Pre-market report on A-shares | Will multiple A-shares be delisted or receive the ST status? CSRC responds.

Investment Calendar Diamond Material Technology Conference Opens Today Editor's Point of View Yesterday, the market was extremely differentiated, with funds focusing on banks, central special valuation, and microcap stocks plummeting; Haitong believes that in the current stage of market volatility, attention should be paid to dividends. Pre-market News 1. Central and State Offices: Steadily promote reforms in natural monopoly links in the field of transportation Type: Industry Sentiment Impact: Positive On December 23, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued opinions on accelerating the construction of a unified and open transportation market. The opinions propose to steadily promote reforms in the natural monopoly links in the transportation sector, encouraging and guiding social capital to participate in railway construction and operation in accordance with laws and regulations. 2. Reports circulating online about 36 companies facing delisting, multiple A-share companies to be ST? The latest response from the CSRC Type: Company Sentiment Impact: Positive CSRC spokesperson Wang Li stated on the evening of the 23rd that the 66 companies mentioned in media reports as possibly facing *ST implementation after the disclosure of the 2024 annual report does not necessarily mean they will all be delisted. Irresponsible and seriously misleading media will be held accountable by relevant departments in accordance with laws and regulations. 3. U.S. initiates a 301 investigation into China's chip industry-related policies, Ministry of Commerce responds Type: Industry Sentiment Impact: Negative On December 23, the Office of the U.S. Trade Representative announced a 301 investigation into China's chip industry-related policies. The Ministry of Commerce responded by stating that the U.S. 301 investigation has obvious unilateral and protectionist characteristics. China will take all necessary measures to vigorously defend its own rights. 4. Guangdong: Strictly control coal consumption, strengthen steel production capacity and output control Type: Industry Sentiment Impact: Positive The People's Government of Guangdong Province issued a notice on the "Guangdong Province 2024-2025 Energy Conservation and Carbon Reduction Action Plan." It mentioned strict and reasonable control of coal consumption, increase in the proportion of electricity coal consumption. Additionally, strict implementation of steel production capacity replacement, and legal restrictions and elimination of outdated production capacity. Institutional Perspectives 1. Haitong: Attention should be paid to dividends in the midst of market volatility, with the midterm focus on technology manufacturing and high-end manufacturing. 2. Huaxi: Insurance funds etc. are expected to become important sources of incremental funds in the future, and new quality cattle themes are expected to be repeatedly interpreted. 3. Huaan: High dividend assets are expected to have good value before the Spring Festival, with a focus on coal, banks, petrochemicals, etc. Prospects for Favorable and Unfavorable Factors 1. Central and State Offices: Deepen the reform of low-altitude airspace management and develop general aviation and low-altitude economy Type: Market Hot Topic Hualong Securities: In the near term, there is continuous catalysis in low-altitude economy, with local governments actively promoting the development of the low-altitude economy industry. The opening process of low-altitude airspace is expected to accelerate, and local leading companies in air traffic control, airspace big data, etc. are expected to perform well. 2. Breakthrough in Domestic DDR5, institutions optimistic about the acceleration of the rise of domestic DRAM Type: Market Hot Topic Minsheng Securities: Domestic memory manufacturers Jindada and Guangwei successively launched DDR5 memory products based on domestic particles on e-commerce platforms. The breakthrough in domestic DDR5, the interface chip leader is expected to benefit. In addition, AI hardware drives the demand for edge computing power, and a new form of niche DRAM is emerging. 3. WeChat may create new channels and new play methods for gifting, institutions believe that domestic pet food brands may benefit again Type: Institutional Hot Review Huatai: The promotion of gifting on WeChat may assist in expanding new channels for pet brands, with pet companies that have strong marketing capabilities and brand power expected to benefit more. Mid-to-high-end brands may achieve higher growth rates due to the gifting scenario. Announcement Express Slightly positive announcements 1. China Energy Engineering Corporation: Subsidiary consortium wins bid for 6.929 billion ultra-supercritical coal-fired power generator replacement and expansion project 2. Zhejiang Aokang Shoes: Planning to purchase Union & Storage equity, trading will be suspended starting December 24 3. Shenzhen Highpower Technology: Raises the upper limit of the repurchase share price to 77.56 yuan/share Slightly negative announcements 1. Chengzhi Co., Ltd: Shareholder Jinxin Zhuohua plans to reduce no more than 3% of the company's shares 2. China Zheshang Bank: Shareholder SDITC plans to sell no more than 1% of the company's shares through block trades 3. Meihua Holdings Group: The Company and its subsidiaries have been listed as dishonest persons who are subject to enforcement Overseas Markets Trading in U.S. stocks was relatively light on the eve of Christmas, with Broadcom rising 5.5% leading the surge in chip stocks, and overnight the three major U.S. indexes closed higher. Many popular Chinese concept stocks rose, with Alibaba and Baidu both up over 3%. This article is reprinted from "Tencent Stock Selection," GMTEight Editor: Xu Wenqiang.