while biomedicine, vitamins, coal, liquor and other sectors showed weak trends.

The securities sector rose again in the late trading, Jinlong shares hit the daily limit, Tianfeng Securities rose 7.32%, and Shouchuang Securities, Pacific Securities, Huaxin shares, Zheshang Securities and others followed suit.

Japanese stocks continued to rebound. The Nikkei 225 index rose 3.45%, a single-day increase of more than 1,200 points, reaching 36,000 points.

Lithium battery strengthened in the afternoon

In the morning, the infrastructure, consumer electronics, environmental protection and other sectors led the gains, while the photovoltaic and lithium battery sectors strengthened in the afternoon.

CATL's share price once rose nearly 3.5% during the day and closed up 2.83%; Tianli Lithium Energy closed up nearly 8%; Fulin Precision Industries' share price once rose more than 15% during the day and closed up nearly 10%.

On the evening of August 12, Fulin Precision announced that in order to optimize the equity structure of its holding subsidiary Jiangxi Shenghua and expand its business structure, according to the repurchase-related terms and conditions of the "Investment Agreement" and "Shareholder Agreement" jointly signed by the company, Jiangxi Shenghua and minority shareholder CATL, the company intends to repurchase 20% of Jiangxi Shenghua's equity held by minority shareholders CATL and Changjiang Chendao. After the transaction is completed, its equity ratio in Jiangxi Shenghua will increase to 96.27%.

Fulin Precision said that this move will help further strengthen control over important subsidiaries, accelerate the iteration and upgrading of technology and products, and continuously improve the operating performance of lithium iron phosphate positive electrode materials business, which is in line with the company's overall interests and development strategy.

In a recent research report, Goldman Sachs analyzed the production capacity and demand cycles of domestic photovoltaic components, lithium batteries, new energy vehicles, construction machinery and other industries.

Regarding the photovoltaic module industry, the research report believes that China's photovoltaic industry is entering the final stage of this round of downward cycle, and it is expected to see the bottom of the cycle in 2025. It is expected that one-third of the industry's production capacity will be shut down in the next few quarters, and it is expected that demand sustainability will drive capacity utilization to rebound in 2025 and beyond.

Regarding the lithium battery industry, the research report believes that given the reduction in capital expenditure and the growth in demand, it has a positive view on China's lithium battery industry.

2024 may be the bottom of this downward cycle, after which the industry's capacity utilization rate will continue to rise to 55%-60% between 2024 and 2026.

Therefore, it is expected that the unit gross profit of domestic lithium batteries will rebound, among which CATL's unit gross profit will rebound from RMB 188/kWh to RMB 198/kWh between 2024 and 2026.

Lingnan shares stand at 1 yuan per share

Lingnan Shares, which is facing a convertible bond default crisis, saw its share price hit the limit down this morning, turned positive in the late trading, and closed flat, with the share price at 1 yuan per share.

Lingnan shares previously announced that due to the combined influence of relevant factors, the company's ecological environment construction and restoration business, water affairs and water environment management business and cultural tourism business have all suffered a major impact. The company's project bidding and construction have been delayed, and the project construction cycle and settlement progress have been significantly affected. The collection of funds is not good, the asset-liability ratio is high, and the profitability and debt repayment ability continue to decline, which puts liquidity pressure on the company.

As of the end of March 2024, the company's cash balance was RMB 247 million, the short-term loan balance was RMB 2.24 billion, and the non-current liabilities due within one year balance was RMB 1.662 billion. The company's cash balance is difficult to cover short-term liabilities.

Lingnan shares stated that the "Lingnan Convertible Bond" will expire on August 14, 2024. At present, the company's main long-term credit rating is CC, and the credit rating of the "Lingnan Convertible Bond" is CC. As of now, the company's existing monetary funds are insufficient to cover the redemption amount of the "Lingnan Convertible Bond", and the "Lingnan Convertible Bond" is expected to be unable to redeem the principal and interest. The company will strive to take relevant measures including collecting accounts receivable, liquidating assets, and seeking support from shareholders or third-party investors. However, the progress of the above measures and the progress of their implementation are subject to significant uncertainty.

Since August 6, Lingnan shares have hit the daily limit for several trading days. On August 13, Lingnan shares fell to a low of 0.9 yuan per share during the trading session and finally closed at 1 yuan per share.

MSCI China Index Adjustment

This morning, MSCI announced the August 2024 index review results for all indices, including the MSCI China Index.

MSCI China's quarterly adjustment includes two new constituent stocks, namely A-shares Huaneng Power and Shenghong Technology.

60 constituent stocks were eliminated, including A-shares such as Emma Technology, AVIC Industrial Finance, Foton Motor, China Baoan, China Film, Zhenhua Technology, CSSC Technology, Dasanlin, First Capital, HEC, and KingMed Diagnostics, and Hong Kong-listed China Duty Free Group, Fuyao Glass, Ganfeng Lithium, GF Securities, and Hygeia Medical.

According to CICC's research report, in terms of the absolute weight change, affected by this adjustment, Pinduoduo, ICBC, Huaneng Hydropower, Pop Mart and Zijin Mining ranked high in terms of weight increase, ranging from 0.7% to 0.2%. On the contrary, Alibaba-SW, Tencent Holdings, Hygeia Healthcare and Meituan-W have the largest weight decrease in the index due to dilution or exclusion, ranging from 0.2% to 0.05%.

Nikkei 225 surges

In the external market, the Japanese stock market continued to rise in the afternoon, with the Nikkei 225 index rising 3.45%, a single-day increase of more than 1,200 points, reaching 36,000 points. In the five trading days from August 6 to now, the index rebounded nearly 15%. Among the well-known Japanese stocks, Sony, Hitachi, Keyence, Tokyo Electron, Mitsubishi Heavy Industries, etc. all rose sharply.

Most other indices in the Asia-Pacific market rose. As of press time, the FTSE Singapore Straits Index rose 0.8%, the Indonesia Composite Index rose 0.57%, the Ho Chi Minh Index rose 0.54%, and the New Zealand S&P 50 rose 0.3%.

As of press time, the Hang Seng Index rose 0.3%, marking the fifth consecutive rise since August 7. Essence International's latest research report believes that the Federal Reserve will start a cycle of interest rate cuts and is optimistic about the short-term performance of Hong Kong stocks.

HSBC Jinxin Fund believes that the current valuation level of the Hang Seng Index is at a relatively low level in history, and Hong Kong stocks have a high cost-performance ratio. The Hang Seng Index valuation is at a low point among major global markets. Under the demand for global asset rebalancing, Hong Kong stocks are expected to become an important allocation direction for overseas investors. Under the expectation of the Fed's interest rate cut, Hong Kong stocks are expected to usher in a new round of market.

Tianjin Jianfa's Hong Kong stocks have plummeted for two consecutive days, plummeting more than 50% today. Tianjin Jianfa recently disclosed a profit warning announcement, predicting that the company's net profit in the first half of 2024 will be no less than 10 million yuan, a decrease of 46% from 18.6 million yuan in the same period last year. The board of directors of Tianjin Jianfa believes that the decrease in profits is mainly due to the year-on-year decrease in the number of new engineering construction projects, resulting in a decrease in revenue. In addition, the company recorded an impairment loss of approximately 5 million yuan on contract assets and trade receivables in the first half of the year.

Editor: Chen Lixiang

Proofread by: Tao Qian

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