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On August 15, A-shares reversed the sluggish state of the previous few days and continued to rise after opening low. The Shanghai Composite Index rose 1.04% to 2880.23 points; the Shenzhen Component Index rose 1.07% to 8400.12 points; and the ChiNext Index rose 0.99% to 1599.96 points.

The two markets had a half-day turnover of 396.5 billion yuan, with a trading volume of over 90 billion yuan, and more than 4,300 stocks rose.

The main funds of Shanghai and Shenzhen stock markets opened with a net outflow of more than 4.6 billion yuan, and then reversed to a net inflow of more than 2 billion yuan. The FTSE China A50 Index futures rose sharply during the session, and as of press time, it rose by 1.51%.

The central bank announced this morning that in order to hedge the impact of the expiration of the medium-term lending facility (MLF), the tax season peak, and the payment of government bond issuance, and maintain a reasonable level of liquidity in the banking system, it conducted a 7-day reverse repurchase operation of 577.7 billion yuan on August 15 with a fixed interest rate and quantity bidding, and the operating interest rate was 1.70%. The MLF that expires today will be renewed on August 26.

Financial and energy sectors rose

In the morning, most of the major A-share sectors rose, with coal, insurance, brokerage and other sectors leading the gains.

Six stocks in the online game sector hit the daily limit, followed by short dramas, virtual humans, AIGC and other concept sectors. All 31 Shenwan first-level industries saw net inflows of major funds, with electronics, media, non-bank financial, power equipment, automobile and other industries leading the way in net inflows.

The securities sector, known as the "bull market flag bearer", continued to rise after the opening. Guosheng Financial Holdings once hit the daily limit and closed up more than 8% at noon. Haitong Securities, Tianfeng Securities, Pacific Securities and others followed suit.

Many fintech ETFs rose significantly. Huabao CSI Fintech Theme ETF rose 2.2%, Bosera Fintech ETF rose 1.94%, and Huaxia CSI Fintech Theme ETF rose 1.67%.

In the energy sector, coal stocks were mostly in the green, with Lu'an Environmental Energy, Jinkong Coal Industry, Shanxi Coking Coal, and Shaanxi Coal Industry rising by more than 3%.

The construction machinery sector rose as a whole. Anhui Heli, Hangcha Group, and Nanfeng Co., Ltd. rose more than 5% during the session. XCMG, Zoomlion, and Sany Heavy Industry rose more than 2%.

Shanghai Securities Research Report believes that with the steady progress of equipment renewal policies and the gradual implementation of treasury bond projects to form physical workload, the domestic construction machinery market is expected to continue to recover. At the same time, domestic brands continue to improve their overseas channel layout, promote localization construction, etc., accelerate the trend of globalization of the supply chain, and the overseas market has become the main driving force for the growth of China's construction machinery industry. OEMs with a global layout are expected to benefit.

Many stocks that have been rising for a long time indicate risks

The infrastructure, consumer electronics, and pharmaceutical sectors have seen significant gains recently, with many stocks hitting the daily limit. After hitting the daily limit three times in a row, Dr. Eyewear hit the daily limit again today, closing up more than 18% at noon. Last night, many stocks that had been rising for a long time issued notices of unusual stock price movements, warning of risks.

King Long's stock price has surged due to the news about driverless cars, with the increase exceeding 100% since July 9. The company announced again last night that its main business is ordinary buses that require human drivers, and the sales revenue of driverless buses in 2023 will account for no more than 0.3% of the company's operating income, which is a very small proportion. Since the development and production of related products in 2017, the sales scale has not changed significantly.

King Long Motors said that the driverless bus market is still in the exploratory stage and is not yet mature. There are still uncertainties in the future technology research and development, product competitiveness, and profitability of the company's related products. The production and sales of such products are affected by various factors such as future market demand changes, industry and national policy changes, and there is great uncertainty about the impact on the company's future performance.

StarNet Yuda hit the daily limit on August 13 and 14, and fell nearly 10% on August 15. The company said last night that its products can be widely used in both the military and civilian markets. In 2024, the company will continue to increase its investment in the civilian field and seize the opportunities for development in three directions: low-altitude economy, low-orbit interconnection, and autonomous driving. In terms of military products, the military procurement network has lifted the company's suspension. From August 13, 2024, the company's qualifications to participate in military material engineering procurement activities will be restored, and the company can fully participate in military procurement activities.

Since the end of July, Cosun has risen by more than 80%, and on August 15, it rose nearly 10% during the trading session. Cosun said last night that the company's announcement on August 12 that its innovative hepatitis B treatment drug GST-HG141 obtained preliminary results of Phase II clinical trial research and achieved the preset goals has attracted high market attention. The preliminary results of Phase II clinical trial research of GST-HG141 will not have a significant impact on the company's performance in the short term, and it still needs continuous R&D investment.

Monkeypox concept opened with a big rise

The pharmaceutical sector was active again in the morning session, with Haichen Pharmaceutical hitting its 20% daily limit, Asia Pacific Pharmaceutical hitting its 10% daily limit, and West Point Pharmaceuticals and others following suit.

According to media reports, on Wednesday local time, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus held a press conference and announced that the monkeypox variant epidemic that is rapidly spreading in Africa constitutes an "international public health emergency", which is also the highest level global epidemic alert under the framework of the International Health Regulations.

Tedros announced on August 7 that he had initiated the emergency use listing procedure for monkeypox vaccine in view of the worrying trend of monkeypox transmission. On August 9, WHO issued an invitation to monkeypox vaccine manufacturers to submit letters of intent for emergency use listing.

The Emergency Use Listing procedure is an emergency use authorization process specifically designed to speed up the supply of unlicensed medical products such as vaccines needed in public health emergencies. WHO requires manufacturers to submit data to ensure that the vaccine is safe, effective, of assured quality and suitable for the target population.

The EUA will speed up access to vaccines, particularly for low-income countries that have yet to receive regulatory approval, and will enable partners such as Gavi and UNICEF to procure vaccines for distribution.

Profits soared, China Aoyuan rose more than 26%

Hong Kong stocks rose significantly in the early trading. Hang Seng Technology rose nearly 1% during the trading session. China Aoyuan rose sharply after the opening of the Hong Kong stock market, with an intraday increase of more than 28%, and an increase of more than 26% as of press time.

On the evening of August 14, China Aoyuan announced that after preliminary analysis, the company expects to record a net profit of 21 billion to 23 billion yuan in the first half of 2024. The company suffered a loss of 2.9 billion yuan in the same period last year.

The main reason for the sharp increase in profits in the first half of the year is that the company completed the overseas debt restructuring and recorded restructuring gains. After removing the impact of restructuring gains, China Aoyuan still recorded a loss in the first half of this year. This is mainly due to the continued downward trend in the industry operating environment, the company's reduced delivery volume, which led to a decrease in property sales revenue recognition, and the company's financing costs increased.

Editor: Peng Bo

Proofreading: Ran Yanqing

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