► China Index Institute: In the first half of the year, the total sales of the top 100 real estate enterprises were 2,083.47 billion yuan, a year-on-year decrease of 41.6%, and the decline continued to narrow by 3.8 percentage points month-on-month, and the year-on-year decline narrowed for four consecutive months. Among them, the monthly sales of TOP100 real estate companies in June decreased by 19.55% year-on-year and increased by 26.05% month-on-month, both of which were better than those in May.
► China Securities Construction Investment: As of June 28, the mainland issued 332.7 billion yuan of new special bonds in a single month, a decrease of 105.6 billion yuan from May, and the total issuance of the whole year was 1,431.6 billion yuan, with an issuance progress of 36.7%, which is still slow compared with previous years. Many places announced the issuance plan for the third quarter, of which the new special bond plan to issue more than 1.6 trillion yuan, an increase of 859.3 billion yuan from the previous quarter, and it is expected that the growth rate of infrastructure is expected to rise in the second half of the year.
► Tongcheng travel: In the first two weeks of June, the popularity of air ticket bookings from major domestic cities to Paris in July increased by more than 70% year-on-year, the booking popularity of local hotels increased by nearly 150% year-on-year, and the booking popularity of group tours to France during the Olympic Games increased by 225% year-on-year.
Macroeconomic
1. Bureau of Statistics: In June, the manufacturing PMI was 49.5%, the same as the previous month; The non-manufacturing business activity index was 50.5 percent, down 0.6 percentage points from the previous month, and the composite PMI output index was 50.5 percent, down 0.5 percentage points from the previous month.
2. CCTV News: Since mid-June, heavy rainfall has occurred in many places across the country, and serious floods and geological disasters have occurred in some areas, causing serious damage to highway infrastructure. The Ministry of Finance, together with the Ministry of Transport, further issued 45 million yuan at the end of June to support four provinces (municipalities) including Anhui, Hubei, Chongqing and Heilongjiang to carry out highway repairs.
3. The Ministry of Natural Resources and the Meteorological Bureau: jointly issued a meteorological risk warning of geological disasters, and it is expected that from 20 o'clock on June 30 to 20 o'clock on July 1, the meteorological risk of geological disasters in some areas of southern Anhui, northern Jiangxi, southeastern Hubei, and western Hunan is high (yellow warning), among which, the meteorological risk of geological disasters in western Hunan is high (orange warning).
4. People's Daily: According to US media reports such as "USA Today" on June 28, in the first quarter, nearly 5.5 million guns were sold in the United States. From January to April, Americans bought an average of more than 1.3 million guns per month. The states with the highest gun sales were Texas, Florida and California, which accounted for 22 percent of nationwide gun purchases in the first quarter.
Real estate dynamics
1. China Index Institute: From January to June, the total amount of land acquired by the top 100 enterprises was 380.1 billion yuan, a year-on-year decrease of 35.8%, and the decline continued to expand compared with that from January to May. In terms of the value of new goods, C&D Real Estate, China Resources Land and China Construction Yipin ranked the top three. From the perspective of the top 10 real estate enterprises in key cities in terms of land acquisition, central and state-owned enterprises are still the main force, and private enterprises are also focusing on deepening areas to supplement land reserves.
2. Hangzhou City, Zhejiang Province: Recently completed the sixth batch of residential land transfer in 2024, and the two plots were traded at a premium, with a transaction area of 51.56 mu, a transaction amount of about 2.83 billion yuan, and an average premium rate of 28.6%.
Stock market stock
1. On Friday, the Shanghai Composite Index closed up 0.73% at 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. On Friday, the Hang Seng Index closed up 0.01% at 17,718.61 points, down 1.72% for the week; The Hang Seng Tech Index closed down 0.96% at 3554.45 points, down 3.97% for the week; The state-owned enterprises index closed up 0.12% at 6331.86 points, down 1.68% for the week.
3. Yicai: In June, the review of pre-IPO companies was terminated in batches, and 106 pre-IPO companies have been terminated within the month, setting a record high in the number of project withdrawals in a single month. As of June 30, there were 467 companies in the IPO queue, more than half of the 961 companies in the same period last year.
4. Guohua Network Security: Replying to the shareholders' inquiry and suggestion letter, Peng Ying, Guo Xunping and Zhengzhou Zhonghe failed to fulfill their compensation obligations in a timely manner in the transaction of the company's acquisition of Zhiyou Network Security by issuing shares. In addition, the shares of the company held by the above three parties are still pledged or frozen, and the unrestricted shares are not sufficient to fulfill the share compensation obligation, and share compensation has not yet 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 forward to the third quarter, policy signals, price signals and external signals are expected to become clearer, investors gradually shift from the PEG framework to the free cash flow framework, funds gather to the leaders of various industries, continue to have low dividend volatility in the current allocation, and gradually turn to high-performance growth after the inflection point appears.
6. Foshan Lighting: The company is a supplier of lighting equipment for the Shenzhen-Zhongshan Channel. During the construction of the project, a total of more than 37,000 sets of LED lighting fixtures were provided.
7. Jishi Media: It is planned to carry out asset replacement with the controlling shareholder Jilin Radio and Television Station, and the assets are 100% equity of Sanya Yuecheng Investment held by the company, and the assets are IPTV-related assets under the controlling shareholder Jilin Radio and Television Station.
8. *ST new: The company's stock trading will be suspended for one day on July 1 and resume trading from the opening of the market on July 2. The stock abbreviation was changed from "*ST New" to "Brand New", and the daily price limit was changed from "5%" to "10%".
9. Kaizhong Precision: The company received a project designation notice from a well-known European car company to provide it with new energy vehicle precision connector products, and it is expected that the total sales amount of the above-mentioned fixed-point project life cycle is about 1.35 billion yuan, and it is planned to start mass production in the first quarter of 2026.
10. Lingyi Intelligent Manufacturing: The company's current business situation is normal, and there have been no major changes in the internal and external business environment.
11. Dalian Thermal Power: The company intends to sell all its assets and liabilities to Dalian Clean Energy Group; Recently, we received a review notice from the Shanghai Stock Exchange that the company's main board restructuring and listing business has been suspended.
12. New share subscription: This week, 1 new stock subscription is Qiao Feng Intelligence of the Growth Enterprise Market.
13. Restricted sale lifting: This week, a total of 88 restricted shares were lifted, with a total of 5.085 billion shares and a market value of 80.531 billion yuan. Among them, BAHEAL Pharmaceutical ranked first in the list of lifting the ban with 9.570 billion yuan, and Taxyou Co., Ltd. and Hangzhou Thermal Power ranked second and third with 8.528 billion yuan and 6.788 billion yuan respectively.
Wealth Spotlight
1. Financial Headlines App: The "Regulations on the Management of Securities Transaction Costs of Publicly Offered Securities Investment Funds" will be smoothly implemented on July 1. The commission rate for stock trading of passive equity funds agreed in the new agreement is generally between 2/10,000 and 2.5/10,000, and the commission rate for stock trading of other types of funds such as active equity and hybrid funds is generally about 5/10,000, and there is no ultra-low rate phenomenon reflected by individual public opinion in recent days.
2. China Fund News: As of June 14, the latest wealth management scale has reached 29.84 trillion yuan, an increase of 11.34% compared with the end of last year, and the bank wealth management market has achieved "elephant dance" and is expected to return to the era of 30 trillion yuan. However, compared with the 30 trillion yuan before the new regulations on asset management in 2018, the current scale of wealth management is more market-oriented and standardized.
3. Financial breakfast: hot spots are non-stop, track what you want to hear. The game industry has been catalyzed recently, and Blizzard's national server officially returned to the service on June 27, and the approval of domestic online games exceeded 100 again in June. Since the beginning of this year, what is the supply situation of the industry? How is the new product launch performing? What are the future highlights of AI technology application? Which businesses will benefit the most? Wealthy friends, quickly go to the end of the article to view today's financial secretarial tracking #游戏行业: A new cycle begins
Industry Watch
1. Xinhua News Agency: The Shenzhen-Zhongshan Channel, a super project in the Guangdong-Hong Kong-Macao Greater Bay Area, which has attracted worldwide attention, was officially opened for trial operation on June 30. Statistics from the operation department of the Shenzhen-Zhongshan Corridor show that more than 7,000 vehicles were seen in the hour after opening.
2. CCTV News: On June 30, the country's first low-altitude airspace coordination and operation service platform was officially launched in Zhuhai, Guangdong Province. The platform system will be used as the pilot demonstration area of Zhuhai High-tech Zone, and will be gradually extended to the whole of Zhuhai in the future.
3. Tianbing Technology: On June 30, the company's self-developed Tianlong-3 liquid launch vehicle fell into the mountains 1.5 kilometers southwest of the test bench due to the structural failure of the connection between the rocket body and the test bench during the test run. This is the largest thrust in the development process of the launch vehicle in the mainland at this stage, the company will complete the fault zero as soon as possible, organize the production and test of new products.
4. 21st Century Business Herald: A case of unfair competition dispute involving the data rights and interests of the "congestion delay index" of the navigation electronic map was tried a few days ago. It is reported that the plaintiff AutoNavi claimed that Wind used improper means to capture the data of the "congestion delay index" and used the above data for the purpose of commercialization on the payment software of the financial terminal operated by it, which constituted unfair competition and was awarded 12.5 million yuan in compensation in the first instance.
5. China Federation of Iron and Steel Logistics Professional Committee: With the rise in temperature, the off-season characteristics of the steel industry have gradually emerged, and the industry PMI in June was 47.8%, down 2 percentage points month-on-month, ending the month-on-month upward trend for two consecutive months, reflecting the slowdown in pressure on the industry.
6. Canalys: In the first quarter, Chinese mainland's cloud infrastructure service spending increased by 20% year-on-year to US$9.2 billion. The three giants of the market, Alibaba Cloud, Huawei Cloud and Tencent Cloud, together grew by 22%, accounting for 72% of the entire market.
7. Omdia: It is expected that by 2025, Mini LED backlight TV shipments will reach 9.3 million units, exceeding 7.5 million OLED TVs for the first time.
Company news
1. Amazon China: From June 30, the Kindle China e-book store will stop the cloud download service, and e-books that have not been downloaded after that will not be able to be downloaded and read. Kindle customer service will also be discontinued.
2. SK hynix: It plans to invest 103 trillion won by 2028 to strengthen its chip business and focus on artificial intelligence.
Global vision
1. South Korea: In the first five months, the sales volume of imported cars was 103,000 units, a year-on-year decrease of 9,284 units, a five-year low, and the import value was US$5.623 billion, a year-on-year decrease of US$1.4 billion, a four-year low.
2. Egypt: By 2040, it wants to increase the share of renewable energy to 58% of electricity generation, and the previous goal was to have renewable energy generation account for 42% of the country's electricity generation by 2030.
Financial data
1. Last Friday, the onshore yuan closed at 7.2659 against the US dollar at 16:30, up 0.0413% and down 0.0633% for the week; The central parity of the yuan was reported at 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 turnover of 697 million, a decrease of 17.33% from the previous month. Up to now, the total number of companies listed on the New Third Board has reached 6,142.
3. Shanghai Environmental Exchange: Last week, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 484,000 tons, with a total turnover of 45.1297 million yuan, and the closing price was 90.66 yuan/ton, down 0.84% from the week.
4. U.S. stocks: Last Friday, the Dow fell 0.12% to 39,118.86 points, up 3.79% in the first half of the year; The S&P 500 index fell 0.41% to 5460.48 points, up 18.13% in the first half of the year; The Nasdaq fell 0.71% to 17,732.60 points, up 14.48% in the first half of the year.
5. Europe: On Friday, the German DAX30 index rose 0.14% to 18,235.45 points, up 0.4% for the week; France's CAC 40 index fell 0.68% to 7479.4 points, down 1.96% for the week; Britain's FTSE 100 index fell 0.19% to 8164.12 points, down 0.89% for the week.
6. Gold: On Friday, COMEX gold futures rose 0.01% to $2336.9 per ounce, up 12.8% in the first half of the year.
7. Crude oil: On Friday, the settlement price of WTI crude oil futures fell 0.24% to $81.54 per barrel, up 14% in the first half of the year; Brent crude futures settled up 0.02% at $86.41 a barrel, up 13% in the first half of the year.
· The gaming industry: a new cycle begins·
► Kaiyuan Securities: The actual sales revenue of China's game market in April 2024 was 22.432 billion yuan, down 4.21% month-on-month and 0.27% year-on-year, mainly due to the decline in the growth of some products in the early stage of operating activities, and the effect of new products to boost the market has not yet appeared. Since the launch of Tencent's "DNF Mobile Game" on May 21, it has basically maintained the first place on the iOS best-selling list, according to the data of mobile games, the first month of turnover or more than 5 billion yuan; Since Bilibili's "Three Kingdoms: Conquering the World" was launched on June 13, it has basically maintained the top 5 on the iOS best-selling list, and according to Diandian data, as of June 25, "Three Kingdoms: Conquering the World" has earned more than $23 million on iOS alone. The acceleration of the launch of new games and their outstanding performance are expected to raise the overall turnover level of the game industry, or bring considerable increments to the industry and related companies.
► Galaxy Securities: As the normalization of the version number continues to be verified, new products have been launched one after another, and the supply side of the game industry is now in a stable state, and the industry as a whole is ushering in an upward cycle. In the first quarter of 2024, the number of new games launched increased slightly year-on-year, and in the second quarter and summer of 2024, a number of blockbuster new games, including Tencent's "DNF Mobile Game", NetEase's "Sixteen Voices of Yanyun", and "Naraka: Bladepoint Mobile Game", have been tested/finalized, or accelerate the overall growth of the industry. Follow-up recommendations focus on two directions: 1) companies with a relatively high proportion of overseas game business revenue and may be less affected by the policy; 2) A leading game company with strong R&D strength, large R&D investment, abundant reserves and sustainable development advantages.
► China Securities Construction Investment: From the second quarter, we are optimistic about the recovery of the industry's prosperity. 1) The supply side of edition numbers has increased significantly, and the number of domestic editions has exceeded 100 from January to March, a year-on-year increase of 28%; The import version number was issued in 3-4 months last year, and the frequency has increased significantly this year, with a year-on-year increase of 70%. 2) From the second quarter, key new products will be gradually launched. In addition, AI+ games have the opportunity to break through several pain points: in terms of cost reduction and efficiency increase, AI-generated 3D technology tends to be mature + available, from NeRF models to 3D Gaussian, it is expected to achieve low-cost/low-latency 3D rendering; In terms of new gameplay, many companies are exploring AI+UGC, and with the improvement of long text capabilities, new track opportunities such as AI text reasoning and AI otome games are expected to be born. From the perspective of stock price position, the gaming sector is clearly at a low level.
► Guotai Junan: The normalization of the supply of edition numbers, the optimism of the policy side, and the gradual opening of the product supply in the game market also reflect the continuous improvement of the business rhythm of each company. Focusing on the summer vacation and product scheduling in the second half of the year, the overall valuation of the game industry as a whole is at a low level, among which companies with rich and high-quality content reserves and solid fundamentals will take the lead in repairing, and in the medium and long term, companies with leading advantages in game development, publishing, and AI technology applications are also expected to gradually improve.