20230810-万联证券-万联晨会_4页_592kb

Market Overview:
On Wednesday, A股 experienced an overall downward trend with the Shanghai Composite Index closing down 0.49% at 3,244.49 points, and the Shenzhen Component Index falling 0.53%. The创业板Index saw a slight decline of -0.1%. Market liquidity decreased further, with a total trading value of 7,376 billion yuan. Key sectors showed divergence: the pharmaceutical industry rose notably, while real estate rebounded modestly, whereas media, telecommunications, and electronics sectors faced significant declines. Concept indices were split, with CRO and medical services leading gains and optical modules and communication concepts leading losses. In Hong Kong, the Hang Seng Index increased 0.32%, but the tech-heavy index edged down 0.1%. Globally, US markets closed lower, with mixed performance in Asia-Pacific and mostly rising stocks in Europe due to varied regional factors.

Key News Highlights:
Economic indicators showed a shift in July with CPI declining 0.3% year-on-year, from 0.0% in the previous month, while core CPI accelerated to 0.8% year-over-year amid improved domestic supply and demand. The heavy equipment sector suffered a sharp drop, with July crawler excavator sales falling 29.7% year-on-year to 12,606 units, reflecting persistent weakness in the industry. Fuel prices saw their fourth consecutive increase following government hikes, bringing domestic gasoline back to the "8 yuan era" and impacting transportation costs.

Research Highlights:
A focused analysis of Zhongwang Software (688083) highlighted a robust Q2 performance, with the company reporting 48.3% revenue growth driven by strong overseas expansion and product innovations. Despite periodic losses in the first half, the company showed profitability from Q2 onwards with increased R&D investment, particularly in CAE software and ecosystem development for vertical industries. Financial forecasts suggest steady growth over the next years, supporting a "增持" recommendation from analysts.

Disclaimer:
This report is based on internal market data and should not be interpreted as investment advice. The content may change based on evolving market conditions and regulatory updates, and clients are urged to seek professional financial guidance before any trading decisions.