Pre-market report on A-shares | 2.8 trillion! The world's largest open-source model is here, with four major media outlets speaking out against the theory of IPO bloodletting.

Pre-market News 1. The world's largest open-source model is here! The dark side of the moon releases the Kimi K3 with 28 trillion parameters Type: Industry Sentiment Impact: Positive The dark side of the moon officially releases the new generation open-source basic model Kimi K3. Reports indicate that this is currently the largest open-source model in the world, marking a new step in the development of AI models in China. Industry insiders believe that with Chinese AI companies like the dark side of the moon releasing high-performance open-source models, while top American companies still adhere to closed model routes, the global AI competition is shifting from "who has the strongest model" to "who has the largest developer ecosystem." 2. Does the Longxin IPO have a "bloodletting effect"? Four authoritative media speak out: false proposition, market liquidity remains ample Type: Market Sentiment Impact: Positive Recently, Longxin Technology's IPO has received high market attention, with some voices concerned about whether "such a large fundraising scale and expected volume after listing will affect the secondary market." Four authoritative media, including Shanghai Securities News, collectively spoke out, with experts saying that this is a false proposition, current market liquidity is ample, and only after the notice of lottery results needs to pay the subscription funds, there is no issue of freezing a large amount of funds raised, and the source of funds can be incremental investor funds. 3. Amid the market downturn, multiple stocks release positive performance! Leading players include Moor Threads, Hygon Information Technology Type: Company Sentiment Impact: Positive On the evening of July 16, several companies released announcements. Moor Threads expects a year-on-year increase in operating income of 135.12%-149.37% in the first half of the year and stated that there is strong market demand for full-function GPUs. Hygon Information Technology expects a net profit of 1.7 billion to 1.83 billion yuan in the first half of 2026, a year-on-year increase of 41.5%-52.32%; in addition to positive performance, Verisilicon Microelectronics (Shanghai) Co., Ltd. signed new orders worth 6.413 billion yuan from April 30 to July 16, with AI computing-related orders accounting for over 90%. 4. The first batch of 18 active ETFs officially submitted, including Morgan, Huatai Bohai, and others Type: Market Sentiment Impact: Positive The first batch of active ETF pilots has been confirmed by 18 fund managers, including Morgan, Huatai Bohai, E Fund, Southern Fund, Huaxia Fund, and Rich Countries, among others. Just one month after the release of supporting business guidelines by the Shenzhen and Shanghai Stock Exchanges, this innovative product will enter the formal application and registration stage. The onshore ETF market is about to usher in an "active era." Experts point out that active ETFs further enrich tools for different types of investors' asset allocation needs and provide diversified tools for capital market allocation over the medium and long term. Investment Calendar State Council press conference Investment Tips Investment Tips: Stocks will never be too high to start buying or too low to start selling. - Andr Kostolany Institutional Views 1. GF SEC: The correction process in the high-tech track has not yet ended, and it will take time for market sentiment to completely stabilize. 2. Founder: Later stabilization and continuation of structural bull markets are likely events, with a focus on individual stocks more than index. 3. Orient: The A-share market is switching to money rebalancing and performance validation driven, attention is needed for the sustainability of the switch. Positive and Negative Prospects 1. The 2026 World Artificial Intelligence Conference kicks off today, Siasun Robot & Automation deploys a large-scale exhibition for the first time Type: Institutional commentary Minsheng Securities: The Siasun Robot & Automation industry is entering a stage of "accelerating large-scale manufacturing, continuous expansion of scenarios, and upgrading of embodied intelligence." The pace of mass production of complete machines continues to accelerate, with capital continuously increasing the core capabilities of embodied intelligence, and the commercialization path becoming clearer. 2. "Kung Fu Women's Soccer" and "Eight Immortals!" are popular, the summer box office continues to heat up Type: Market discussion Wanlian Securities: The overall box office elasticity of the summer season is sufficient, benefiting those with top heavyweight films in distribution and production, while cinema chains benefit from the market rebound, and screen output is expected to continue to recover. 3. Demand growth combined with tight supply, prices of various rare earth varieties have risen Type: Market discussion CITIC SEC: On the supply side, there has been a significant reduction in imports and recycling, and domestic rare earth management policies have become stricter, leading to a continuous tight supply in the rare earth industry. On the demand side, export orders have shown strong growth. From 2026 onwards, global rare earth prices have long-term support. Announcements Flash Slightly positive announcements 1. Moor Threads: Expects operating income of 1.65 billion to 1.75 billion yuan in the first half of the year, a year-on-year increase of 135.12%-149.37% 2. OKE Precision Cutting Tools: Expects a net profit of 360 million to 420 million yuan in the first half of the year, a year-on-year increase of 46339%-54062% 3. Verisilicon Microelectronics (Shanghai) Co., Ltd.: New signed orders from April 30 to July 16 further increased to 6.4 billion yuan Slightly negative announcements 1. Beijing Trust&far Technology: The controller is sued for divorce, requesting a divorce and property division 2. Sanjiang Shopping Club: Alibaba ze Tai reduces its stake in the company by 2% 3. OKAY: Multiple shareholders plan to reduce their holdings Overseas Markets Selected Brother's reminder: The three major U.S. stock indices collectively closed lower on Thursday, with the Dow down 0.2%, the Nasdaq down 1.47%; the storage and optical communication sectors led the decline, SK Hynix fell over 13%, SanDisk fell over 12%, Corning fell over 9%; the Nasdaq Golden Dragon China index rose 1.79%, Bilibili rose nearly 4%, Baidu rose over 1%. This article is reprinted from "Tencent Self-selected Stocks", GMTEight Editor: Feng Qiuyi.