A-share evening hotspots | What signal? Why do dozens of companies issue warnings in succession in the evening?

1. Why did dozens of companies issue risk warnings for several consecutive nights, collectively "pouring cold water"? On the evening of July 1, multiple stocks once again issued a concentrated release of risk alert announcements. It is important to note that, recently, A-share companies have set off a wave of concentrated risk warnings. As the law repeatedly verified by history: after each extreme clustering, there is always a brutal regression to the mean. These concentrated risk warnings may be a warning signal from listed companies to the overheated market. Experts have indicated that investors need to be vigilant about the "three no" signals of related companies, namely, lack of core technology iteration, lack of scale orders, and lack of cash flow support, in order to avoid falling into the trap of speculative concepts. From a medium to long-term perspective, industry valuations will gradually shift from "narrative-driven" to "performance-verification" logic, and enterprises that truly possess technological barriers and order conversion capabilities will receive valuation premiums. 2. New forces turn in their achievements in the first half of the year: Lixiang delivered over 90,000 vehicles in a single month, setting a new record On July 1, new energy vehicle startups released their June delivery performance reports. Among them, LEAPMOTOR continued to lead, setting another new record for monthly deliveries; NIO, XPeng Motors achieved year-on-year growth in deliveries, setting new stage records; while Li Auto's delivery volume declined on a month-on-month basis. 3. "Mini non-farm" data lower than expected Private sector employment growth in the United States slowed in June, but continued to increase for the 12th consecutive month, indicating that the cooling of the labor market has not yet developed into a significant slowdown. Data released by ADP Research on Wednesday showed an increase of 98,000 jobs in the private sector in June, lower than the expected 119,000 jobs by economists, with the previous month showing an increase of 122,000 jobs. Despite the lower than expected increase, the data still supports the assessment that the labor market is stabilizing this year. If the government's employment report on Thursday confirms this trend, the market may further bet on the Federal Reserve's interest rate hike this year to curb inflation. 4. Next Monday, A-shares will bid farewell to the 5% daily limit Starting from July 6, the daily fluctuation limit of A-share mainboard risk warning stocks will be adjusted to 10%. It is understood that this revision of the trading rules will have limited impact on investors' trading operations; however, investors still need to pay attention to changes in trading rules in a timely manner and participate in trading rationally. This includes: adjusting fund end-of-day trading habits, becoming familiar with the newly added after-hours fixed price trading methods, and exercising caution when trading mainboard risk warning stocks. 5. Asset Management Association of China "investigates" top quant private equity firms involving content such as homogeneous trading In June, the Asset Management Association of China organized a symposium for some top quant private equity firms to exchange information on the basic situation and operational status of quantitative managers, main strategy characteristics and iterative direction, compliance business development, industry risk situation, and other aspects. Quantitative private equity insiders revealed that the symposium not only covered the current scale and changes of top quant private equity firms and basic information such as investment research and trading personnel scale and configuration in the past year, but also focused on the latest changes in several quantitative private equity firms this year. For example, various quantitative private equity firms' judgment of the upper limit of the main strategy's capacity, measures to differentiate against factor homogeneity, etc. In terms of risk, the symposium also covered the use of DMA or yield swaps and leverage tools, leverage multiples, risk control mechanisms of various private equity firms under extreme market conditions, and liquidity risks caused by homogeneous trading. 6. "Big Short" voices heard again: continuing to short AI and semiconductors Michael Burry, the prototype of the movie "The Big Short" and a well-known hedge fund manager, once again expressed his bearish views on the AI and semiconductor sectors in an article published on SubStack on Tuesday. Burry announced that he had established new short positions on NVIDIA, Applied Materials, Tesla, and the iShares Semiconductor ETF. With AI and semiconductor valuations pulling back and significant outflows of funds, the market's divergence on the future trends of the technology sector continues to intensify. The bearish camp, led by Burry, remains steadfastly bearish, believing that the AI bubble has already formed and that the high valuation market cannot sustain itself. However, many institutions do not agree with the pessimistic conclusion of a "bubble burst" and maintain an optimistic outlook on the long-term trends of the technology sector, believing that the current fluctuations are part of a normal market adjustment and sector rotation. 7. South Korean PCB substrate manufacturers: Samsung and SK Hynix plan to request price reductions in the second half of the year The South Korean semiconductor substrate industry is facing new profit pressures. An Youngwoo, Secretary-General of the Korea Printed Circuit Board and Semiconductor Packaging Industry Association (KPCA), stated that many substrate manufacturers currently in negotiations have received requests from customers to reduce delivery prices in the second half of the year. If the price reductions are implemented, the increases in the first quarter may be completely offset. Industry insiders are concerned that this move will put substrate manufacturers in a "double dilemma" - with raw material costs still high, delivery prices facing downward pressure, and profit margins being squeezed at both ends. If this situation persists, it may restrict capital expenditures in the substrate industry and investment in next-generation technology development, thereby affecting overall competitiveness. 8. Tungsten Mine news! Two major mining giants' joint venture company suspends production Against the backdrop of high tungsten prices, two major mining giants' joint venture companies have announced production suspensions. On July 1, Xiamen Tungsten announced that its subsidiary, Luoyang Yulu Mining Company, has essentially suspended production due to CMOC Group Limited ceasing to provide tailings. The impact of this production suspension on the company's performance is currently unpredictable, and the company has formed a special working group, including management, to negotiate. Regarding this supply suspension, a representative of CMOC Group Limited replied on July 1 that this action is in response to national requirements for the compliant management of tungsten mines, and that the shareholders of Luoyang Yulu Company have not yet reached a consensus on the handling plan, and this measure is taken to ensure compliance with production operations. GMTEight edited this content, originally reprinted from "Tencent Self-selecting Stocks" by Jiang Yuanhua.