A-shares Evening Highlights | Central Bank Makes Major Announcement! Related to Monetary Policy, Exchange Rates, etc.

1. The central bank has made a significant announcement! Related to monetary policy, exchange rates, etc. Importance: On August 12, the People's Bank of China released its Monetary Policy Implementation Report for the second quarter of 2026, analyzing both internal and external situations, clarifying the main ideas of monetary policy for the next stage, and discussing hot topics such as the monetary policy adjustments and interest rate control mechanisms of major overseas economies. The report clarifies that in the next stage, the People's Bank of China will fully utilize the effectiveness of existing policies, timely plan and introduce practical incremental policies; it will appropriately adjust the strength, pace, and timing of policy implementation according to domestic and foreign economic and financial conditions and the operating status of financial markets. The report also proposes promoting diversification of loan pricing benchmarks and guiding financial institutions to enhance their interest rate pricing capabilities. 2. TENCENT: Q2 revenue of 204.785 billion, an 11% year-on-year increase; operating profit of 75.636 billion, a 9% year-on-year increase. Importance: In the second quarter of 2026, TENCENT's total revenue reached 204.785 billion yuan, an 11% increase compared to the previous year; gross profit was 118.433 billion yuan, up 13% year-on-year; operating profit, calculated according to non-International Financial Reporting Standards, was 75.636 billion yuan, a 9% increase year-on-year. Key highlights include: AI intelligence: Initiated a small-scale gray test of the AI assistant Minwe within WeChat. WorkBuddy: Achieved rapid user growth and a healthy user retention rate. Large model: Hy3 has consistently ranked among the top three globally since its launch. Video accounts: Total user engagement in the second quarter of 2026 grew over 20% year-on-year. Value-added services: Revenue in the second quarter of 2026 increased by 8% year-on-year to 98.4 billion yuan. Gaming: Revenue from domestic market games increased by 17% year-on-year to 47.3 billion yuan. 3. U.S. July CPI meets expectations; Fed rate hike probabilities cool for September. Importance: On August 12, the U.S. Bureau of Labor Statistics announced that the CPI for July rose by 3.4% year-on-year, a slight decline from 3.5% in June, marking the lowest level since March. The core CPI year-on-year growth rate narrowed from 2.6% to 2.5%, aligning with market expectations for both indices. After the data release, traders maintained a 45% bet on a Fed rate hike in September, with no significant changes in market pricing dynamics. In the market, U.S. stocks opened with the Dow rising 0.33%, the S&P 500 up 0.49%, and the Nasdaq climbing 0.9%. Storage concept stocks performed strongly, with SanDisk up 6.9%, SK Hynix rising 5.8%, and Micron Technology increasing 5.5%. 4. AI trading reignites, U.S. optical communication stocks soar 10% post-earnings; will high industry performance continue? Importance: On August 12, U.S. optical communication stocks collectively surged, at 21:39, leading stock Lumentum rose over 10%, leading the optical communication sector, Nokia increased over 9%, Ciena, Fabrinet, and Tower Semiconductor rose over 7%, and Coherent, Credo Technology, and Corning increased over 5%. In terms of news, Lumentum announced its fourth quarter and full-year results for the 2026 fiscal year. The company's Q4 revenue and profit exceeded expectations, maintaining its strong performance momentum. In a high-performing industry, the market is reevaluating the investment value of the communication sector. EB SECURITIES believes that the current high growth in tech profits, combined with policy support, may turn the release of mid-August interim reports into a turning point from valuation digestion to profit-driven momentum; this earnings season might be the best configuration window for the second half of the year. 5. For the first time! The central bank will conduct overnight reverse repos in the middle of the month; what are the implications? Importance: On August 12, the central bank announced that to better match the short-term liquidity needs of the banking system, it will carry out overnight reverse repo operations from August 14 and August 17 to August 19, using a fixed rate and quantity tender approach, with a daily operation volume not exceeding 600 billion yuan. This is the first time overnight reverse repos have been conducted in the middle of the month since their "debut" on June 29. Previously, this tool was primarily used at the end of the month or the beginning of the month. Peng Ming, a member of the Chief Economist Forum, believes that this operation reflects the flexibility and foresight of liquidity management. At the operational timing, the peak of monthly tax periods and seasonal disturbances such as government bond issuance can often lead to temporary tightening of short-term funds and fluctuations in interest rates. Recent fluctuations in liquidity suggest that overnight reverse repo operations can help maintain market interest rates within a reasonable range. Through this dynamic "peak shaving and filling" operation, a high-frequency and precise adjustment method can offset short-term liquidity supply-demand gaps. 6. Dan Bin's U.S. stock positions undergo a "major overhaul"! Still betting on AI despite skepticism from investors. Importance: Dan Bin's latest U.S. stock positions have been revealed. As of the end of the second quarter of 2026, Dongfang Hongyuan overseas fund held a total of 13 U.S. stock targets, with a total holding market value of approximately $1.65 billion, which, based on the current exchange rate, converts to about 11.1 billion yuan, an increase of approximately 45.63% compared to about $1.133 billion at the end of Q1 2026. From the adjustment actions, it can be said that the overseas fund of Dongfang Hongyuan has undergone a "major overhaul" of its U.S. stock holdings compared to Q1. Specifically, the fund has fully divested from six targets including Apple, ProShares Ultra QQQ ETF, Tesla, and Circle Internet Group Inc. Meanwhile, it has newly bought seven targets, including Intel, SanDisk, Advanced Micro Devices, Marvell Technology, Arm Holdings plc ADR, Broadcom, and Lumentum, all of which are companies related to AI hardware. 7. Duan Yongping has bought back POP MART. Importance: According to the latest disclosure by HKEX, Duan Yongping's managed H&H International Investment, LLC increased its holding in POP MART from 5.55% to 7.70% as of August 6. The reason disclosed in the equity change report was "to have a responsible purchase of relevant shares," possibly indicating that Duan Yongping may have resumed options operations related to POP MART. 8. Musk: AI will account for 99% of SpaceX's valuation; target to achieve 10 gigawatts of computing power by the end of next year. Importance: At a recent all-hands meeting at SpaceX, Musk outlined the company's future development blueprint, placing AI at the highest strategic priority. According to his assessment, SpaceX's AI business will quickly surpass traditional aerospace-related businesses, becoming the core pillar driving the company's revenue and valuation, while rockets, spacecraft, and Starlink will take on more supportive infrastructure roles. Musk stated that five years from now, AI will absolutely account for 99% of the companys valuation. He also mentioned that SpaceX has built "the world's most powerful AI training cluster" and plans to scale its current computing power by about ten times by the end of next year, with a target of achieving 10 gigawatts. 9. The "most expensive" IPO of the year, Frequency Precision: Online investors abandoned 10,800 shares. Importance: On August 12, Frequency Precision announced the results of its initial public offering and listing on the STAR Market, with an issue price of 186.88 yuan per share and a total issue of 10 million shares. After the allocation mechanism was activated, the final online issuance was 3.21175 million shares, with a winning rate of 0.02013739%; the offline issuance amounted to 4.902 million shares. Online investors abandoned subscription for 10,800 shares, and offline investors abandoned 445 shares, all underwritten by the main underwriter China Securities Co., Ltd., accounting for 0.11% of the total issuance. It is reported that Frequency Precision has the highest issue price among A-shares this year, requiring a payment of 93,400 yuan for a single lot. The investment opportunities that the stock selector has identified include those related to AI large models. 1. Dual-line explosion! DeepSeeks sudden big news, "Black Whale" emerges, internal test reviews are flooding. Today, news about "DeepSeek Harness team's WeChat public account has been registered" suddenly went viral. Upon checking, indeed, the public account has been registered, and its profile picture differs in color from DeepSeek's official account; it features a "black whale." Notably, netizens who claimed to have participated in the internal test gave evaluations stating: two days into the internal test, they were willing to call DeepSeek Harness the "strongest in the universe." Guosheng previously stated that the official version of DeepSeek-V4-Flash is entirely consistent in model architecture and parameter scale with the preview version from April, while all capability enhancements stem from strategy optimization in the post-training phase. The official version of the model has comprehensively surpassed the V4-Pro preview version in nine Agent benchmark tests covering code engineering, terminal operation, and full-stack development, with the latter having nearly six times the total parameters of the former. The growth of the large model's capability is shifting from parameter expansion to training strategy optimization, and post-training efficiency may outperform simple scale stacking. Additionally, the following sectors are also noteworthy: 2. Large Aircraft | The domestic large aircraft C919 successfully made its maiden flight in international commercial routes. 3. Consumer Electronics | The consumer electronics industry has been notified of price increases again: Microsoft has reportedly raised the licensing fees for Windows 11. 4. Storage Chips | South Korean media reports that Samsung and SK Hynix are planning "epic" dividend buybacks, totaling possibly over $140 billion. 5. Pharmaceuticals | The National Development and Reform Commission's Price Costs and Certification Center held a symposium on the development of the biopharmaceutical industry. In terms of positive announcements, the stock selector highlights the investment in over 2 billion yuan by Ning Wang in the Hainan green industry fund; for negative announcements, pay attention to Jiangsu Chuanzhiboke Education Technology being under key monitoring by the Shenzhen Stock Exchange, among other points. Positive announcements: 1. Contemporary Amperex Technology: Plans to subscribe for 2.475 billion yuan to participate in the establishment of the Hainan Times Green Industry Investment Fund. 2. Ningxia Baofeng Energy Group: Net profit for the first half of 2026 was 9.728 billion yuan, a year-on-year increase of 70.14%. 3. Yihai Kerry Arawana Holdings: Net profit for the first half of 2026 was 2.294 billion yuan, a year-on-year increase of 30.69%. 4. Suzhou TFC Optical Communication: Plans to push for a restricted stock incentive plan of 2.2887 million shares. 5. Hangzhou Alltest Biotech: Has repurchased a cumulative 3.6265 million shares, paying 199 million yuan. Negative announcements: 1. Jiangsu Chuanzhiboke Education Technology: The companys stock has been under key monitoring by the Shenzhen Stock Exchange, possibly facing suspension for verification. 2. Zhejiang Zhongjian Technology: Suspected of information disclosure violations; has received a pre-penalty notice from the Zhejiang Securities Regulatory Commission. 3. Changchun Zhiyuan New Energy Equipment: A concerted shareholder, Wang Ran, has cumulatively reduced holdings by 5.2477 million shares. 4. Haiyang Technology: Shareholder Ying Stone Investment has reduced its holdings to 5%, hitting a threshold. 5. Nanhua Instruments: Shareholder Ye Shujuan has completed a reduction of 188,000 shares. This article is reproduced from "Tencent Stock Selection," edited by GMTEight: Li Fo.