Evening hot topics in A shares | Operating scale at a record high! The central bank will conduct a 1.4 trillion yuan buy-back reverse repurchase, what signal does this send?

1. The central bank takes action! 1.4 trillion yuan of repurchase agreements On July 14th, the People's Bank of China announced that it will conduct a 6-month repurchase operation with a fixed quantity and interest rate through a multiple price bid on the 15th, with a total amount of 1.4 trillion yuan. This operation will set a new record for the single operation scale of this tool since its introduction. Given that there is 900 billion yuan of maturity volume for this term variety in the current month, this operation will achieve an additional amount, net injecting 500 billion yuan, marking the first increase since February this year for this term variety. "The tax period in July is earlier, and the funds overall show a marginal tightening trend. From the perspective of the central bank's operations, the open market operations have shifted to net injection in the past two days, and the 6-month repurchase agreement has seen a significant net injection of 500 billion yuan from last month's equal continuation." CITIC SEC Chief Economist Ming Ming said, "On the one hand, this can hedge recent liquidity fluctuations, and on the other hand, it can also stabilize market confidence." 2. US CPI in June increased by 3.5% year-on-year, interest rate hike expectations plummet In June, the US Consumer Price Index (CPI) increased by 3.5% year-on-year, compared to an estimated increase of 3.8% and a previous increase of 4.2%. The US CPI in June decreased by 0.4% month-on-month, compared to an estimated decrease of 0.1% and a previous increase of 0.5%. The US core CPI in June increased by 2.6% year-on-year, compared to an estimated increase of 2.8% and a previous increase of 2.9%. After the release of the US inflation data in June, US short-term interest rate futures jumped significantly, and traders significantly cut back their bets on a rate hike by the Federal Reserve. In the market, US stock index futures collectively jumped, while spot gold, silver, etc., also rose. 3. Changxin Technology: Issuance price is 8.66 yuan per share, online and offline subscription on July 16 Changxin Technology announced that the company will issue shares for the first time and list on the Sci-Tech Board, with an issuance price of 8.66 yuan per share. Investors are advised to subscribe online and offline at this price on July 16, 2026 (T day). There is no need to pay the subscription funds when subscribing. The offline subscription time is from 9:30 to 15:00, and the online subscription time is from 9:30 to 11:30 and from 13:00 to 15:00. The initial number of shares issued this time is 6688.808 million shares, accounting for approximately 10.00% of the total issued share capital after the issuance, and granting CICC the oversubscription right of up to 15.00% of the initial shares issued. The diluted post-tax P/E ratio corresponding to the issue price is 308.92 times in 2025 (without the exercise of the oversubscription right), higher than the industry average P/E ratio of 76.32 times and the average P/E ratio of comparable companies of 134.62 times. The total estimated fundraising amount is approximately 57.919 billion yuan (before the exercise of the oversubscription right), with a net amount of approximately 57.638 billion yuan after deducting the issuance expenses. 4. CSRC formally accepts CICC's "three-in-one" restructuring for new progress On July 14th, CICC, Dongxing, and Cinda, three securities firms, issued announcements together: the application documents for the major asset restructuring have been formally accepted by the CSRC. Also accepted were applications for changes in the major shareholders of fund companies and futures companies under Dongxing and Cinda. It is worth mentioning that CICC recently disclosed a dazzling performance forecast. The announcement shows that, based on preliminary calculations, CICC is expected to increase its net profit by 78% to 90% in the first half of the year. Currently, analysts believe that as the performance enters a concentrated realization period, leading securities firms will see a revaluation space. With policy support, the construction of first-class investment banks may accelerate. 5. Broad-based ETFs are seeing "institutional-style" acquisitions, is it time for a turnaround in A-shares? With continued large volume trading, broad-based ETFs are performing a "contrarian attract money" strategy in the recent turbulent market. As a benchmark for broad-based ETFs, Huatai Bairui Shanghai-Shenzhen 300 ETF has seen consecutive high trading volumes for two days, with volumes of 7.7 billion yuan and 8.305 billion yuan on July 13th and 14th, respectively. On July 13th, the ETF received a net inflow of funds amounting to 5.538 billion yuan. Data shows that as of July 13th, out of 1267 stock ETFs in the market, the decline in July's range was 6.22%, but there was still an influx of 179.4 billion yuan, showing a trend of "buying more as it goes down". In the industry's view, the re-flow of large amounts of funds into broad-based ETFs signals a "bottom picking" opportunity in the market. Some market participants point out that the market signals of a "turnaround" in July are obvious, and some broad-based ETF shares have doubled. 6. Will the technology sector continue to climb? Multiple computing power "tech bull stocks" report better-than-expected half-year reports After the market on July 14th, multiple major tech stocks such as Yangtze Optical Fibre And Cable Joint Stock, Grace Fabric Technology, Jiangsu Lettall Electronic, Suzhou Dongshan Precision Manufacturing, etc., released performance forecasts. Among them, Yangtze Optical Fibre And Cable Joint Stock expects a 71% to 914% year-on-year increase in net profit in the first half of the year, Jiangsu Lettall Electronic expects a 172.53% to 1368.31% year-on-year increase in net profit in the first half of the year, Grace Fabric Technology expects a 280% to 364% year-on-year increase in net profit in the first half of the year, and Suzhou Dongshan Precision Manufacturing expects a 282.58% to 295.78% year-on-year increase in net profit in the first half of the year. In response to recent market speculation about "excessive computing power," Meta CEO Mark Zuckerberg recently stated that the company still needs as much computing resources as possible, and existing computing power is being fully utilized. 7. Leading PCS manufacturers announce price hikes across the board Recently, there have been reports in the market of Shenzhen Sinexcel Electric, a PCS (Energy Storage Inverter) manufacturer, issuing a price hike notice across its full range of products. On July 14th, a reporter from the Shanghai Securities Journal called Shenzhen Sinexcel Electric's official, confirming the authenticity of this price hike notice. According to the notice, in order to continuously ensure product quality stability and timely supply, Shenzhen Sinexcel Electric has decided to adjust the prices of its entire range of products, including group power quality, charging and discharging equipment, energy storage microgrid, battery formation and testing equipment, and household energy storage, with price adjustments ranging from 10% to 30%. 8. First in the US! New York State suspends new construction of large data centers for one year On Tuesday, July 14th, local time, the state of New York in the United States announced the implementation of a one-year construction ban, becoming the first state in the US to suspend the construction of new large data centers. The Governor's Office stated that this construction ban applies to data centers with electricity scales reaching or exceeding 50 megawatts (MW). During the implementation of the ban, the New York State Department of Environmental Protection will not approve any discretionary permits for large data center projects that have not completed the approval process. According to a comprehensive assessment of investment opportunities by selected funds in the market, real estate is among the sectors of interest. 1. Fujian: Strengthening the safety governance of old houses, steadily pushing forward the transformation of urban villages Recently, the Fujian Provincial People's Government issued the "Fujian Province's 15th Five-Year Urban Renewal Plan," with a framework of "building six cities," specifying six aspects, 21 key tasks, and 14 major actions. The plan emphasizes five key tasks: strengthening the safety governance of old houses, steadily advancing the transformation of urban villages, strengthening urban infrastructure support, enhancing disaster prevention and mitigation capabilities, and strictly managing construction project safety production. Cai Xin Securities pointed out that although national sales data continue to decline, the core cities where high-quality real estate developers are focusing have shown a sustained structural improvement trend, with sales still growing year-on-year. The sector has been experiencing a sustained significant decline in recent days, with an overreaction to pessimistic expectations. It is advisable to take a moderately lateral layout in the short term. It is recommended to focus on high-quality developers deeply rooted in first-tier and core second-tier cities, as well as real estate brokers benefiting from the revival of second-hand housing transactions. It is recommended to pay attention to China Merchants Shekou Industrial Zone Holdings and 5i5j Holding Group. In addition, the following sectors are also worth noting: 2. Xiaomi Cars | Xiaomi Cars' latest underwater thruster patent revealed, aiming for amphibious vehicles on land and water. 3. Rare Earths | China Northern Rare Earth: Net profit expected to increase by 113% to 121% in the first half of the year, rare earth product prices strengthening. 4. Power | Chongqing Power Grid load hits historic high of 30.67 million kilowatts. Regarding positive announcements, selected investment tips include RunJian Co., Ltd. announcing a stock buyback plan; while negative announcements include Lanzhou Lishang Guochao Industrial Group facing shareholder stock reductions. Positive announcements 1. RunJian Co., Ltd.: Plans to repurchase shares worth 150 million to 300 million yuan. 2. Jingwei Hengrun: Chairman Ji Yingcun proposes to repurchase company shares worth 50 million to 100 million yuan. 3. Yarward Electronics: Plans to repurchase company shares worth 20 million to 40 million yuan. 4. Chongqing Sokon Industry Group Stock: Directors and senior management team plan to increase A shares and H shares shares by a total of 1.19 billion to 1.54 billion yuan. 5. Sanan Optoelectronics: Today, Chairman Lin Zhiqiang increased the company's shares by 750,003 shares. Negative announcements 1. Lanzhou Lishang Guochao Industrial Group: Honglou Group intends to reduce its shareholding in the company by no more than 2.11%. 2. Shandong Dongyue Silicone Material: Zibo Xiaoxi plans to reduce its shareholding in the company by no more than 1%. 3. CSD Water Service: Vice Chairman Zhang Yifei plans to reduce his shareholding by no more than 0.32%. 4. LONGi Green Energy Technology: Expects a net loss of 3.4 billion to 3.8 billion yuan in the first half of the year. 5. China Eastern Airlines Corporation: Expects a net loss of 1.8 billion to 2.4 billion yuan in the first half of the year. Business performance 1. Tianqi Lithium Corporation: Expects a net profit of 2.85 billion to 4.25 billion yuan in the first half of the year, an increase of 3276% to 4935% year-on-year. 2. Estun Automation: Expects a net profit of 150 million to 180 million yuan in the first half of the year, an increase of 2144.74% to 2593.68% year-on-year. 3. Joinn Laboratories: Expects a net profit of 600 million to 900 million yuan in the first half of the year, an increase of 884.9% to 1377.4% year-on-year. 4. Jiangsu Lettall Electronic: Expects a net profit of 650 million to 750 million yuan in the first half of the year, an increase of 1173% to 1368% year-on-year. 5. Yangtze Optical Fibre And Cable Joint Stock: Expects a net profit of 2.4 billion to 3 billion yuan in the first half of the year, an increase of 711% to 914% year-on-year. 6. Maxio Technology: Expects a net profit of about 517 million yuan in the first half of the year, an increase of about 821% year-on-year. 7. Rongsheng Petro Chemical: Expects a net profit of 5 billion to 5.2 billion yuan in the first half of the year, an increase of 730.45% to 763.67% year-on-year. 8. Grace Fabric Technology: Expects a net profit of 332 million to 405 million yuan in the first half of the year, an increase of 280% to 364% year-on-year. 9. TongFu Microelectronics: Expects a net profit of 1.6 billion to 1.8 billion yuan in the first half of the year, an increase of 288.26% to 336.80% year-on-year. 10. Gotion High-tech: Expects a net profit of 1.2 billion to 1.55 billion yuan in the first half of the year, an increase of 227.31% to 322.77% year-on-year. This article is reprinted from "Tencent Self-selected Stocks," edited by Li Fo.