Financial attention
Macroeconomics
1. Bureau of Statistics: In June, the manufacturing PMI was 49.5%, unchanged from the previous month; The non manufacturing business activity index was 50.5%, a decrease of 0.6 percentage points compared to the previous period; The comprehensive PMI output index was 50.5%, a decrease of 0.5 percentage points compared to the previous month.
2. CCTV News: Since mid June, many parts of the country have experienced heavy rainfall, and some areas have experienced severe flooding and geological disasters, causing serious damage to highway infrastructure. The Ministry of Finance, in conjunction with the Ministry of Transport, will further allocate 45 million yuan at the end of June to support four provinces (cities) including Anhui, Hubei, Chongqing, and Heilongjiang in carrying out highway emergency repairs.
3. The Ministry of Natural Resources and the Meteorological Bureau jointly issued a geological disaster meteorological risk warning. It is expected that from 20:00 on June 30th to 20:00 on July 1st, some areas in southern Anhui, northern Jiangxi, southeastern Hubei, and western Hunan will have a higher meteorological risk of geological disasters (yellow warning). Among them, the meteorological risk of geological disasters in western Hunan will be higher (orange warning).
4. People's Daily: According to American media such as USA Today on June 28th, gun sales in the United States reached nearly 5.5 million units in the first quarter. From January to April, Americans purchased an average of over 1.3 million guns per month. The states with the highest gun sales are Texas, Florida, and California, which accounted for 22% of gun purchases in the first quarter of the United States.
Stock market inventory
1. Last Friday, the Shanghai Composite Index rose 0.73% to 2967.40 points, down 1.03% for the week; The Shenzhen Component Index closed down 0.01% at 8848.70 points, down 2.38% for the week; The ChiNext Index closed down 1.16% at 1683.43 points, down 4.13% for the week.
2. Last Friday, the Hang Seng Index rose 0.01% to 17718.61 points, down 1.72% for the week; The Hang Seng Technology Index closed down 0.96% at 3554.45 points, down 3.97% for the week; The state-owned enterprise index closed up 0.12% at 6331.86 points, down 1.68% for the week.
3. First Financial: In June, a batch of companies planning to go public terminated their IPOs. Within the month, 106 companies planning to go public have terminated their IPOs, setting a historical high for the number of project withdrawals in a single month. As of June 30th, there were 467 companies in the IPO queue, which is more than half of the 961 companies in the same period last year.
4. Guohua Wangan: In response to shareholder inquiries and suggestions, Peng Ying, Guo Xunping, and Zhengzhou Zhonghe failed to fulfill their compensation obligations in a timely manner in the company's acquisition of Zhiyou Wangan through the issuance of shares. In addition, the company shares held by the three parties mentioned above are still in a pledged or frozen state, and the unrestricted shares are insufficient to fulfill the obligation of share compensation. Currently, share compensation has not been implemented.
5. CITIC Securities: The current market has basically completed the adjustment caused by the expected correction, and the trend of survival of the fittest in the market continues. Looking ahead to the third quarter, policy signals, price signals, and external signals are expected to gradually become clear. Investors are gradually shifting from the PEG framework to the free cash flow framework, and funds are gathering in various industry leaders. The current allocation continues to have a low dividend wave, and after a turning point appears, it is gradually shifting towards performance growth.
6. Foshan Lighting: The company is a supplier of lighting equipment for the Shenzhen Zhongshan Passage. During the project construction process, over 37000 sets of LED lighting fixtures were provided.
7. Jishi Media: It plans to exchange assets with its controlling shareholder Jilin Radio and Television Station, with 100% equity of Sanya Yuecheng Investment held by the company as the acquired assets and IPTV related assets under the controlling shareholder Jilin Radio and Television Station as the acquired assets.
8. ST brand new: The company's stock trading will be suspended for one day on July 1st and will resume trading from the opening on July 2nd. The stock abbreviation has been changed from "* ST brand new" to "brand new good", and the daily limit of rise and fall has been changed from "5%" to "10%".
9. Kaizhong Precision: The company has received a project fixed-point notice from a leading European automotive company, providing them with precision connectors for new energy vehicles. The total sales amount of the above-mentioned fixed-point project lifecycle is expected to be about 1.35 billion yuan, and mass production is planned to begin in the first quarter of 2026.
10. Lingyi Zhizao: The company's current business situation is normal, and there have been no significant changes in the internal and external business environment.
11. Dalian Thermal Power: The company plans to sell all its assets and liabilities to Dalian Clean Energy Group; Recently received a notice from the Shanghai Stock Exchange that the company's main board restructuring and listing business has been suspended from review.
12. New stock subscription: This week, one new stock subscription was made by Qiao Feng Intelligence on the ChiNext board.
13. Restricted shares lifted: This week, a total of 88 restricted shares were lifted, with a total of 5.085 billion shares lifted and a market value of 80.531 billion yuan lifted. Among them, Baiyang Pharmaceutical ranked first on the lifting ban list with 9.57 billion yuan, while Shuiyou Group and Hangzhou Thermal Power ranked second and third with 8.528 billion yuan and 6.788 billion yuan respectively.
Industry observation
1. Xinhua News Agency: The highly anticipated Guangdong Hong Kong Macao Greater Bay Area Super Project Shenzhen China Channel officially opened for trial operation on June 30th. According to the statistics from the operation department of the Shenzhen Zhongshan Channel, the traffic volume in one hour after its opening exceeded 7000 vehicles.
2. CCTV News: On June 30th, the first low altitude airspace coordination and operation service platform in China was officially launched in Zhuhai, Guangdong Province. The platform system will take Zhuhai High tech Zone as the leading demonstration area and gradually promote it throughout Zhuhai.
3. Tianbing Technology: On June 30th, during the testing process of the company's self-developed Tianlong III liquid carrier rocket, the rocket fell into a deep mountain 1.5 kilometers southwest of the testing platform due to structural failure at the connection between the rocket body and the testing platform. This is the power system test with the highest thrust in the development process of China's current launch vehicle. The company will complete the fault zeroing as soon as possible and organize the production and testing of new products.
4. 21st Century Business Herald: A case involving unfair competition over data rights related to the "Congestion Delay Index" of navigation electronic maps has recently been heard in court. It is reported that the plaintiff, Gaode Map, filed a lawsuit alleging that Wande used unfair means to capture the "Congestion Delay Index" data and used the above data for commercial purposes on the financial terminal payment software it operates, constituting unfair competition. In the first instance, Wande was compensated 12.5 million yuan.
5. China IoT Steel Logistics Professional Committee: With the rise of temperature, the off-season characteristics of the steel industry are gradually becoming apparent. In June, the industry PMI was 47.8%, a decrease of 2 percentage points compared to the previous month, ending the two consecutive months of month on month upward trend, reflecting a slowdown in industry pressure.
6. Canalys: In the first quarter, the expenditure on cloud basic services in Chinese Mainland increased by 20% year on year, reaching US $9.2 billion. The three giants in the market, Alibaba Cloud, Huawei Cloud, and Tencent Cloud, have jointly grown by 22%, occupying a 72% share of the entire market.
7. Omdia: It is expected that by 2025, the shipment volume of Mini LED backlight TVs will reach 9.3 million units, surpassing 7.5 million units of OLED TVs for the first time.
Financial data
1. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.2659, up 0.0413% and down 0.0633% for the week; The median price of the Chinese yuan was 7.1268, up 0.0028% and down 0.1011% for the week.
2. New Third Board: Last week, 5 new listed companies were added, with a transaction amount of 697 million yuan, a decrease of 17.33% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6142.
3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 484000 tons, with a total transaction amount of 45.1297 million yuan and a closing price of 90.66 yuan/ton, a weekly decrease of 0.84%.
4. US stocks: Last Friday, the Dow Jones Industrial Average fell 0.12% to 39118.86 points, with a cumulative increase of 3.79% in the first half of the year; The S&P 500 index fell 0.41% to close at 5460.48 points, with a cumulative increase of 18.13% in the first half of the year; The Nasdaq fell 0.71% to 17732.60 points, with a cumulative increase of 14.48% in the first half of the year.
5. Europe: Last Friday, the German DAX30 index rose 0.14% to 18235.45 points, up 0.4% for the week; The French CAC40 index fell 0.68% to 7479.4 points, down 1.96% for the week; The FTSE 100 index in the UK fell 0.19% to close at 8164.12 points, down 0.89% for the week.
6. Gold: Last Friday, COMEX gold futures rose 0.01% to $2336.9 per ounce, with a cumulative increase of 12.8% in the first half of the year.
7. Crude oil: Last Friday, the settlement price of WTI crude oil futures fell 0.24% to $81.54 per barrel, with a cumulative increase of 14% in the first half of the year; Brent crude oil futures settled 0.02% higher at $86.41 per barrel, with a cumulative increase of 13% in the first half of the year.
Open Source Securities: In April 2024, the actual sales revenue of the Chinese gaming market was 22.432 billion yuan, a decrease of 4.21% compared to the previous month and 0.27% compared to the same period last year. This is mainly due to the decline in the growth momentum of some products in the early operation activities, while the effect of new products boosting the market has not yet been shown. Since May, the launch of new game products has accelerated and all have performed well. Tencent's "DNF Mobile Game" has remained at the top of the iOS best-selling list since its launch on the Chinese server on May 21. According to data on mobile games, the first month's revenue may exceed 5 billion yuan; Since its launch on June 13th, Bilibili's "Three Kingdoms: Plan for the World" has basically maintained its top 5 on the iOS best-selling list. According to Diandian data, as of June 25th, "Three Kingdoms: Plan for the World" only had iOS revenue exceeding 23 million US dollars. The accelerated launch and impressive performance of top new games are expected to boost the overall revenue level of the gaming industry and bring considerable growth to the industry and related companies.
Galaxy Securities: With the resumption of normalized license plates and continuous verification, new products have been launched one after another. Currently, the supply side of the gaming industry is stabilizing, and the industry as a whole is entering an upward cycle. In the first quarter of 2024, the number of new games launched slightly increased year-on-year. In the second quarter and summer of 2024, several heavyweight new games, including Tencent's "DNF Mobile Game", NetEase's "Yan Yun Sixteen Sounds", and "Eternal Disaster Infinite Mobile Game", have successively started testing/finalization, which may accelerate the overall growth of the industry. Subsequent suggestions focus on two directions: 1) companies with high revenue from overseas gaming business and may be less affected by policies; 2) A leading gaming company with strong R&D capabilities, large R&D investment, abundant reserves, and sustainable development advantages.
CITIC Construction Investment: Starting from the second quarter, we are optimistic about the recovery of the industry's prosperity. 1) The supply side of license plates has significantly increased, with the number of domestic license plates exceeding 100 from January to March, a year-on-year increase of 28%; The import license plate was issued once every 3-4 months last year, and the frequency has significantly increased this year, with a year-on-year increase of 70% in quantity. 2) Starting from the second quarter, various key new products will gradually be launched. In addition, AI+games have the opportunity to overcome several pain points: in terms of cost reduction and efficiency improvement, AI generated 3D technology is becoming more mature and available, from NeRF models to 3D Gaussian, with the potential to achieve low-cost/low latency 3D rendering; In terms of new gameplay, multiple AI+UGC companies are exploring, and with the improvement of long text capabilities, new opportunities such as AI text reasoning and AI female games are expected to emerge. From the perspective of stock price position, the gaming sector is clearly at a low level.
Guotai Junan: Normalization of license plate supply, optimism towards policy, and gradual opening up of game market product supply also reflect the continuous improvement of the operating rhythm of various companies. Pay attention to the summer and overall product scheduling of the gaming industry in the second half of the year. Currently, the overall valuation of the gaming industry is low, and companies with rich and high-quality content reserves and solid fundamentals will be the first to repair. In the medium to long term, companies with leading advantages in game development, distribution, AI technology application, etc. are also expected to gradually improve.