Financial attention
Macroeconomics
1. Xinhua News Agency: In the first seven months, the number of inbound and outbound personnel at Jiangsu ports exceeded 2.7 million, surpassing the entire year of 2023. With the continuous adjustment and optimization of immigration policies and the strong promotion of summer tourism, the number of tourists at major airports and ports in Jiangsu, such as Nanjing, Wuxi, and Nantong, has significantly increased. In July, more than 382900 Chinese citizens left Jiangsu ports, a year-on-year increase of 64.78%.
2. Shenzhen Port: On August 3rd, the passenger clearance volume at Shenzhen's land port reached a new high since the full reopening of the port, with 858000 inbound and outbound passengers in a single day, including 469000 inbound and 389000 outbound passengers, breaking the record of 847900 clearance passengers on June 30th. The two cities of Shenzhen and Hong Kong are once again experiencing a small peak in two-way travel.
3. South Korea's Ministry of Industry, Trade and Resources: In July, exports to China increased by 14.9% year-on-year, reaching 11.4 billion US dollars, the highest value since October 2022 (12.2 billion US dollars). From January to July, the cumulative exports to China amounted to 74.8 billion US dollars, surpassing exports to the United States (74.5 billion US dollars), and China has once again become South Korea's largest exporter.
Stock market inventory
1. Last Friday, the Shanghai Composite Index closed down 0.92% at 2905.34 points, up 0.50% for the week; The Shenzhen Component Index closed down 1.38% at 8553.55 points, down 0.51% for the week; The ChiNext Index closed down 1.66% at 1638.30 points, down 1.28% for the week.
2. Last Friday, the Hang Seng Index closed down 2.08% at 16945.51 points, down 0.45% for the week; The Hang Seng Technology Index closed down 2.62% at 3385.60 points, down 1.69% for the week; The state-owned enterprise index closed down 1.83% at 5974.85 points, down 0.60% for the week.
3. China Fund News: Some fund companies have carried out testing work related to the inclusion of Sci Tech Innovation Board ETFs in the Fund Connect platform. Industry insiders say that fund companies are actively cooperating with the implementation of policies, and some companies that manage large scale Sci Tech Innovation Board ETFs are expected to participate. However, the new version on the Fund Connect platform still involves preparation work on related systems, and its launch progress is still awaiting regulatory approval.
4. China Fund News: As of August 2nd, the average return of 280 enhanced index funds exceeding the performance benchmark this year is 2.46%. Among them, 226 enhanced index funds achieved excess returns, accounting for as much as 80.71%.
5. CITIC Securities: Looking ahead to August, the policy has entered the implementation stage, and the price signal turning point has not yet arrived. The market still lacks incremental funds, but the A-share market is relatively safe against the backdrop of volatile global high-risk assets. It is expected that the market will continue to bottom out, and the major turning point of the annual level market will only appear after the price signal becomes clear.
6. Tianshi Li: The controlling shareholder Tianshi Li Group and its concerted action parties plan to transfer 28% of their shares in the company to China Resources Sanjiu through an agreement transfer. At the same time, Tianshili Group also plans to transfer its 5% stake in the company to Guoxin Investment. After the completion of the transaction, the controlling shareholder of the company will be changed to China Resources Sanjiu, and the actual controller will be changed to China Resources. The company's stock will resume trading from August 5th.
7. Yalian Development: On August 2nd, the company received a "Notice of Administrative Penalty" issued by the Jilin Regulatory Bureau of the China Securities Regulatory Commission. The company's stock has been subject to other risk warnings since August 6th, and the stock abbreviation has been changed from "Yalian Development" to "ST Yalian". The daily rise and fall limit of stock trading is 5%.
8. ST Meiji: During the period from May 16th to June 13th, the closing price of the company's stock remained below 1 yuan for twenty consecutive trading days, indicating the termination of the stock listing. It will be delisted on August 5th and will not enter the delisting consolidation period.
9. * ST Yaxing: After the termination of the company's listing has been approved by the shareholders' meeting, the controlling shareholder Weichai Yangzhou plans to provide cash options to other shareholders. The exercise price of the cash options will be a certain premium compared to the pre suspension stock price of 5.84 yuan per share. The company is actively promoting the approval process for the termination of the listing. As of now, Weichai Yangzhou, the direct controlling shareholder of the company, has completed the internal decision-making procedures and promoted the relevant state-owned asset supervision and approval procedures of the higher-level shareholders.
10. Huaya Intelligence: The company plans to purchase 51% equity of Suzhou Guanhong Intelligent Equipment Co., Ltd. from four counterparties, Kuai Haibo, Xu Jun, Xu Fei, and Liu Shiyan, through issuing shares and paying cash. At the same time, the company will issue shares to no more than 35 specific parties to raise matching funds. This matter has been approved by the Mergers and Acquisitions Review Committee of the Shenzhen Stock Exchange, but it still needs to obtain the decision of the China Securities Regulatory Commission to approve registration before it can be implemented.
11. StarNet Yuda (4 days, 3 boards): The company's satellite communication, inertial navigation, electro-optical pods, radar, and other key technologies for unmanned driving; The company can provide technical support for autonomous driving in areas such as navigation and measurement. With the increasing demand for inertial navigation and other products in the field of autonomous driving, it will have a positive impact on the company's future performance. However, there are still many uncertainties in the large-scale application and promotion of related products.
12. Shanzi High tech (5-day consecutive board): The company's stock has deviated by more than 20% in cumulative closing price increase for two consecutive trading days (August 1st and August 2nd). There are no significant changes or expected changes in the company's recent business situation and internal and external operating environment. The company, controlling shareholders, and actual controllers do not have any major issues that should be disclosed but have not been disclosed about the company, or are in the planning stage.
13. Shenkangjia A: The company's stock has accumulated a deviation of more than 20% from the closing price on August 1st and August 2nd for two consecutive trading days. The company's recent business operations have been normal, and there have been no significant changes in the internal and external operating environment. There are no significant matters that should have been disclosed but have not been disclosed by the company, controlling shareholders, and actual controllers, and there are no significant matters in the planning stage.
14. Industrial Fulian: In the first half of the year, it achieved a revenue of 266.09 billion yuan, a year-on-year increase of 28.69%, and a net profit of 8.74 billion yuan, a year-on-year increase of 22.04%. The revenue growth of cloud computing business is strong, with AI server product revenue increasing exponentially, driving the company's revenue and profitability growth.
15. New stock subscription: This week, there were 2 new stock subscriptions, namely Weihua New Materials on the Shanghai Stock Exchange Main Board and Koma Technology on the ChiNext Board.
16. Restricted and unlocked: This week, a total of 55 restricted shares were unlocked, with a total of 4.014 billion shares unlocked and a market value of 59.475 billion yuan. Among them, Huaqin Technology ranked first on the unlocking list with 7.709 billion yuan, while Fudan Microelectronics and Haitong Securities ranked second and third with 6.891 billion yuan and 6.742 billion yuan respectively.
Wealth Focus
1. Securities China: As of August 2nd, the first five public MOM products established in 2021 have all recorded losses of over 20% since their establishment, with the largest loss exceeding 30%. Due to poor performance, MOM's scale has shrunk by more than 60%, and even initiated MOMs are facing liquidation.
2. China Fund News: With the continuous expansion of the bank wealth management market, wealth management companies are also actively expanding their sales channels outside their parent banks. In June of this year, the number of sales agencies outside the parent bank has exceeded 500, setting a new high in recent years.
3. Securities China: On August 2nd, 55 fines were imposed on banking institutions, including China Development Bank, state-owned banks, joint-stock banks, urban rural commercial banks, and rural banks. A total of 17 banking institutions were fined approximately 17.5213 million yuan. In addition, two individuals were permanently banned from business. More than half of the more than 50 fines were issued for illegal activities in the credit sector.
Industry Observation
1. Didi: Summer car rental travel continues to be popular. The daily average booking volume has broken historical records, with orders in July increasing by 35% compared to the previous month. Beijing, Chengdu, and Xi'an are the three hottest cities for car rental this summer. The platform mainly focuses on short-term rental orders of 1-3 days, but since the summer vacation in July, long-term rental orders of more than 5 days have increased by 30% year-on-year.
2. Chengdu Customs: The import and export value of Chengdu China Europe freight trains in the first half of the year was 25.32 billion yuan, a year-on-year increase of 11.7%. Among them, imports amounted to 3.9 billion yuan, a year-on-year increase of 7.1%; Exports amounted to 21.42 billion yuan, a year-on-year increase of 12.6%.
3. Statistics Bureau: According to monitoring the market prices of 50 important means of production in nine major categories in the national circulation field, in late July 2024, compared with mid July, the prices of 13 products increased, 36 decreased, and 1 remained unchanged.
4. Sichuan Provincial Medical Insurance Bureau: Release of Notice on Issuing Price Items and Medical Insurance Payment Policies for Assisted Reproductive Medical Services (Draft for Comments). 17 new price items for assisted reproductive medical services, including egg retrieval, embryo culture, and embryo transfer, have been added, and the original 24 price items for assisted reproductive medical services have been discontinued; Include 13 therapeutic assisted reproductive medical services such as "egg retrieval" in the scope of basic medical insurance payment.
5. Xinhua News Agency: A research team in Wuhan, Hubei has developed a "biocomposite material for reconstructing full-thickness skin function", which looks like a band aid and can promote wound healing, restore skin function as much as possible, and reduce scars. The material can also degrade after use.
6. CCTV News: With the completion of the last dedicated tunnel for the long-distance natural gas pipeline crossing the Qinling Mountains, the Shangshan Tunnel, all tunnels of the Zhongwei to Zaoyang section of the West East Gas Pipeline 3 project have been completed.
7. Xinhua News Agency: The National Key Laboratory of Pig Genetic Improvement and Germplasm Innovation at Jiangxi Agricultural University used frozen white Wuzhishan pig ear tissue samples to obtain the first batch of 16 somatic cloned pigs through cell dissociation and resurrection technology, combined with nuclear transfer cloning technology. This marks the beginning of a collective resurgence of white five finger mountain pigs that have been devastated by African swine fever.
Financial data
1. Shanghai Stock Exchange: As of the first half of the year, there were a total of 2406 domestic index products with a total scale of 3.68 trillion yuan. Among them, the scale of equity index funds is 2.32 trillion yuan, accounting for 38% of the scale of public equity funds. The market value of equity ETFs has reached a historical high of 1.81 trillion yuan, accounting for approximately 2.2% of the total market value of A-shares.
2. Last Friday, the onshore Chinese yuan closed at 4:30 pm against the US dollar at 7.2150, up 0.4086% and up 0.5321% for the week; The central parity rate of RMB was reported at 7.1376, down 0.0743%, and down 0.1487% for the week.
3. New Third Board: Last week, 4 new listed companies were added with a transaction amount of 654 million yuan, a decrease of 7.09% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6149.
4. US stock market: Last Friday, the Dow Jones Industrial Average fell 1.51% to 39737.26 points, down 2.1% for the week; The S&P 500 index fell 1.84% to 5346.56 points, with a weekly decline of 2.06%; The Nasdaq fell 2.43% to 16776.16 points, with a weekly decline of 3.35%.
5. Europe: Last Friday, the German DAX30 index fell 2.33% to 17661.22 points, down 4.11% for the week; The French CAC40 index fell 1.61% to 7251.80 points, down 3.54% for the week; The FTSE 100 index in the UK fell 1.31% to 8174.71 points, a weekly decrease of 1.34%.
6. Gold: Last Friday, COMEX gold futures rose 0.21% to $2486.10 per ounce, up 2.11% for the week.
7. Crude oil: Last Friday, WTI September crude oil futures fell 3.66% to $73.52 per barrel, down 4.72% for the week. Brent crude oil futures for October fell 3.41% to $76.81 per barrel, down 5.32% for the week.
Huaxi Securities: Nvidia is developing a new flagship AI chip for the Chinese market. The chip is based on Nvidia's "strongest AI chip" Blackwell series, which was launched in March this year, and will be compatible with the current US government's chip export controls on China. According to US media reports, as early as October 2022, the US government implemented a series of chip export restrictions and continued to tighten them to prevent American semiconductor giants such as Nvidia, AMD, and Intel from selling their most advanced chips in China, forcing these companies to find alternative solutions. Previously, Nvidia had developed customized chip H20 series for the Chinese market to comply with US export regulations, and began accepting pre orders in February this year.
Guotai Junan: With AI entering the era of "big models", training data continues to grow and algorithm complexity continues to increase, leading to a sharp rise in the demand for computing power among domestic artificial intelligence manufacturers. The importance of AI chips as the computing power foundation for large-scale models and AI applications is becoming increasingly prominent. AI computing chips are at the forefront of AI computing, with high demand for GPU, HBM, advanced packaging and other components, and even a phenomenon of supply shortage. At present, the computing power chip industry chain is dominated by overseas companies. Against the backdrop of US sanctions on China's technological development and restrictions on the import of semiconductor technology into China, AI computing power chips have a dual growth momentum of demand expansion and domestic substitution in various links.
Yongxing Securities: TechInsights reports that the shipment of AI chips in data centers will grow at a compound annual growth rate of 33%, and the computing chip industry chain is expected to continue to generate profits. TechInsights states that data center AI chips and accelerators will continue to dominate the global semiconductor market, with shipments growing at a compound annual growth rate of 33% from 2023 to 2029, reaching 33 million annually. AI is driving up the demand for computing power, and related industry chains are expected to continue to benefit.
Donghai Securities: GPU is the core of AI servers, accounting for nearly 90% of the AI chip market share, and its value accounts for 70-75% of AI servers. Compared with traditional servers, AI servers adopt heterogeneous architectures and can be equipped with multiple GPUs, CPUs, and other computing chips to meet the needs of large-scale parallel computing. The CPU of traditional servers usually has only a few dozen cores at most, mainly used to process complex data with high computational complexity. And GPUs have thousands of arithmetic logic units (ALUs) and deep pipelines, with simple control logic that eliminates the complexity of cache. Therefore, when processing large-scale data with unified types and no dependencies, GPUs can run efficiently in an uninterrupted computing environment.