【Today's Headlines】

The State Council Issues the "14th Five-Year Plan" for National Health

Recently, the State Council issued the "14th Five-Year Plan" for National Health (hereinafter referred to as the "Plan"), which outlines the deployment for accelerating the construction of a healthy China during the "14th Five-Year" period. A total of 24 key tasks have been deployed.

These include full-chain support for the development and application of innovative drugs and medical devices. Optimizing the review and approval of innovative drugs and clinically needed drugs; accelerating the construction of new information infrastructure such as fifth-generation mobile communication (5G), gigabit optical networks, and mobile IoT, promoting the construction of a national integrated computing power network, and advancing the "signal upgrade" special action; expanding automobile consumption, promoting full-chain innovative development in the automobile circulation and consumption field, facilitating the circulation of second-hand cars, and expanding automotive aftermarket consumption such as car modification, leasing, events, and RV camping. Supporting the intelligent upgrade of home appliances; promoting the sustained and healthy development of the real estate market, continuously consolidating the stable and positive development trend of the capital market, and increasing property income for urban and rural residents through multiple channels. Strengthening redistribution adjustments such as taxation, social security, and transfer payments.

【Market Outlook】

Storage Concept Stocks Plummet, Sandisk Falls Over 12%

Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 138.37 points from the previous trading day, closing at 52,498.64 points, a decrease of 0.26%; the S&P 500 index fell 60.05 points, closing at 7,515.34 points, a decrease of 0.79%; the Nasdaq Composite Index dropped 408.43 points, closing at 25,873.18 points, a decrease of 1.55%.

Most large tech stocks fell, with Micron Technology and Arm down over 7%, Intel down over 6%, and Apple up 0.63%, reaching a new historical high. Storage concept stocks plummeted, with Sandisk down over 12%, SK Hynix down over 9%, Seagate Technology down over 5%, and optical communication concept stocks generally fell, with Applied Optoelectronics down over 6% and Coherent down over 5%. Oil and gas stocks generally rose, with EOG Resources and ExxonMobil up over 4%, and Occidental Petroleum, ConocoPhillips, and Chevron up over 3%.

Popular Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index down 0.14%. The Hang Seng Index ADR fell, closing at 24,201.54 points, down 12.18 points or 0.05% compared to the Hong Kong close.

WTI crude oil futures for the current month rose by $6.59, closing at $78.0 per barrel, an increase of 9.23%. COMEX gold futures for the current month fell by $105.00, a decrease of 2.55%, closing at $4,008.7 per ounce.

【Hot Topics Ahead】

Iran's Persian Gulf Strait Authority: The Strait of Hormuz is Impassable

On July 13 local time, Iran's Persian Gulf Strait Authority stated on social media that due to recent "hostile actions" by the U.S. military, the Strait of Hormuz is currently impassable. The authority stated that once the situation stabilizes and calms down, all passage applications will be reviewed according to the scheduled timetable, and the licensing process will also resume. The only way to obtain passage permission is through the authority's website. On July 13 local time, the U.S. Navy's Joint Maritime Information Center stated that the U.S. military will begin enforcing a maritime blockade on all Iranian ports and coastal areas at 20:00 GMT on July 14 (04:00 Beijing time on July 15) On the 13th, Trump stated on social media that the United States will restore its maritime blockade against Iran and will charge a 20% fee on all goods transported through the Strait of Hormuz. Overnight, international oil prices surged over 9%.

Midea (00300) adds nearly 200,000 air conditioner orders in the European market in one month

Due to the ongoing extreme high temperatures in Europe, the demand for air conditioners has exploded in multiple countries. On July 13th, reporters learned from Midea Group that in the past month, Midea Group has added nearly 200,000 air conditioner orders, which are being delivered in bulk to the European market through the dual-base collaboration of Midea's air conditioning factories in Guangzhou Nansha and Wuhu.

Shenghong Technology (02476): Negative rumors about the company's products, market share, and project progress circulating on online platforms are seriously inaccurate

Shenghong Technology issued a clarification announcement, noting that negative rumors about the company's products, market share, and project progress circulating on online platforms are seriously inaccurate and have caused significant negative impact on the company. The related statements circulating online are not true. The company is a long-term strategic partner of major AI clients both domestically and internationally, and Shenghong Technology always regards "quality" and "safety" as the lifeline of the enterprise, managing strictly according to customer standards. Currently, the demand for AI-related PCB products is strong, and the company's orders on hand continue to grow. Production and shipment are all normal, and orders from major clients continue to increase. The company maintains close communication with core clients, and the R&D iterative products developed in cooperation with clients are progressing smoothly. Some clients have released long-term demand for 2027-2028, and the company is confident about future production operations and achieving benefits.

China Sanjiang Chemical (02198) issues profit warning, expects a year-on-year increase of approximately 100% to 130% in net profit attributable to shareholders for the first half of the year

The group expects to achieve a net profit attributable to equity holders of RMB 600 million to 700 million for the six months ending June 30, 2026, compared to approximately RMB 301 million for the six months ending June 30, 2025, representing an increase of approximately 100% to 130% compared to the same period in 2025. The expected increase in net profit attributable to equity holders is mainly due to the group's continuous dynamic adjustment of its procurement strategies and sources, raw material combinations, and production combinations in response to the current commodity market conditions.

Lingbao Gold (03330) issues profit warning, expects mid-term net profit of approximately RMB 950 million to 1.05 billion, a year-on-year increase of approximately 42% to 57%

The performance of net profit is mainly influenced by the following factors: (i) mainly benefiting from the increase in the price of gold, the group's main product, in the first half of 2026 compared to the same period in 2025; (ii) the group completed the acquisition of 50% + 1 share of St Barbara Mining Pty Ltd (the target company) on April 2, 2026, with the target company's core asset being the Simberi gold mine in Papua New Guinea. The financial performance of the target company since the completion of the acquisition transaction has been consolidated into the group's consolidated financial statements, positively impacting the group's performance; (iii) the group's net profit in the first quarter of 2026 was affected by a loss of approximately RMB 260 million due to changes in the fair value of convertible bonds and related financial expenses (including actual estimated interest) of approximately RMB 22.11 million (the board emphasizes that this matter is a non-cash item, solely due to the application and compliance with relevant accounting standards) New China Life Insurance (01336) expects net profit attributable to shareholders for the first half of 2026 to be between RMB 20.719 billion and RMB 23.678 billion, a year-on-year increase of 40% to 60%

The company expects the net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2026 to be between RMB 20.789 billion and RMB 23.758 billion, an increase of RMB 5.940 billion to RMB 8.909 billion compared to the same period in 2025, representing a year-on-year growth of 40% to 60%.

Junzheng Group (01300) reports revenue of approximately RMB 1.7505 billion for the first half of the year, a year-on-year increase of 41.7%

According to Zhitong Finance APP, Junzheng Group (01300) announced that the company achieved approximately RMB 1.7505 billion in unaudited revenue for the six months ending June 30, 2026, compared to approximately RMB 1.2356 billion in unaudited revenue for the first half of 2025, representing a year-on-year increase of 41.7%; compared to approximately RMB 1.4029 billion in unaudited revenue for the second half of 2025, this represents a quarter-on-quarter increase of 24.8%. In terms of business for 2026, benefiting from the rapid growth of the global intelligent computing center ("AIDC") industry, the company continues to optimize its customer and order structure, with key products (power cables, signal cables, and optical cables) gradually gaining recognition from customers in the AIDC field, leading to accelerated revenue and gross profit growth.

DingTai High-Tech (01377) expects net profit attributable to shareholders for the first half of the year to be between RMB 640 million and RMB 700 million, a year-on-year increase of 300.62% to 338.18%

In the first half of 2026, the demand for precision tools and grinding and polishing materials from downstream PCB customers remained strong. The company seized the industry boom window, enhancing technical iterations and collaboration with customers, further increasing the penetration rate of high value-added products, and continuously developing its product structure towards high-end. At the same time, the efficiency of capacity ramp-up has significantly improved, and scale effects are gradually being released, jointly driving rapid growth in performance for the first half of the year.

Longpan Technology (02465) issues profit warning, expects net profit attributable to shareholders for the first half of the year to be approximately RMB 373 million to RMB 448 million, turning losses into profits year-on-year

Benefiting from the development of power batteries and energy storage batteries, the company's lithium iron phosphate business has seen revenue and sales grow to varying degrees due to upstream and downstream demand in the industry, reflecting scale benefits and restoring profitability.

Huaqin Technology (03296) expects mid-term net profit attributable to shareholders to be approximately RMB 2.9 billion to RMB 3.05 billion, a year-on-year increase of 53.5% to 61.5%

The announcement states that this estimated growth is mainly due to the continuous growth of the group's operating performance. During the reporting period, the company's mobile terminal and computing and data center businesses grew steadily, while innovative businesses experienced rapid growth, driving continuous growth in the company's operating performance. At the same time, the group's net profit after deducting non-recurring gains and losses increased, mainly due to contributions from investments in the upstream and downstream of the industrial chain.

[Stock Highlights] Zhongwei New Materials (02579) expects a year-on-year increase of 70.58%-84.23% in net profit attributable to shareholders in the first half of the year

According to the Zhito Finance APP, Zhongwei New Materials (02579) announced that it expects to achieve a net profit attributable to shareholders of the listed company of RMB 1.25 billion to RMB 1.35 billion for the first half of 2026, an increase of 70.58%-84.23% compared to the same period last year.

During the reporting period, the company seized the opportunity of the high prosperity development of the global new energy industry and relied on its leading position in the battery materials field, with total sales of core products such as nickel-based, cobalt-based, phosphorus-based, and sodium-based exceeding 250,000 tons.

By segment, the sales of ternary precursors in the first half of the year increased by more than 50% year-on-year, with a stable overall gross profit margin, further solidifying its industry-leading position; sales of phosphorus-based materials increased by more than 25% year-on-year, with significant profit elasticity released, successfully turning losses into profits; sales of sodium battery precursor materials maintained a high growth trend, continuing to hold an industry-leading position.

In addition, the company's upstream resource layout has achieved remarkable results, with investment returns from laterite nickel ore steadily increasing; the Indonesian pyrometallurgical nickel smelting project effectively hedged against local policy changes due to cost advantages, maintaining excellent profitability levels. Overall, the company's integrated advantages of "resources + smelting + materials" continue to deepen, with various business segments working together to build a safety margin and cyclical resilience for the company's operations