Yesterday, the last topic was about Haitong's vice president Jiang Chengjun, who was repatriated after fleeing for only one month. Today, I saw more information. He worked as the company's secretary for six years and was promoted to vice president in September last year, in charge of investment banking business.
There were rumors about him being suspected of occupational embezzlement at the beginning of this year. After he found out that he was under border control, he secretly prepared to escape (which is actually another way of saying smuggling out of the country). Because he couldn't get on a plane, his destination for the land route was the neighboring countries in the southwest. His destination was Laos. Usually people go there first, activate their tourist visas, and then find ways to move to other countries.
Jiang Chengjun fled in the last week of July. No one knew about it at first, but he was exposed when he didn't attend a meeting the next week. Laos is not a place that will shelter Chinese fugitives. Once they are targeted, they will cooperate with law enforcement, so he was caught in less than a month.
Today someone asked if it is possible to swim from Fujian to Kinmen? Haha, this is objectively feasible. It is less than 4 kilometers and you can swim across with a basketball. After all, Lin Yifu did the same. But the law enforcement in Kinmen has been very strict in recent years. If you swim across, it is considered illegal immigration. If you are caught, you will be deported directly. They are not interested in taking in fugitives from the mainland.
After this incident, Haitong has now collected the passports of all its senior executives. Now it depends on how many of his old buddies Mr. Jiang will betray.
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A significant change has taken place in Big A’s market today. The banking sector, which has hit record highs this year, finally collapsed. -3% topped the list of declines. Both Industrial and Commercial Bank of China and Agricultural Bank of China fell by more than 4%. A large amount of funds were withdrawn from the banking sector. Outflows, some of them entered the oversold sector to buy bottoms.
Although the Shanghai Composite Index fell by 0.5% today, the market median rose by 1.31%. This kind of trading day is the best for investors. Their accounts have recovered significantly and outperformed the index.
This is the A-share version of "one whale falls, all things grow". The banking sector this year was initially bought up by risk-averse funds. Later, most industries were falling, only banks were rising, so some speculative funds also rushed in to form a group. Once the group of banks collapses, a lot of funds will flow back to the market.
If the banking sector and the dividend sector continue to pull back, it will be beneficial to the overall A-share market. There is a subtle change in sentiment here. The implicit stance of funds buying banks is bearish on China and the broader market, so as long as market sentiment turns optimistic, the banking sector's group-up will most likely end.
Will it happen? It's hard to say, but there are two positive signals today. One is that the RMB exchange rate continues to rise, breaking through 7.1, and has appreciated by nearly 3% in the short term. The other is that the central bank publicly bought 400 billion special government bonds from the market, which can be seen as increasing the money supply in the market.
These two things have nothing to do with A-shares directly, but they are both good news at the macro level. If the market falls tomorrow, just pretend I never said anything.
Another thing worth noting is that the first on the list of gainers today is the long-lost photovoltaic equipment sector, +4.7%. Remember the price increases of Longi and TCL a few days ago? At that time, it felt that the market was warming up. In addition, there was another signal today. Longi and Tongwei both announced that they would postpone the release of their semi-annual reports until August 31. I guess it may be because of the price increase of silicon wafers, and the inventory value may need to be adjusted?
In short, photovoltaics has fallen into such a miserable state, there is no need to be afraid of any ghost stories. Ghosts sighed after seeing the K-line of photovoltaics. Goldman Sachs or Morgan Stanley's research reports have mentioned that among the industries with overcapacity, photovoltaics and lithium mining are the first to turn the corner.
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1. Meituan's net profit in the second quarter was 13.6 billion yuan, and its performance exceeded expectations by 12%. However, foreign institutions' target price for Meituan is only 120-125 Hong Kong dollars, with less than 10% room for upward movement.
2. Nvidia's second quarter revenue was $30 billion, up 122%, higher than the expected $28.8 billion. Its second quarter net profit was $16.6 billion, up 168%, higher than the expected $14.6 billion. In addition to maintaining a quarterly dividend of 1 cent, it also added an additional $50 billion in stock repurchase plans.
A few days ago, I saw news that the A-share repurchase this year has exceeded 100 billion yuan. Now, Nvidia's additional repurchase amount is 3.5 times that of the entire market. This is the difference in liquidity between A-shares and US stocks. US technology companies are not only very profitable, but also really willing to give back to the market. They earn 16.6 billion in a quarter and are willing to repurchase 50 billion. It is a blessing for listed companies here to share 30-40% of their annual profits.
3. SMIC's net profit in the first half of the year was 1.646 billion, down 45% year-on-year. I said before that the Science and Technology Innovation Board was full of rubbish. Some people even used SMIC to refute me. This company has been listed for 4 years, and its stock price has just been cut in half, with an annualized return rate of -10%. What else can it be but rubbish? The Growth Enterprise Market at least had CATL, which rose 20 times after listing and made hundreds of billions of yuan for shareholders. The Science and Technology Innovation Board is full of scumbags from top to bottom.
4. Kuaishou's adjusted profit in the first half of the year was 9.067 billion, an increase of 231%. I think the stock is priced too low. Although the growth rate of Kuaishou's e-commerce has dropped from 50% to 20%, it currently has a PE of only 10 times. This is a direct pricing and will not grow in the future. The liquidity of Hong Kong stocks is really hard to describe.
5. There are several stocks whose interim reports I don’t have time to talk about in detail. Yili’s profit +19.44%, China Gold +28%, Mindray Medical +17.37%, Yanghe +1.08%, COSCO Shipping +1.87%, Bank of China -1.2%.
That's all.
