Pre-market report on A-share market | Multiple industries start capacity reduction; Tesla, Inc. (TSLA.US) delivers above pessimistic expectations, with stock price surging by 5%

Pre-market headlines 1. Multiple industries such as photovoltaics, steel, and cement have initiated capacity reduction, with more anti-internal competition measures expected to be implemented Category: Industry Sentiment impact: Positive With the Central Financial and Economic Committee directly addressing "internal competition", emphasizing the orderly exit of outdated production capacity, a new round of industry anti-internal competition and capacity reduction actions has begun. The photovoltaic, steel, and cement industries have quickly started to reduce production. Different from the supply-side structural reform in 2015, this round of anti-internal competition clearly focuses on promoting the construction of a unified national market as a core task. 2. Tesla stock price rises nearly 5%! In the second quarter, 384,000 vehicles were delivered, exceeding the market's pessimistic expectations of 350,000 vehicles Category: Company Sentiment impact: Positive Tesla closed up 4.97% overnight, with its market value increasing by $48.1 billion. Global deliveries in the second quarter reached 384,122 vehicles, slightly lower than the analyst average forecast of 389,407 vehicles, but better than the pessimistic forecasts circulating in the market last week of 350,000 to 360,000 vehicles. Facing the challenge of continuously declining sales, Musk has personally taken over the company's sales operations in the United States and Europe. 3. China Securities Regulatory Commission: Focus on implementing key measures for the independent opening of the capital market, continuously enhancing the attractiveness of A shares Category: Macro Sentiment impact: Positive Recently, the China Securities Regulatory Commission Party Committee held an expanded meeting to study and deploy specific measures for implementing the capital market. The meeting emphasized focusing on implementing key measures for the independent opening of the capital market, aiming to strengthen the main venue, continuously enhance the attractiveness and competitiveness of the A-share market. Keeping the maintenance of market stability as the top priority of regulatory work, promoting the establishment of a robust routine market stabilization mechanism. 4. This year's 800 billion "two-heavy" construction project list has been fully issued, involving major water conservancy projects and other areas Category: Macro Sentiment impact: Positive The 800 billion yuan "two-heavy" construction project list for this year has been fully issued. In terms of "hard investment," by 2025, a total of 800 billion yuan has been allocated to support 1,459 projects in key areas such as ecological restoration of the Yangtze River basin, major transportation infrastructure along the Yangtze River, the new land-sea passage in the west, high-standard farmland, major water conservancy projects, urban underground pipelines, etc. Investment Calendar - The US June non-farm employment data will be released today Investment Tips Investment Tip: When stock returns are close to bond returns, the market is about to experience a significant decline. [US] Jeremy Siegel's "Stock Market Long-term Magic" Institutional Views 1. Galaxy Securities: The mid-term upward trend of A shares has not changed, and it is necessary to observe changes in market sentiment, the semi-annual report is an important logical chain. 2. Industrial: In July, the high-win rate direction is mainly concentrated in the manufacturing sector, as well as resources such as steel, chemical industry, and non-ferrous metals. 3. Orient: In addition to active themes supported by policies, the technology track is worth paying attention to, and there may be profit opportunities in July. Positive and Negative Outlook 1. American eVTOL company completes test flight in Dubai, commercial operation of flying taxis to start next year Category: Market discussion Guosen: The low-altitude economy chain pattern is beginning to emerge, with huge potential in the domestic market. Calculations show that mid-term existing domestic tourism sightseeing scenarios and commuting scenarios could bring demand for 24,000 and 85,000 eVTOLs respectively, with the total sales market size exceeding 250 billion. 2. Boosting the real estate market again! Guangzhou plans to introduce a "commercial to public loan" policy to reduce interest burdens Category: Policy focus Guosen Securities: New home transaction area increased month-on-month, optimization of public accumulation fund policies in many places, it is expected that subsequent policies for the real estate sector will remain positive and moderate. More positive fiscal and monetary policies are expected to be introduced, maintaining a "positive" rating for the real estate industry. 3. Hubei Province's humanoid Siasun Robot&Automation industry investment fund has been established, with a total size of 10 billion yuan Category: Market discussion Zheshang Securities: The trend of the humanoid Siasun Robot&Automation industry has emerged, mass production is approaching, and the industry is expected to transition from the industrial formation period to the industry expansion period. The humanoid Siasun Robot&Automation industry, as a pearl in the high-end manufacturing growth sector, may usher in sector-wide investment opportunities by 2025. Announcements Positive announcements: 1. Kweichow Moutai: As of the end of June, 3.3821 million shares have been repurchased, with a total fund amount of 5.202 billion yuan. 2. Chongqing Zonsen Power Machinery: It is expected that the net profit for the first half of the year will be between 479 million and 564 million yuan, a year-on-year increase of 70% to 100%. 3. Ningbo Menovo Pharmaceutical: It is expected that the net profit for the first half of the year will be between 46 million and 52 million yuan, a year-on-year increase of 142.84% to 174.52%. Negative announcements: 1. Chengbang EcoEnvironment: The subsidiary, Xincun Electronics, has a small business scale at present. 2. Hunan Kaimeite Gases: The current operation is normal, and there are no major undisclosed matters that should be disclosed. 3. New Hope Liuhe: Independent director Peng Long is under disciplinary review and supervision investigation. Overseas Markets Self-selected Guru Tip: The market is focused on trade tensions and economic data, with the three major US stock indexes moving unevenly. S&P and Nasdaq hit new highs again, with most large tech stocks rising and Tesla surging nearly 5%. Popular Chinese concept stocks showed mixed ups and downs.