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NetEase Finance, August 19thon MondayA sharesThe three major stock indexes opened slightly lower.Shanghai Stock IndexDown 0.05%,Shenzhen Component IndexDown 0.1%,GEMThe Shanghai and Shenzhen stock markets had a total turnover of 5.962 billion yuan. The AI ​​glasses and cultured diamonds sectors saw the largest declines. Asia Optoelectronics' price fell to the limit, and S-Tech fell by more than 15%.

As of press time, the Shanghai Composite Index fell 1.48 points, or 0.05%, to 2877.95 points; the Shenzhen Component Index fell 8.04 points, or 0.1%, to 8341.83 points; the CSI 300 Index fell 1.37 points, or 0.04%, to 3344.26 points;ChiNext IndexThe S&P 500 Index fell 2.25 points, or 0.14%, to 1589.21 points; the Science and Technology Innovation 50 Index fell 0.18 points, or 0.03%, to 705.04 points.

Company News

Founder Securities: China Cinda Asset Management Co., Ltd., a shareholder holding 7.47% of the shares, plans to reduce its holdings of the company's shares by no more than 82.321 million shares through centralized bidding, accounting for approximately 1% of the company's total share capital.

BYD: There are reports that BYD is pushing forward the acquisition of Chrysler. Li Yunfei, general manager of BYD's brand and public relations department, responded that the news is false. Chrysler is the third largest automobile company in the United States, with three major brands: Chrysler, Dodge and Jeep.

China Life Insurance: Entrusted by the leadership of the Organization Department of the Central Committee, responsible persons from the relevant cadre bureau of the Organization Department of the Central Committee attended the Party Committee meeting of China Life Insurance (Group) Co., Ltd. and announced the Central Committee’s decision that Comrade Wang Tingke would no longer serve as the Party Secretary of China Life Insurance (Group) Co., Ltd.

Quectel Communications: Quectel has developed a number of modules that can be used in AR glasses. In addition, Quectel actively cooperates with upstream and downstream industry partners in software and hardware to provide customers with complete AR and MR solutions.

Huahai Qingke: Plans to invest in the construction of the "Shanghai Integrated Circuit Equipment R&D and Manufacturing Base Project", with a total investment amount of no more than 1.698 billion yuan. On the same day, it was announced that the operating income in the first half of the year was 1.497 billion yuan, a year-on-year increase of 21.23%; the net profit was 433 million yuan, a year-on-year increase of 15.65%. As the market share of the company's CMP products continues to expand, the scale of key consumables and maintenance services has gradually increased, and at the same time, the revenue from wafer regeneration and wet equipment has gradually increased. In the first half of the year, the company's operating income and net profit both increased compared with the same period.

Shanghai Airport: In the first half of the year, the company achieved operating income of 6.064 billion yuan, a year-on-year increase of 24.55%; the net profit attributable to shareholders of the listed company was 815 million yuan, a year-on-year increase of 515.02%. It is planned to pay a cash dividend of 1 yuan (including tax) for every 10 shares to all shareholders. The increase in revenue in this period was mainly due to the year-on-year increase in the aviation business volume of the two airports, and the year-on-year increase in the company's aviation revenue, logistics service revenue and other non-aviation revenue.

Haohai Biotech: The company plans to repurchase shares for RMB 100 million to RMB 200 million for employee stock ownership plans or equity incentives. The repurchase price will not exceed RMB 89.71 per share.

Zhongding Co., Ltd.: Anhui Zhongding Fluid, a subsidiary of the company, recently received a notice from a customer that the company has become a batch supplier of battery pack liquid cooling system assembly products for a new project of a leading new power brand OEM in China. The life cycle of this project is 6 years, and the total amount of the life cycle is approximately 1.787 billion yuan.

Institutional Views

CITIC Securities：The market volume and price continue to bottom out, and the current focus is on the two main lines of dividends and overseas expansion

CITIC Securities believes that after the tone was set at the State Council plenary meeting on August 16, the policy entered a period of intensive implementation. After the policy takes effect, it will improve domestic demand and price signals will gradually become clear. The global market is recovering from overly pessimistic recession transactions, and expectations for external demand are improving. With the support of "quasi-parity" funds and the easing of external disturbances, during the observation period of policy effectiveness, the market volume and price will continue to bottom out. It is currently recommended to continue to focus on the two main lines of dividends and going overseas, and then turn to the main line of high-performance growth and domestic demand after the market turning point appears.

CITIC Construction Investment: The market is concerned about the recent low transaction volume and needs to wait for offensive signals in the short term

CITIC Securities said that the market is concerned about the recent low trading volume. There were two typical rounds of trading volume reduction in the second half of 2012 and 2018. It is worth noting that they both ended up with a slow decline and a sharp rise. From the perspective of market characteristics, CITIC Securities believes that the low trading volume this year is relatively similar to that of 2012. In addition, the experience of A-shares in the past two years also shows that once a rising market occurs, it is often rapid. Although short-term domestic demand data is still weak, the recent impact on the market is not obvious, indicating that expectations have also been significantly revised down. CITIC Securities believes that it is necessary to wait for offensive signals in the short term. Investors can consider holding on to winning assets with stable dividends first, and then deploying odds assets such as the direction of the policy of expanding domestic demand and growth industries on dips. Focus: power, telecom operators, state-owned banks, automobiles, military industry, home appliances, medicine, Internet, etc.

Tianfeng Securities: The bottom may be approaching, but the right signal still needs to be waited for

Tianfeng Securities said that the market is in a downward trend, and the core observation variable is when the market cost line will be broken upward. The current market risk control line is near the 45-day moving average. Once the 45-day moving average is effectively broken, it means that the downward trend has been reversed. Be cautious before that. From the left perspective, the left entry signal gradually appears. In terms of valuation indicators, the index valuation is extremely low. Even if the adjustment continues, the downward space may be relatively limited; the market transaction has entered an extremely low level and is expected to rebound at any time. Overall, in the downward trend pattern, pay close attention to whether the market risk control line is effectively broken. Once it is broken, it means that the pattern is reversed and the downward trend ends; at the same time, combined with the valuation and trading volume, the left signal has gradually appeared, which is suitable for batch layout, but the opportunity to overweight still needs to wait for the right signal of the market to appear.

Huatai Securities: Industries with deeper adjustments within the shrinking range may be expected to rebound first

Huatai Securities pointed out that the market lacks new key variables recently, the willingness of funds to trade is weak, and the turnover has fallen. Reviewing the low turnover intervals since 2000, from a short-term perspective, the recovery of stock prices usually lags behind the trading volume, and the recovery time and rebound of small-cap stocks are slightly ahead of the market; from a long-term perspective, the key to completely get out of the low turnover interval lies in the resolution of the main contradictions in the market. The weak domestic fundamentals and overseas risks constitute a combination of constraints on the upward movement of A-shares in this round. Investors may expect to observe signals of easing of key market contradictions that are stronger than those in 2004-2005, 2014-2015, and 2018-2019, and the observation time may be concentrated in Q3.