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NetEase Finance August 16th The three major stock indexes opened slightly higher on Friday.Shanghai Stock IndexUp 0.02% to 2877.94 points,Shenzhen Component IndexUp 0.09% to 8377.95 points,GEMThe Shanghai and Shenzhen stock markets had a total turnover of 5.138 billion yuan, and the Shenzhen Stock Exchange’s total turnover was 5.138 billion yuan.diamond、Non-ferrous metals, AI glasses and other sector indices led the gains.

As of press time, the Shanghai Composite Index rose 0.58 points, or 0.02%, to 2877.94 points; the Shenzhen Component Index rose 7.83 points, or 0.09%, to 8377.95 points; the CSI 300 Index rose 0.08 points, or 0%, to 3342.03 points;ChiNext IndexThe Dow rose 1.8 points, or 0.11%, to 1594.51 points; the China Science and Technology Innovation 50 Index fell 0.16 points, or 0.02%, to 707.39 points.

Market focus stocks Dr. Eyeglasses (GEM 3rd board) opened 1.56% higher, AI glasses concept stocks Asia Optoelectronics (3rd board) hit the daily limit in bidding, Xingxing Technology (5 days and 3 days on GEM) opened 8.24% higher, Yitong Technology (2nd board on GEM) opened 7.58% higher, smart driving concept stocks King Long Automobile (3rd board) opened 7.02% lower, Yutong Heavy Industry (4 days and 3 days on GEM) opened 5.51% lower, Tibet infrastructure stocks Tibet Tianlu (3rd board) opened flat, gaming sector Caesar Culture (2nd board) opened flat, Mingchen Health (2nd board) opened 1.17% higher, textile stocks Anzheng Fashion (2nd board) opened 5.65% higher, photovoltaic sector Zhengye Technology (GEM first board) opened flat.

Company News

Dr. Glasses: The company provides fitting services for smart glasses lenses, but has not yet been involved in the research and development of smart glasses. The operating income scale and proportion of the company's smart glasses lens fitting services are extremely small, and will not have a significant impact on the company's business activities in the short term.

Alibaba: Revenue in the first quarter of fiscal year 2025 (ending at the end of June) was 243.2 billion yuan, up 4% year-on-year, and the market estimate was 249.85 billion yuan; adjusted EBITDA was 51.16 billion yuan, down 1.7% year-on-year, and the estimate was 47.52 billion yuan; NON-GAAP net profit was 40.27 billion yuan; adjusted net profit was 40.69 billion yuan, down 9.4% year-on-year. Adjusted earnings per ADS in the first quarter were 16.44 yuan, compared with 17.37 yuan in the same period last year.

United Optoelectronics: The company has the technical and production capabilities for smart glasses and has already supplied a small number of products, but the current business volume of this product is small and has limited impact on the company's performance. In addition, based on the principle of commercial confidentiality, some customer information is not convenient to disclose.

Kangguang Technology: The VR glasses product under the company's sub-brand FPD is the company's first VR product. In recent years, the company has actively expanded new business growth points. Innovative display products are the result of the company's continuous investment in research and development and active innovation. Through the application of cutting-edge technologies such as AI, VR, and AR in product design, such as smart sports mirrors, smart beauty mirrors, mobile smart screens, VR glasses, etc., it provides users with a more personalized, comfortable and convenient user experience.

Funeng Power Co., Ltd.: The holding subsidiary Fujian Funeng Haiyun Power Generation Co., Ltd. received the "Approval on the Approval of the Changle Offshore J Area Offshore Wind Farm Project" issued by the Fujian Provincial Development and Reform Commission, agreeing to build the Changle Offshore J Area Offshore Wind Farm Project. The total investment of the project is 6.588 billion yuan, and the construction capacity does not exceed 656 megawatts.

Institutional Views

Orient Securities: Short-term volatility remains, pay attention to the pan-tech sector driven by new technologies

Orient Securities believes that the weighted sectors such as securities, insurance, and banks were significantly active yesterday, and theme stocks also significantly improved their activity performance, but the stock index fluctuated and fell in the afternoon, and the market's willingness to follow suit and go long was still not strong. The trend was still characterized by small-scale central expansion, and the short-term oscillation pattern remained. In terms of short-term operations, it is recommended to pay attention to the new technology-driven pan-tech sector, such as aerospace and military industry, games, consumer electronics, etc., and continue to pay attention to the performance of financial weighted stocks, especially brokerage stocks.

CITIC Securities: It is recommended to pay attention to the direction of incremental policy efforts

CITIC Securities said that the growth rate of the production side of the economy remained stable in July, but the sub-items on the demand side continued to decline under the low base. On the production side, the growth rate of industrial added value fell slightly in July, mainly due to the drag of the real estate industry chain and agricultural and sideline food processing industry, and the recovery of the service industry continued to slow down. On the demand side, fixed investment showed a pattern of "infrastructure differentiation, strong manufacturing, and weak real estate". The investment in some industries of the tertiary industry except real estate and infrastructure declined, and the growth rate of small and medium-sized investment projects declined, which may be the main reason for the decline in the growth rate of fixed investment. The growth rate of social retail sales in July was again lower than the market consensus. The weak automobile consumption was the most core drag factor. At the same time, it was suggested to pay attention to the marginal slowdown of service consumption under the background of income pressure. The Political Bureau meeting in July proposed that the lack of effective domestic demand is a prominent contradiction in economic operation. The current policy idea is to implement the stock policy on the one hand and to study and launch incremental macroeconomic policies in a timely manner on the other hand. Considering the further decline in the demand side in July, it is expected that the policy will continue to exert force from the direction of stock and increment. It is recommended to pay attention to the direction of the incremental policy.

CITIC Securities: New breakthrough in aerospace applications, 3D printed engines are expected to become mainstream

CITIC Construction Investment said that additive manufacturing (i.e. "3D printing") is a disruptive advanced manufacturing technology with bright prospects for application in the military and civilian fields and broad market space. 3D printing technology helps engines become lighter, more integrated, and improve thrust and reliability through component integration. Metal 3D printed engines are expected to become the mainstream technology and process in the aerospace field. Recently, SpaceX of the United States released the Raptor 3 liquid oxygen-methane engine. Thanks to the support of 3D printing technology, the Raptor 3 engine is lighter, more powerful and more efficient than the Raptor 2. In terms of aerospace applications, General Electric Aerospace delivered the first production version of the GE9X engine for the Boeing 777X to the aircraft manufacturer in July. The GE9X is one of the most powerful jet engines in the world, with a maximum thrust of 60.8 tons. The engine uses up to 304 3D printed parts, which is an important milestone for GE in the application of 3D printing technology in the field of aviation engines.

TF Securities: Consumer building materials sector focuses on distressed reversal products in the short term, and sticks to high-quality leaders in the medium and long term

Tianfeng Securities said that with the frequent real estate policies in the first half of the year, the decline in new home sales is expected to gradually narrow, while the proportion of second-hand home sales continues to increase, and the driving effect of stock renovation on the industry will gradually be reflected. In the short term, the consumer building materials sector is still expected to continue to perform the valuation repair market under the catalysis of policies, and companies with large declines in the previous period and low current valuation levels may have greater flexibility. In the medium and long term, the competitiveness of leading companies with brand, channel and category advantages continues to improve, and performance growth is still worth looking forward to.