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Phoenix Finance reported that on August 22, the Shanghai Composite Index opened 0.01% lower, the Shenzhen Component Index opened 0.06% higher, and the ChiNext Index opened 0.08% higher. The dairy milk powder, Huawei Star Flash and other sector indices rose the most, while the game, film and television media and other sector indices fell the most.

[Securities firm’s view]

① CICC: Pet food leaders are expected to enter a golden age of domestic products with accelerated market share growth

According to a CICC research report, the pet industry has shown resilience in the current consumer market, and leading domestic pet food companies are still growing rapidly. We use historical review and global comparison to illustrate the key drivers of continued growth in pet food. At the same time, leading domestic companies have replaced foreign capital and escaped from internal competition by virtue of their detailed insights into the needs of local pets and pet owners, their grasp of iterative opportunities in domestic online interest e-commerce and other channels, and the enrichment and improvement of their brand matrix and potential. They are expected to enter a golden age of the rise of domestic products with accelerated market share growth. We estimate that the 24E-26E CAGR of my country's pet food industry is expected to reach 11%, and the factory scale in 26 years is expected to reach nearly 70 billion yuan.

② Tianfeng Securities: Gold is still the preferred choice for the year, and the pessimistic expectations for copper demand may have been played out in advance

Tianfeng Securities said that it continues to be optimistic about the performance of gold prices after the interest rate cut. The pessimistic expectations for copper demand may have been played out in advance. Since March this year, copper prices have continued to rise, and then with the repeated expectations of macroeconomic recession and copper consumption pressure, copper prices have fallen significantly since June. We believe that the previous decline in copper prices may have absorbed the relatively pessimistic demand expectations. Recently, downstream consumption has increased driven by the correction of copper prices, and the downward space for copper prices this year may be limited.

③ CITIC Securities: There is indeed a possibility of canceling fund tax exemption in the future, but the possibility of implementation in the short term is limited

Mingming, chief economist of CITIC Securities, said in a research report that according to the current tax policy, the tax advantages of public funds are the most obvious, and some banks' proprietary departments use outsourcing to "reasonably avoid taxes." According to our calculations, the scale of commercial bank fund outsourcing may be close to 7-8 trillion yuan, and the annual tax burden cost savings may be in the tens of billions. From the perspective of "leveling supervision" and "de-channeling", there is indeed a possibility of canceling fund tax exemption in the future, but the possibility of implementation in the short term is limited and the operability is not strong. Even if the fund tax exemption begins to withdraw in the future, we believe that it will be difficult to achieve overnight. It is likely to start from a small range and cooperate with the "new and old separation" to achieve a smooth transition. .

④ Zhongyuan Securities: "Black Myth: Wukong" is extremely popular and the value of the gaming industry is valued

Zhongyuan Securities Research Report pointed out that Black Myth: Wukong has won good word-of-mouth evaluation from players and excellent commercial returns with its high quality, becoming a milestone event for domestic games, verifying the ability of the domestic game industry to produce high-quality 3A game products with international competitiveness, and once again verifying the core of the development of the game industry; combined with the publicity and performance of mainstream media, the positive value of the game industry is being recognized at the social level; at the same time, the fields of cultural tourism, joint derivatives, etc. have further broadened the commercial value of game IP. The popularity of Black Myth: Wukong is conducive to improving the valuation of the game sector.