Pre-market report on A-shares | New tariffs imposed by the United States on dozens of countries take effect today, causing lithium battery raw material prices to skyrocket by over 10%.

Pre-market News 1. Concerns about AI spending and geopolitical risks weigh! US stocks plunge across the board, Intel soars after earnings, oil prices break $100 Type: Market Sentiment Impact: Negative The continued questioning of AI investment returns triggered by the financial reports of tech giants continues to impact the market, with a sharp decline in US stocks. The S&P 500 index recorded its largest single-day drop in nearly a month. Google fell more than 7%, and the combined market value of the seven tech giants evaporated by approximately $800 billion, marking the worst single-day performance since April last year, with Tesla plunging over 14%. Intel's earnings exceeded market expectations, with its AI business skyrocketing by 70%, leading to a more than 10% increase after earnings. The conflict between the US and Iran continues to escalate, with Brent crude oil reaching over $100 per barrel. In the morning session, the Korean index fell by 3%, with Samsung Electronics dropping by 3.5%. 2. The US imposes tariffs of 10%-12.5% on dozens of countries, latest developments in US-China tariffs Type: Macro Sentiment Impact: Negative As temporary global tariffs expire, the Trump administration introduces a new tariff system, continuing its aggressive trade protectionism. Tariffs of 10% to 12.5% are being imposed on dozens of countries and regions under the guise of "forced labor", replacing expiring global import tariffs. Exceptions are made for oil, natural gas, and food. In addition, the Ministry of Commerce recently stated that the US and China are exploring arrangements for equal reduction of the scale of each other's $300 billion tariffs. 3. CSRC makes a significant statement! Implementing comprehensive measures to maintain stable market operations and enhance capital market resilience Type: Market Sentiment Impact: Positive The CSRC held a regulatory work symposium, emphasizing the implementation of comprehensive measures to maintain stable market operations and enhance capital market resilience. More precise and effective countercyclical adjustments are being implemented to promote a steady increase in the scale and proportion of medium and long-term funds entering the market, and to strengthen policy reserves to address global market volatility and cross-border risk transmission. Implementation of various measures of comprehensive reform in investment and financing to better leverage the functions of the stock, fund, bond, and futures markets. 4. PBOC: To conduct 500 billion yuan MLF operation on July 24 to maintain ample liquidity in the banking system Type: Macro Sentiment Impact: Positive To ensure ample liquidity in the banking system, the People's Bank of China will conduct a 500 billion yuan MLF operation on July 24, 2026, with a fixed quantity, bidding at a fixed rate, and multiple price bid method for a one-year period. China Securities Co., Ltd. believes that the recent tightening of the money market is a short-term mismatch between loose monetary easing by the central bank and phase-related fund disturbances, not a trend of tightening liquidity. The current improvement in the bank's asset-liability structure is sound in the medium to long-term liquidity fundamentals. Investment Calendar State Council press conference Investment Tips Investment Tips: Take risks, no one can be blamed, but at the same time, remember never to put all your eggs in one basket. - George Soros Institutional Insights 1. Huaan: AI hardware will return to the uptrend, now is probably the best time to enter the market in the second half of the year. 2. Orient: Most sectors, such as electricity, are still rebounding after being oversold, and the sustainability is not expected to last too long. 3. Founder: In the short term, the market is in the stage of bottoming out after policy bottoming, and the mainstream rhythm will be one of oscillation and differentiation. Upsides and Downsides Outlook 1. Beijing: Encouraging the development of Token economy, increasing support for computing power vouchers Type: Policy Focus - Guosheng: The escalation of Token consumption driven by the improvement in Agent penetration and complexity is pushing the demand for rigid computing power. With the outbreak of Token consumption in the domestic market, domestic computing power is expected to dominate the infrastructure layer with cost advantages and an improved ecosystem. 2. Important breakthrough in China's brain-computer interface! First simultaneous collection of brain signals from a thousand people Type: Institutional Hot Review - Southwest: From the perspective of technological updates and iterations, 2026 is the year of mass production, and the global brain-computer interface industry is transitioning from "storytelling" to "output viewing". Non-invasive and some semi-invasive pathways are expected to achieve small-scale commercialization first. 3. Price of vinyl chloride increased significantly by over 10%, reaching a new rebound high Type: Market Hot Discussion - Huafu Securities: The VC supply and demand balance sheet shows that due to the delayed production of Weneficiary and Tianci, Jiangsu HSC New Energy Materials is at risk of production delay. The supply of VC is expected to be extremely tight from the third quarter to the fourth quarter, with manufacturer inventory at only about one week. Announcement Express Slightly Positive Announcements 1. Shenzhen Longsys Electronics: Controlling shareholder proposes a share buyback of 400 million to 800 million yuan 2. Yunnan Lincang Xinyuan Germanium Industry: Subsidiary signs a 570 million to 855 million yuan indium phosphide chip supply agreement 3. Huaan: Plans to buy back shares for 100 million to 200 million yuan Slightly Negative Announcements 1. JHT Design Co., Ltd.: Shareholder Xuno Investment reduced its total share capital by 1.21% on July 22 2. Hwa Create Corporation: Prohibited from participating in procurement activities in special areas for 30 months from July, expected to have a certain negative impact on the company 3. Essence Fastening Systems: Shareholders Taizhou Yuwei and Taizhou Wenchao have reduced their holdings by 0.85% and 0.16%, respectively Overseas Markets Self-selected Brother tip: The three major US indices collectively fell on Thursday, with the Nasdaq down 2.15% and the Dow down 0.97%; Tesla fell by 14.52%, Google Class A and Class C shares fell by 7.13% and 6.89%, respectively, with a market value evaporating by about $200 billion and $300 billion respectively; most popular Chinese stocks are mostly lower, with Futu Holdings down by over 6%. This article is reproduced from "Tencent Self-selection Stocks", GMTEight editor: Chen Siyu.