The Indian stock market has gone crazy.
A-shares shrank again today, the market trading was thin, but consumer stocks were active against the market; Hong Kong stocks rebounded strongly, with the Hang Seng Tech Index rising nearly 3% at one point.
Specifically, the stock indexes of the two cities fluctuated intraday, and the Beijing Stock Exchange 50 Index fell nearly 2% to hit a record low. As of the close, the Shanghai Composite Index fell 0.49% to 2,982.38 points, the Shenzhen Component Index fell 0.59% to 8,760.43 points, the ChiNext Index fell 0.3% to 1,660.12 points, the Beijing Stock Exchange 50 Index fell 1.97%, and the Science and Technology Innovation 50 Index rose 0.38%; The total turnover of the two cities was 580.3 billion yuan, a decrease of 64.4 billion yuan from yesterday.
Nearly 3,800 shares in the market were green, and the military, coal, electricity, automobile, pharmaceutical, banking, wine and other sectors were lower; Recently, the strong concept of financial and tax digitalization has fallen, and Hongjing Technology and Science and Technology Innovation Information have fallen by more than 15%; The concept of smart grid fell, Sanhui Electric, which had 5 boards, fell to the limit, and Mankun Technology and Meishuo Technology fell by more than 10%; The concept of retail and duty-free is active against the trend, with Hualian Co., Ltd., Dongbai Group, Wangfujing, Xujiahui, etc., and China Duty Free, which has a market value of more than 100 billion yuan, once has a daily limit; The food and beverage sector rose, with Pinwo Food, Huifa Food, and Shengda Biotech rising to the limit; The semiconductor sector rose, and VeriSilicon shares once rose to the limit. In addition, Ananda, which landed on the main board of the Shanghai Stock Exchange today, rose 100.3% to 41.19 yuan, and the highest intraday price was 50 yuan, an increase of 143.2%; According to the calculation of the highest price in the session, the profit of the stock reached 14,700 yuan, and the profit of the single sign was about 10,300 yuan at the closing price.
Hong Kong stocks rebounded strongly today, with the Hang Seng Tech Index rising more than 2%. At the close, the Hang Seng Index rose 1.18% to 17,978.57 points, and the Hang Seng Tech Index rose 2.48% to 3,626.93 points. In terms of individual stocks, SenseTime rose by more than 17%, Oriental Selection rose by nearly 7%, Li Auto and Sands China rose by more than 5%, and Meituan and Weilai rose by more than 4%; Bosideng plunged nearly 16%.
On the news side, SenseTime will release the "Ririxin 5.5" version at the World Artificial Intelligence Conference held this week, upgrade the "cloud, device, edge" large model product matrix, and carry out a number of contract releases at the same time to accelerate the comprehensive transition of generative AI to the industry.
In addition, India's SENSEX 30 index broke through 80,000 points intraday for a historic break, hitting an all-time high.
India's SENSEX 30 index hit a new high
Today, the Indian stock market hit another all-time high. Among them, the SENSEX 30 index rose to 80,074.30 points intraday, breaking through the 80,000 point mark for the first time.
Among the constituent stocks, bank stocks led the gains, with AXISBANK and HDFCBANK rising more than 2%, and the State Bank of India and Industrial Bank of India rising more than 1%.
HDFC Bank, India's largest private bank, hit an all-time high of Rs 1,791 per share today and led the Indian stock market to strengthen. The main positive factor is the expectation that the bank's weighting in the MSCI World Index may rise.
HDFC Bank's latest holdings data show that foreign ownership has fallen below key levels, allowing it to take a higher weight in the MSCI Emerging Markets Index. That could lead to up to $4 billion in inflows for the company and could push the stock up 10% in the coming days, analysts said. HDFC Bank is the highest-weighted stock in Nifty and Sensex.
Big consumption erupted collectively
As of the close, Dongbai Group, Hualian Co., Ltd., Dalian Friendship, Xujiahui, Wangfujing, Nanning Department Store, Central Shopping Mall, etc. In addition, China Duty Free, which has a market value of more than 100 billion yuan, once rose to a limit in the intraday, closing at 67.98 yuan, with a full-day turnover of more than 4.4 billion yuan.
The food and beverage sector also rose, as of the close, Pinwo Food, Huifa Food, Shengda Biology rose by the limit, and Yiming Food rose nearly 7%.
On the news side, there are rumors that the trillion-level consumption tax reform is approaching, and luxury goods and high-end services may be the first to be piloted. And this may be good for offline consumption scenarios such as duty-free and department stores.
On June 25, entrusted by the State Council, the Audit Office made the "Report of the State Council on the Audit of the Implementation of the Central Budget and Other Financial Revenues and Expenditures in 2023" to the 10th meeting of the Standing Committee of the 14th National People's Congress.
It has been learned that in the new round of reform of the fiscal and taxation system, further improving the local tax system is one of the key directions of the reform. Among the four major types of taxes on the mainland, consumption tax is the only tax that has not yet been shared by the central government and the local government, so it has been given high hopes in the new round of reform. Analysts generally believe that expanding the scope of collection, moving back the collection link, and steadily delineating the local area are the three major points of interest in the future consumption tax reform.
Guotai Junan Securities believes that the direction of the reform of consumption tax has been a "clear card", mainly to expand the scope of taxation, as well as to move the taxation link backward and gradually assign it to the local government, and in the process with the corresponding adjustment of the tax rate. From the perspective of expanding the scope of taxation, it is expected to start from three perspectives: luxury goods, consumer goods harmful to health, and consumer goods harmful to the environment; From the perspective of the backward shift of the tax collection link, it is objectively possible to increase the tax burden by no more than 200 billion yuan to make up for local financial resources, and the more important positive significance lies in the establishment of an incentive mechanism for local governments to encourage consumption by reducing the constraints of some consumption scenarios.
The semiconductor sector rose
As of the close, VeriSilicon shares rose by more than 15%, Silan Micro and Allwinner Technology rose by more than 7%, and Tiandeyu, Jingyi Equipment, and Lion Micro rose by more than 6%.
It is worth noting that VeriSilicon's intraday daily limit was once limited, and the company's second-quarter revenue disclosed yesterday evening showed that it is expected to achieve operating income of 610 million yuan in a single quarter in the second quarter of 2024, an increase of 91.87% from the first quarter. Among them, the company's mass production business in the second quarter of 2024 is expected to achieve operating income of 235 million yuan, an increase of 126.18% from the previous quarter; The chip design business is expected to achieve operating income of 192 million yuan, an increase of 120.45% month-on-month; The intellectual property licensing fee business is expected to achieve operating income of 158 million yuan, an increase of 58.58% month-on-month; Royalty revenue is expected to be 24 million yuan, a decrease of 12.27% from the previous month.
The company said that in the first half of the year, the semiconductor industry gradually recovered, and the inventory situation of downstream customers has improved significantly, thanks to the company's unique business model, that is, in principle, there is no risk of product inventory, no application field boundary, and the attributes of the counter-industrial cycle, the company's operating situation has turned around rapidly, the business has gradually improved, and the performance in the second quarter has improved significantly compared with the first quarter. The company continued to explore incremental markets and emerging markets with development potential, expanded the industry's leading customers, and the new orders were good, and the orders in hand have remained high for three consecutive quarters. From the second quarter of 2024, the company's orders in hand have been converted into revenue, and it is expected to achieve operating income of 610 million yuan in a single quarter in the second quarter of 2024, a significant increase from the previous quarter.
In terms of industries, the recovery trend of the global semiconductor industry has been further established due to the recovery of consumer electronics such as computing and mobile phones, and most institutions have a forecast of more than 10% for 2024. The World Semiconductor Trade Statistics Organization (WSTS) recently raised its forecast for the spring of 2024, and the global semiconductor market is expected to grow by 16% over the previous year; In 2025, the industry market size is expected to grow by 12.46%.
Ping An Securities said that at present, semiconductor manufacturing is showing signs of improvement, domestic substitution is in full swing, semiconductor equipment companies have abundant orders, and the upward trend of the industry's prosperity has been maintained; In addition, major manufacturers continue to invest in AI terminals, and chips with AI performance continue to innovate, which is expected to drive a new round of replacement demand.
The concept of digitalization of finance and taxation has declined
As of the close, Hongjing Technology and Kechuang Information fell by more than 15%, Pulian Software fell by nearly 10%, and Zero Point Youshu, Jiechuang Intelligence, and Sunline Technology fell by more than 7%.
Kechuang Information said on the investor interactive platform yesterday that the company participated in projects related to the upgrading and transformation of the information platform of the Hunan Provincial Taxation Bureau. At present, the amount of relevant contracts signed by the company is small, which has little impact on the company's operating performance.
Zero Point has recently said that the company has developed a special digital technology platform to empower business management of relevant departments, support work decisions, and improve service satisfaction, but it currently accounts for a small proportion of the company's total revenue. The company reminds investors to guard against concept speculation, invest rationally, and pay attention to investment risks.
Editor-in-charge: Li Dan
Proofreading: Tang Haocheng
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