Market Overview
On July 26, 2024, the three major indexes rose collectively, of which the Shanghai Composite Index rose 0.14% to close at 2,890.90 points, down 2.47% for the week; The Shenzhen Component Index rose 1.45% to close at 8,597.17 points, down 3.07% for the week; The ChiNext index rose 0.92% to close at 1,659.53 points, down 3.73% for the week. Today's turnover of the two markets was 606.1 billion, an increase of 17.4 billion from the previous trading day.
Disc observation
In terms of indexes, the Shanghai Composite Index rose 0.14% to end a four-day losing streak. Most of the core broad-based indices rose, and the Shenzhen Stock Exchange dividend rose more than 2%; The dividend index, SSE 50 and FTSE China A50 fell.
In terms of plates, home appliances, automobile dismantling concepts, commercial aerospace, automobiles and other sectors were among the top gainers, while banks, photovoltaic equipment, ST and other sectors were among the top decliners. More than 4,400 stocks in the whole market rose and performed well.
From the perspective of the industry, household appliances, national defense and military industry, automobiles and other sectors rose, while non-ferrous metals, communications, coal and other sectors fell.
In terms of conceptual themes, sectors such as white goods, large aircraft, and air energy heat pumps rose, while sectors such as banking, insurance, and green electricity fell.
Hot Sector - Household Appliances
Today, the household appliances sector rose 5.8%. Founder Securities: This round of trade-in of household appliances may have a strong pull on the consumption of household appliances. Assuming that the current round of trade-in financial support for household appliances is about 300-40 billion yuan, it is estimated that the terminal retail sales of about 220-300 billion yuan will be leveraged according to the second-level energy efficiency subsidy of 15% and the central government subsidy of 90%. According to the 20% first-level energy efficiency subsidy, the central subsidy is estimated to be 90%, and about 165 billion to 220 billion yuan of terminal retail sales will be leveraged. As the home appliance category is more rigid and the unit price is low, we believe that the trade-in demand for the home appliance category may be stronger. In addition, we believe that the current round of trade-in policy is a goal-oriented policy to stimulate domestic demand, and the policy may be adjusted according to the completion of the target, so we can be more optimistic about the comprehensive effect of this round of policy and potential supplementary policies. In the category of household appliances, white appliances, kitchen appliances and black appliances have benefited from this financial subsidy. In terms of the willingness to replace categories, we have calculated that the scrapping and replacement rate of air ice washing in 2023 will be more than half, and consumers will have a strong willingness to replace it, or the stimulation effect will be better when it lands. In addition, companies with a higher proportion of domestic sales revenue are more resilient.
(The above does not constitute a recommendation of individual stocks)
Hot information
◆ [The Ministry of Finance and other four departments issued the "Special Guarantee Plan for Supporting Scientific and Technological Innovation"] On July 26, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the State Administration of Financial Supervision issued the "Special Guarantee Plan for Supporting Scientific and Technological Innovation". Small and medium-sized enterprises that meet the basic conditions and meet one of the following conditions can be used as policy support objects, which are selected by banks and government financing guarantee institutions in accordance with the principle of marketization:1. According to the notice of the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation on printing and distributing the "Evaluation Measures for Small and Medium-sized Science and Technology Enterprises" (Guo Ke Fa Zheng [2017] No. 115), small and medium-sized science and technology enterprises that have been included in the "National Information Database of Small and Medium-sized Science and Technology Enterprises" and are in the existence period; 2. According to the Notice of the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation on Revising and Printing the Administrative Measures for the Identification of High-tech Enterprises (Guo Ke Fa Huo [2016] No. 32), high-tech small and medium-sized enterprises identified by relevant provincial management departments and within the duration of the period; 3. According to the Notice of the Ministry of Industry and Information Technology on Printing and Distributing the Interim Measures for the Management of Gradient Cultivation of High-quality Small and Medium-sized Enterprises (Ministry of Industry and Information Technology Enterprise [2022] No. 63), the "little giant" enterprises, specialized and special new small and medium-sized enterprises, and innovative small and medium-sized enterprises announced by the provincial competent department for small and medium-sized enterprises during the duration of the existence; 4. Small and medium-sized enterprises that are undertaking national science and technology projects and small and medium-sized enterprises whose project acceptance is in the transformation and application period of achievements; 5. Relying on the "innovation point system", the Ministry of Science and Technology and the Ministry of Industry and Information Technology will screen the candidate enterprises from the start-up and growth stage of technology-based small and medium-sized enterprises. The basic conditions for small and medium-sized enterprises are: industrial and commercial registration in the territory of the People's Republic of China and independent legal personality; Meet the recognition standards of the Notice of the Ministry of Industry and Information Technology, the National Bureau of Statistics, the National Development and Reform Commission and the Ministry of Finance on Printing and Distributing the Provisions on the Classification Standards for Small and Medium-sized Enterprises (Ministry of Industry and Information Technology [2011] No. 300); have not been included in the list of abnormal business operations or the list of untrustworthy entities; The products (services) provided do not belong to the category of national prohibition, restriction or elimination; In the past three years, there have been no major safety (including network security, data security), quality, environmental pollution and other accidents, as well as tax evasion and other violations of laws and regulations.
◆ [Ministry of Industry and Information Technology: Focus on intelligent networked vehicles, humanoid robots, low-altitude economy, commercial aerospace and other fields to accelerate the development of new quality productivity] Finance Associated Press on July 26, the national competent departments of industry and information technology responsible comrades symposium held in Beijing on July 26. The meeting stressed that doing a good job in the second half of the year is very important to achieve the goals and tasks of the whole year. It is necessary to make every effort to promote the steady growth of the industrial economy, continue to give play to the leading role of key industries and key regions, actively expand domestic demand, focus on stabilizing the export of industrial products, and strengthen the monitoring and dispatch of industrial economic operations. It is necessary to do a good job in the implementation of high-quality development actions in key industrial chains, strengthen overall scheduling, innovation and breakthroughs, application promotion, and collaborative support to ensure the completion of goals and tasks. It is necessary to focus on improving the ability of industrial scientific and technological innovation, strengthen the research of key core technologies, accelerate the cultivation of innovative enterprises, strengthen the layout of innovation platforms, better play the role of various parks, and strengthen the support of scientific and technological innovation services. It is necessary to solidly promote the digital transformation of the manufacturing industry, carry out the digital transformation of the manufacturing industry, the special action of artificial intelligence to empower new industrialization, accelerate the large-scale application of the industrial Internet, and build China's open source system with high quality. It is necessary to accelerate the cultivation of new pillars and new tracks, seize the opportunity of a new round of scientific and technological revolution and industrial transformation, and focus on intelligent networked vehicles, new materials, biomanufacturing, hydrogen energy, humanoid robots, metaverse, brain-computer interface, quantum information, low-altitude economy, commercial aerospace and other fields, and accelerate the development of new quality productivity. It is necessary to promote the high-quality development of small and medium-sized enterprises, further improve the system of policies and regulations, gradient cultivation system, and high-quality and efficient service system, improve the long-term mechanism for preventing and resolving arrears of small and medium-sized enterprises, and stabilize the development expectations and confidence of small and medium-sized enterprises. It is necessary to promote the green and low-carbon development of industry, study and formulate green and low-carbon development policies for the manufacturing industry, improve the "double carbon" work system, and deepen the recycling of resources. It is necessary to promote the high-quality development of the information and communication industry, consolidate and enhance the competitive advantage and leading position of the information and communication industry, strengthen the construction and application of new information infrastructure, deepen the regulatory reform of the information and communication industry, and strengthen the ability to ensure network and data security.
◆ [Quantitative private placement has been confirmed: high-frequency trading fees may be increased by 9 times to 1 yuan per transaction] Finance Associated Press, July 26, it was reported today that the regulator drafted a high-frequency trading transaction fee from the current 0.1 yuan to 1 yuan per transaction. In this regard, the reporter of the Financial Associated Press learned from the industry that there are indeed quantitative private placements that have received instructions, and the traffic fee that meets the standard of high-frequency trading has been increased by 9 times, that is, from the original rate of 0.1 yuan per commission to 1 yuan. Some quantitative private placements said that this fee is calculated by the exchange, issued to the brokerage on a monthly basis, and then charged by the brokerage to the customer every quarter. At present, there are quantitative private placements that have deployed and controlled relevant risk control parameters in advance. Another quantitative private equity trader said that if the handling fee exceeds 5 times, the current strategy will not be exceeded, so as to achieve the purpose of limiting high-frequency quantification. As early as July 12 this year, the market has been circulating in the market with high-frequency quantitative related charging standards, including "the bilateral turnover rate is < 4 times per month, and the cancellation rate is < 40%, the traffic fee is 1 yuan per commission (excluding cancellation), and the cancellation fee is 5 yuan per transaction". At that time, quantitative private placements also participated in meetings related to soliciting opinions.
◆ [National Development and Reform Commission: No longer put forward requirements for the future rate of return of REITs projects, more left to the market to judge and make decisions independently] Finance Associated Press on July 26, the responsible comrade of the Investment Department of the National Development and Reform Commission answered reporters' questions on the "Notice on Comprehensively Promoting the Normalized Issuance of Real Estate Investment Trusts (REITs) Projects in the Infrastructure Sector". Further focus on the key points, clarify the review content and gatekeeping standards. Since the four-year pilot, the understanding of infrastructure REITs has been deepened, investors have been able to independently judge the value of REITs products, and project sponsors (original equity holders) and fund managers have become more familiar with the project recommendation and issuance procedures. Therefore, the "Notice" adheres to the spirit of marketization and rule of law, focuses on the recommended key points such as macro policy compliance, investment management compliance, and the use of recovered funds, improves project declaration requirements, and ensures that there is evidence to follow and rules to follow. In the stage of normalized issuance, the National Development and Reform Commission no longer puts forward requirements for the future rate of return of the project, and leaves it more to the market to judge and make decisions independently; There are no longer any requirements for the transfer of state-owned assets and other transfer matters that have been clearly stipulated in laws and regulations, and the enterprises will handle them on their own in accordance with laws and regulations.
◆ [State-owned Assets Supervision and Administration Commission: will accelerate the promotion of the development of the artificial intelligence industry with application demonstration and orderly promote the construction of intelligent computing centers and computing power scheduling and operation platforms] Finance Associated Press, July 26, Fang Lei, head of the Science and Technology Innovation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council, said at a press conference of the State Council Information Office on the 26th that in the next step, the State-owned Assets Supervision and Administration Commission of the State Council will accelerate the development of the artificial intelligence industry with application demonstration. The transformer of application scenarios and the cultivator of industrial ecology. The first is to dig deep into high-value scenarios and fully open them, carry out collaborative cooperation between supply and demand, and form a number of industry application demonstration benchmarks. The second is to explore the standard system and construction path of high-quality datasets, and build high-quality datasets for key industries in batches. The third is to promote the construction of intelligent computing centers and computing power scheduling and operation platforms in an orderly manner, strengthen the supply of intelligent computing capabilities, and better serve small and medium-sized enterprises. Fourth, we should focus on the frontier to improve the ability of basic large models, improve the evaluation system of large models, explore the establishment of a number of industrial development communities, and accelerate the promotion of external empowerment.
◆ [Ministry of Finance: In June, a total of 55.937 billion yuan of lottery tickets were sold nationwide, an increase of 14.8% year-on-year] Finance Associated Press on July 26, the Ministry of Finance released data, in June, a total of 55.937 billion yuan of lottery tickets were sold nationwide, an increase of 7.209 billion yuan year-on-year, an increase of 14.8%. Among them, the sales of welfare lottery institutions were 18.000 billion yuan, a year-on-year decrease of 35 million yuan, a decrease of 0.2%; Sports lottery agency sales of 37.937 billion yuan, an increase of 7.245 billion yuan year-on-year, an increase of 23.6%. The main reason for the growth of national lottery sales is,Affected by factors such as the European Cup,Lottery sales are growing rapidly.
◆ [State-owned Assets Supervision and Administration Commission: All-round practice of the new national system in the field of long research and development cycle, large investment in tackling key problems, and weak willingness of other ownership enterprises to participate] Finance Associated Press, July 26, Wang Hongzhi, deputy director of the State-owned Assets Supervision and Administration Commission of the State Council, said at the press conference of the State Council Information Office on the 26th that in the next step, we will fully implement the spirit of the Third Plenary Session and the spirit of the National Science and Technology Conference, to build the "three highlands" as the starting point, concentrate superior resources, and promote the central enterprises to play the main position in the development of new quality productivity, the role of the main force.
◆ [State-owned Assets Supervision and Administration Commission: In the next five years, central enterprises are expected to arrange a total investment of more than 3 trillion yuan in large-scale equipment renovation] Finance Associated Press on July 26, Liu Shaowei, head of the Financial Supervision and Operation Evaluation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council, said at a press conference today that the next step will be to adhere to the principle of being able to give and should be given, increase policy support for investors, and guide central enterprises to focus on the direction of a new round of technological revolution and industrial transformation, and play an exemplary and leading role in this round of large-scale equipment renewal. In the next five years, the central enterprises are expected to arrange large-scale equipment renovation with a total investment of more than 3 trillion yuan. At the same time, we require the central enterprises to treat all kinds of enterprises equally when purchasing equipment, insist on buying the best technical level and the most cost-effective equipment, so that the equipment suppliers with excellent quality and price stand out.
◆ [State-owned Assets Supervision and Administration Commission: Increase investment in scientific and technological innovation and accelerate the breakthrough of "stuck neck" technical bottlenecks in key areas] Finance Associated Press, July 26 -- Liu Shaowei, head of the Financial Supervision and Operation Evaluation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council, said at a press conference of the State Council Information Office today that in the second half of the year, in the face of the complex external environment, we will focus on the development of new quality productivity, and vigorously promote the central enterprises to better achieve high-quality development through the control of "three increases", "three new investments" and "three boundaries". The "three increases" mainly refer to taking the lead in increasing the production and supply of coal, electricity, oil transportation and important basic products to ensure "supply increase"; It is necessary to carry out in-depth operation efficiency, management efficiency, reform and efficiency improvement to ensure "efficiency increase"; It is necessary to take the initiative to serve the national strategy to drive the common development of the upstream and downstream industrial chains and ensure the "increase in investment". The "three new investments" mainly refer to increasing investment in scientific and technological innovation and accelerating the breakthrough of "stuck neck" technical bottlenecks in key areas; It is necessary to increase investment in industrial renewal and accelerate the layout of new tracks and new industries; It is necessary to increase investment in equipment renewal and accelerate the transformation and upgrading of traditional industries. The "three boundaries" control mainly refers to strictly abiding by the financial boundary, strictly controlling the excessive growth of the debt scale, relying on the treasury system to strengthen real-time penetration and intelligent supervision, and resolutely maintaining the bottom line of no major risks; It is necessary to strictly abide by the business boundary, strictly control the irrelevant excessive diversified operation, and concentrate superior resources to optimize the main business and strengthen the industry; It is necessary to strictly abide by the boundaries of enterprises, strictly control the disorderly expansion of multi-layer structures, vigorously compress the management level, reduce the equity level, reduce the number of legal persons, and plug the management loopholes.
◆[Foreign Ministry: Foreign Minister Wang Yi will meet with United States Secretary of State Blinken in Laos by appointment] Cailian News Agency, July 26, Foreign Ministry spokesperson Mao Ning held a regular press conference on July 26. A reporter at the meeting asked: Can you confirm that Foreign Minister Wang Yi will meet with United States Secretary of State Blinken in Laos? What topics will they discuss? Mao Ning said that Foreign Minister Wang Yi will meet with United States Secretary of State Blinken in Laos by appointment, but the specific time of the meeting, including the situation of the meeting, we will release news in a timely manner, you can keep an eye on it. It is believed that they will exchange views on issues of common interest.
Risk Warning
This material is only service information, not as a recommendation of individual stocks, does not constitute any substantive advice or commitment to investors, nor does it serve as any legal document. Past performance of the market or related products is not indicative of the future. Before investing in a fund, investors should carefully read the fund's "Fund Contract", "Prospectus" and "Product Key Facts Statement" and other fund legal documents, fully understand the risk-return characteristics and product characteristics of the fund, and fully consider their own risk tolerance according to their own investment objectives, investment period, investment experience, asset status and other factors, and make rational judgment and prudent investment decisions on the basis of understanding the product situation and sales suitability opinions, and independently bear the investment risk. The market is risky and investors should be cautious.
Source: wind, iFind, SSE, SZSE, various news media, July 26, 2024
Source: Official media/online news