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NetEase Finance, August 21WednesdayA sharesThe three major stock indexes opened slightly lower.Shanghai Stock IndexIt fell 0.27% to 2858.94 points.Shenzhen Component IndexIt fell 0.38% to 8221.35 points.GEMThe Shanghai-Shenzhen Stock Exchange's total turnover was 4.206 billion yuan, with monkeypox concept, AI glasses and Hainan sectors leading the decline.

As of press time, the Shanghai Composite Index fell 7.72 points, or 0.27%, to 2858.94 points; the Shenzhen Component Index fell 31.52 points, or 0.38%, to 8221.35 points; the CSI 300 Index fell 9.79 points, or 0.29%, to 3322.91 points;ChiNext IndexThe S&P 500 Index fell 6.73 points, or 0.43%, to 1561.24 points; the Science and Technology Innovation 50 Index fell 2.39 points, or 0.34%, to 691.13 points.

Company News

Bank of Hangzhou: China Life Insurance, a shareholder holding 1.86% of the company's shares, plans to reduce its holdings of the company's shares by no more than 110,092,230 shares in total, which is no more than 1.86% of the company's total common share capital, through centralized bidding or block trading within three months after three trading days from the date of disclosure of the announcement.

China Telecom: Revenue in the first half of 2024 is 265.973 billion yuan, a year-on-year increase of 2.8%; net profit attributable to the parent is 21.812 billion yuan, a year-on-year increase of 8.2%; basic earnings per share is 0.24 yuan. It is planned to distribute a dividend of 0.1671 yuan per share to all shareholders.

Diantou Energy: The company's holding subsidiary, Inner Mongolia Huomei Hongjun Aluminum Power Co., Ltd., plans to invest in the construction of the 200MW wind power project of the Huolin River Circular Economy Demonstration Project (Phase 6). The static investment of the project is 885 million yuan, and the static investment per kilowatt is 4,401.10 yuan; the dynamic investment is 898 million yuan, and the dynamic investment per kilowatt is 4,468.61 yuan.

Jinghe Integrated Circuit: The company's first 180-megapixel full-frame CMOS image sensor has been successfully trial-produced. The product has many leading features such as 180-megapixel ultra-high pixel 8K 30fps PixGainHDR mode high frame rate and ultra-high dynamic range. It innovates and optimizes the optical structure, is compatible with different optical lenses, and improves the product's adaptability to flexible terminal applications. It provides more choices for high-end SLR camera image sensors and promotes full-frame CIS into a new stage of development.

GigaDevice: In the first half of 2024, the company achieved operating income of 3.609 billion yuan, a year-on-year increase of 21.69%; net profit of 517 million yuan, a year-on-year increase of 53.88%. After experiencing sluggish market demand and gradual inventory reduction in 2023, demand in the consumer and network communication markets rebounded in the first half of 2024, driving the company's storage chip product sales and revenue growth.

Hikvision: Chairman Hu Yangzhong used his own funds to increase his holdings of the company's shares by 360,000 shares through the Shenzhen Stock Exchange trading system in a centralized bidding manner, accounting for 0.0039% of the company's total share capital. After this increase, Hu Yangzhong holds 156 million shares of the company, accounting for 1.6895% of the company's total share capital.

Institutional Views

China Merchants Securities: Extreme volume reduction is a common bottoming signal, pay attention to the improvement of mid-term performance areas

China Merchants Securities believes that, taking into account previous performance, valuations, trading activity, economic changes, policy and event catalysts, it is recommended to focus on areas where interim performance is expected to continue to grow or marginally improve and where the economic situation is relatively high, specifically involving industries such as electronics (semiconductors, consumer electronics), food and beverage (liquor, food processing), agriculture, forestry, animal husbandry and fishery (breeding), utilities (electricity), pharmaceuticals and biology (medical devices, chemical pharmaceuticals) and other sub-sectors.

China Merchants Securities: The entire nuclear power industry chain is expected to usher in a high-prosperity cycle, and the long-term investment value of nuclear power is optimistic

China Merchants Securities said that since 2019, my country's nuclear power approval has accelerated. In 2022 and 2023, my country will approve 10 new nuclear power units respectively. By the end of 2023, my country's nuclear power units under construction will increase to 26, with an installed capacity of 30.3GW. A total of 11 units were approved this time, maintaining a high approval volume, which once again shows that the policy has strengthened support for the development of nuclear power. According to the China Nuclear Energy Association, by 2035, my country's nuclear power generation will account for 10% of the total power generation. Currently, my country's nuclear power generation accounts for less than 5%, and there is still a lot of room for improvement. It is expected that my country's nuclear power will maintain an annual approval rhythm of 6-10 units in the future. Assuming that the investment in a single 1.2 million kilowatt unit is 20 billion yuan, it will bring an average annual construction investment of 120 billion to 200 billion yuan. The entire nuclear power industry chain is expected to usher in a high prosperity cycle, and the investment value of nuclear power is optimistic in the long term.

CITIC Securities: The development level of edge AI will be an important factor in driving the replacement cycle of consumer electronics

CICC pointed out that Google updated the progress of end-side AI, upgraded the AI ​​functions assisted by Gemini on the software side, and launched the intelligent voice assistant Gemini Live; on the hardware side, the computing power and memory capacity of the new generation of smartphones Pixel 9 series have been improved to better support the operation of local AI functions. The deep integration of Gemini AI and Android system demonstrated by Google at this press conference, as well as the multi-modal interactive Gemini Live, can be regarded as a response from Google on behalf of the Android camp to Apple's Apple Intelligence. The competition among technology giants in end-side AI is intensifying. The development level of end-side AI will be an important factor in promoting the replacement cycle of consumer electronics, and it is also a key way to verify whether the heavy investment in AI technology in recent years can achieve a closed business loop. The new product releases of Apple and other Android camp manufacturers in the second half of the year deserve special attention.