Important News Alert
China Securities Regulatory Commission: Approved the application of China Securities Financial Corporation to suspend the refinancing business in accordance with the law, which will be implemented from July 11, 2024. The existing refinancing contracts can be rolled over, but they must be settled no later than September 30. China Securities Regulatory Commission: Accelerate the introduction of more pragmatic measures, further strengthen the adaptability and pertinence of the supervision of programmatic transactions, reduce the negative impact of programmatic transactions, and effectively maintain the fairness of market transactions. National Bureau of Statistics: In June, the national CPI rose by 0.2% year-on-year and decreased by 0.2% month-on-month; The year-on-year decline in PPI continued to narrow.
Tip of the day
The 2024 China Automotive Forum will be held in Jiading, Shanghai, from July 11 to 13.
Today, the central bank has 2 billion yuan of 7-day reverse repurchase due.
The State Council Information Office will hold a press conference today on the white paper on "China's Marine Ecological and Environmental Protection".
The Ministry of Commerce held a press conference today, at which the spokesperson introduced the recent key work in the field of commerce.
The domestic refined oil price adjustment window will open at 24 o'clock today.
Financial news
1. The China Securities Regulatory Commission reported on July 10 that after fully assessing the current market situation, the China Securities Regulatory Commission approved the application of China Securities Financial Corporation to suspend the refinancing of securities business in accordance with the law, which will be implemented from July 11, 2024. The existing refinancing contracts can be rolled over, but they must be settled no later than September 30. At the same time, the stock exchange is approved to raise the margin ratio for securities lending and borrowing from no less than 80% to 100%, and the margin ratio for private securities investment funds to participate in securities lending and borrowing from no less than 100% to 120%, which will be implemented from July 22, 2024.
On the evening of July 10, the Shanghai and Shenzhen North Stock Exchanges issued a notice on adjusting the margin ratio of securities lending transactions. According to the notice, when investors borrow and sell securities, the margin ratio of securities borrowing and lending shall not be less than 100%. Among them, if the investor is a private securities investment fund, the margin ratio of securities lending and selling shall not be less than 120%.
The Shanghai and Shenzhen North Stock Exchanges emphasized that for securities lending contracts that have not been settled before the implementation of the notice, the margin ratio requirements for securities borrowing and lending are still implemented in accordance with the original provisions, and the requirements of the notice shall be applied to the rollover. The notice will come into force on July 22.
2. The person in charge of the relevant department of the China Securities Regulatory Commission said in response to reporters' questions on the progress of the supervision of programmatic trading on July 10 that since the beginning of this year, the overall programmatic trading in the securities market has been stable and declining, and there have been some positive changes in trading behavior. As of the end of June, there were more than 1,600 high-frequency trading accounts in the whole market, a decrease of more than 20% during the year, and the behavior of touching the abnormal transaction monitoring standard has dropped by nearly 6% in the past three months.
The China Securities Regulatory Commission said that in the next step, it will thoroughly implement the deployment requirements of the new "National Nine Articles", adhere to the principles of pursuing advantages and avoiding disadvantages, highlighting fairness, strict supervision and standardized development, highlight problem-oriented and goal-oriented, accelerate the introduction of more pragmatic measures, further strengthen the adaptability and pertinence of programmatic transaction supervision, reduce the negative impact of programmatic trading, and effectively maintain the fairness of market transactions.
3. According to data released by the National Bureau of Statistics on July 10, in June, the national CPI (consumer price index) rose by 0.2% year-on-year and decreased by 0.2% month-on-month; The year-on-year decline in PPI (industrial producer price index) continued to narrow and decreased month-on-month. From January to June, the national CPI rose by 0.1% over the same period last year, and the PPI decreased by 2.1% over the same period last year.
4. On July 10, the Shenzhen Stock Exchange announced that due to the adjustment of the constituent stocks of the Hang Seng Composite Large Cap Index and the Small-Cap Index, according to the relevant regulations of the Shenzhen Stock Exchange, the list of underlying securities of the Hong Kong Stock Connect was adjusted, and Country Garden and Nuohui Health were transferred, which took effect on July 10.
5. Recently, the Ministry of Industry and Information Technology (MIIT) released the catalogue of new energy vehicle models (the seventh batch) for vehicle purchase tax reduction, and new models such as NIO (Ledao) L60, Xpeng M03 and Xpeng D03, and BYD Formula Leopard Leopard 3 are listed.
China Securities News · China Securities Taurus reporter noted that Ledao L60 provides two versions, both equipped with 60.6kWh batteries, CLTC range of 525/501km and 555/525km respectively.
The Xpeng M03 is also available in two versions, with 62.2 kWh and 51.8 kWh batteries and a CLTC range of 620/585 km and 515/485 km respectively.
The BYD Formula Leopard 3 is equipped with a 78.72 kWh battery with a CLTC range of 510 km.
6. According to the Ministry of Industry and Information Technology, on July 10, the Ministry of Industry and Information Technology organized a symposium on the work of the International Communications Business Import and Export Bureau, issued licenses to China Telecom, China Mobile, and China Unicom, and approved the establishment of international communication business import and export bureaus in Nanning, Guangxi, Qingdao, Shandong, Kunming, Yunnan, and Haikou, Hainan.
7. On July 10, the State Council Information Office held a series of press conferences on the theme of "Promoting High-quality Development", at which Li Xiaopeng, Minister of Transport, said that in the five years since the release of the "Outline for the Construction of a Transportation Power", the transportation infrastructure has been continuously improved, the total mileage of the comprehensive three-dimensional transportation network has exceeded 6 million kilometers, and the comprehensive transportation network that runs through the east and west and the north and south has been improved.
Li Xiaopeng said: "The large-scale renewal of transportation equipment is one of the key tasks this year, which is conducive to expanding investment, improving infrastructure, promoting industrial upgrading, and also conducive to energy conservation and carbon reduction and promoting the reduction of logistics costs." ”
In the next step, the Ministry of Transport will carry out seven actions: first, accelerate the implementation of the phase-out and renewal of old diesel trucks; the second is the scrapping and renewal of old operating ships; the third is the electrification substitution of urban buses; fourth, the old locomotives are eliminated and updated; fifth, the replacement of old equipment for postal express; Sixth, the renewal and transformation of logistics facilities and equipment; Seventh, the standard improvement action. These seven aspects cover all fields and departments of transportation, and will strengthen leadership, coordination, improve policies, and accelerate implementation.
8. On July 10, the fifth phase of savings bonds in 2024 (electronic) and the sixth phase of savings bonds in 2024 (electronic) were officially put on sale, with a total issuance amount of 50 billion yuan. On the first day of issuance, the online quota of savings bonds of many banks was quickly sold out as soon as it was put on sale, and the online quota of some banks was sold out within one minute of the sale. In terms of offline sales, a bank's wealth management manager said that the bank's offline quota was sold out within half an hour after the sale.
9. At 24 o'clock on July 11 (Thursday), the domestic retail price limit of refined oil may open a window for raising the price. According to the data calculated by Zhuochuang Information, as of the close of July 9, that is, the 9th working day of the current round of domestic refined oil pricing cycle, according to the current range, the reference crude oil change rate is 2.67%, and the price of gasoline and diesel is expected to increase by 120 yuan/ton.
10. On July 10, the website of the Shanghai Municipal Development and Reform Commission issued a notice on the issuance of the "Several Policy Measures for Deepening and Promoting the High-quality Development of the New Town", focusing on four aspects: industry leadership, energy level improvement, factor guarantee, and mechanism creation, and put forward 16 policy measures.
In terms of focusing on industry leadership, the "Several Policy Measures" proposes to plan and promote the implementation of emerging industry application scenarios. Accelerate the construction of Shanghai's high-level autonomous driving leading area, innovate the empowerment of Internet of Vehicles technology, promote the priority implementation of relevant platforms, functions and policies in Jiading, Nanhui and Fengxian New Town, orderly open the application scope of intelligent networked vehicles in the new city, and carry out large-scale applications in scenarios such as smart taxis and smart buses.
In Qingpu, Nanhui and other qualified new cities, we will pilot the construction of low-altitude economic infrastructure, and support commercial applications in scenarios such as logistics and distribution, characteristic cultural tourism, emergency rescue, smart cities, and low-altitude commuting.
Accelerate the implementation of typical user-side energy storage scenarios such as Xincheng industrial parks and data centers, and support the construction of a number of energy storage demonstration projects. Support the construction of big data joint innovation laboratories in Xincheng to promote the convergence and application of public data resources.
Company News
1. Earnings Forecast
Tianci Materials: It is expected that the company's net profit in the first half of the year will change between 210 million yuan and 260 million yuan, a decrease of 79.82%-83.7% from the same period last year.
Yahua Group: It is expected that the net profit in the first half of the year will be 80 million yuan to 120 million yuan, a year-on-year decrease of 87.38%-91.58%.
Yanjin Shop: It is expected that the net profit in the first half of the year will be 310 million yuan to 330 million yuan, a year-on-year increase of 26.18%-34.32%.
Oriental Shenghong: It is expected that the net profit in the first half of the year will be 300 million yuan-350 million yuan, a year-on-year decrease of 79.78%-82.67%.
Shuanglu Pharmaceutical: It is expected that the net profit in the first half of the year will be 28 million yuan-42 million yuan, a year-on-year decrease of 86.76%-91.17%.
Zhezhong shares: It is expected that the net profit loss in the first half of 2024 will be 120 million yuan to 180 million yuan, and the profit in the same period last year will be 223 million yuan.
Hainan Haiyao: It is expected that the net profit loss in the first half of the year will be 130 million yuan to 170 million yuan, and the profit in the same period last year will be 9.5461 million yuan.
Hals: It is expected that the net profit in the first half of the year will be 116 million yuan to 149 million yuan, a year-on-year increase of 154.62%-227.06%.
Jinzai Food: It is expected that the net profit in the first half of the year will be 133 million yuan to 150 million yuan, a year-on-year increase of 60%-80%.
Diou Home: It is expected that the net profit loss in the first half of the year will be 50 million yuan to 60 million yuan, compared with a loss of 60.5548 million yuan in the same period last year.
Guangzheng Ophthalmology: It is expected that the net profit in the first half of the year will be 1 million yuan to 1.5 million yuan, a year-on-year decrease of 71%-80.67%.
North China Pharmaceutical: It is expected that the net profit in the first half of the year will be about 70 million yuan, a year-on-year increase of 164%.
Muyuan shares: It is expected that the net profit in the first half of the year will be 900 million yuan to 1.1 billion yuan, compared with a loss of 2.789 billion yuan in the same period last year.
Guocheng Mining: It is expected that the net profit in the first half of the year will be 40.3 million yuan-49.5 million yuan, an increase of 1040.42%-1300.76% over the same period last year.
Changan Automobile: It is expected that the net profit in the first half of the year will be 2.5 billion yuan to 3.2 billion yuan, a year-on-year decrease of 58.19%-67.33%.
Blue Lithium Core: It is expected that the net profit in the first half of the year will be 145 million yuan to 175 million yuan, a year-on-year increase of 248.14%-320.17%.
2. Hongxin Electronics: On July 10, it said on the interactive platform that Anliancom, a wholly-owned subsidiary of the company, as an elite partner of NVIDIA in China, has the channel advantage of NVIDIA chip acquisition, and providing customers with H20 computing power business is one of the key business development directions of Anliancom.
3. Shipu testing: On July 10, the company said on the interactive platform that the company currently has the testing qualifications and capabilities for edible vegetable oil, pollutants in edible vegetable oil and hydrocarbon mineral oil, etc., and the company will continue to improve the relevant testing qualifications and capabilities to meet the needs of customers.
4. Tianlong shares: On July 10, the interactive platform said that the company is a secondary supplier of auto parts, and its main customers are Brose Group, Hitachi Group, Continental Automotive, Bosch Group and other international auto parts suppliers.
5. PwC: On July 10, there were rumors that PwC Guangzhou was going to shut down, requiring employees to leave within seven days, and employees' computers had been locked. In this regard, the PwC public relations team responded to the China Securities News · China Securities Taurus reporter that PwC's Guangzhou office was not closed. Due to the change of external objective situation, the company has optimized the organizational structure accordingly according to market demand. The company has always valued talent and has been investing heavily in talent development for many years, and this adjustment is a difficult decision. The company is gradually communicating with its employees and ensuring that the adjustment plan complies with the relevant provisions of Chinese labor law.
6. LONGi Green Energy: On July 10, the company said on the interactive platform that the company is currently promoting the production capacity construction of BC second-generation battery technology, and a small number of production lines have been put into operation as of July, and it is expected that from the first and second quarters of next year, BC second-generation products will be put on the market on a large scale. From the perspective of capacity construction progress, it is expected that by the end of 2025, the total production capacity of BC generation 1 and 2 will reach about 70GW, and by the end of 2026, all products of the company's domestic factories will be migrated to BC technology except for individual overseas factories. At present, the second generation of BC products released by the company are mainly used in ground power stations, and the company will also release the second generation of BC distributed series products.
7. ST Easter: On the evening of July 10, the company and related personnel received a warning letter from the Guangdong Securities Regulatory Bureau, and the company had information disclosure violations. The Guangdong Securities Regulatory Bureau decided to take administrative supervision measures against the company, He Jia and Zhang Shunjiang by issuing warning letters.
8. 2 Lianban Jinjiang Online: On July 10, it issued an announcement on abnormal fluctuations in stock trading, saying that the company's production and operation conditions are normal, the internal production and operation order is normal, the daily operation situation has not undergone major changes, the market environment and industry policies have not undergone major adjustments, and there is no material information that should be disclosed but has not been disclosed. After the company's self-examination, the company has not yet found media reports or market rumors and concepts involving hot issues that may or have had an impact on the trading price of the company's shares.
Selected Research Reports
Zhongyuan Securities Research Report pointed out that AI-driven innovation demand in the smartphone market will promote the growth of consumer electronics components such as optical devices, radio frequency devices, connectors, and structural parts. The second half of the year is usually the peak season for the industry, with the growth of shipments under the innovation cycle, the utilization rate is expected to increase, and the innovation and high-end of AI mobile phones may bring about an increase in the average selling price of products and an improvement in gross profit margin.
The CITIC Securities research report pointed out that under the guidance of the World Artificial Intelligence Conference (WAIC 2024), three new trends have emerged in the humanoid robot industry: accelerated integration of software and hardware, and closer cooperation between domestic humanoid robot manufacturers and local large models; The factory test of humanoid robots has accelerated, and the leading manufacturers have delivered small batch orders, and the commercial landing has entered the early stage; There have been many financing events in the industry, and start-ups continue to be favored by insurance funds. The development trend of humanoid robots is clear, and the sector is expected to enter the next round of intensive catalytic period, so it is recommended to pay attention to investment opportunities under related catalysis.
Reporter: Zhang Lijing Editor: Zhang Jing Proofreader: Wang Yin
Producer: Li Ruoyu Issued by: Fei Yangsheng
