A-share evening hot topic | Margin trading concentrated in forced liquidation, securities firms batch liquidation? Clarification is here! No large-scale liquidation occurred

1. Three departments adjust part of battery products consumption tax Importance: Starting from September 1, 2026, the battery consumption tax policy will be adjusted in stages. According to the announcement recently released by the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation, lithium primary batteries, lithium-ion batteries, photovoltaic batteries, etc., will gradually lose their consumption tax exemptions; at the same time, some new technology battery products can enjoy tax-free policies for a certain period of time. Industry insiders say that overall, this policy adjustment conforms to the changes in the development of China's battery industry, is conducive to better playing the regulatory role of consumption tax, promoting resource conservation and environmental protection; and is conducive to promoting the healthy and high-quality development of the battery industry, promoting technological progress and industrial upgrading in the industry. 2. Margin calls concentrated? Several securities firms respond: no large-scale liquidation Importance: In the afternoon of July 17, there were rumors on social platforms about margin accounts being liquidated and securities firms forcing mass liquidation of positions, causing concerns among investors. According to the Shanghai Securities News, the actual situation in the market is significantly different from the panic rumors circulating online. Interviewed securities industry insiders all explicitly stated that the overall risk of margin trading business is controllable, and there is no situation of large-scale forced liquidation. There are indeed some accounts reaching the warning line and margin call level, and forced liquidation is only individual cases. 3. Zhongji Innolight's Hong Kong IPO approved by the China Securities Regulatory Commission Importance: On July 17, the Hong Kong Stock Exchange's filings showed that Zhongji Innolight, a global optical module head, has completed its listing hearing on the Hong Kong Stock Exchange. The company plans to raise approximately US$7 billion. If the issuance is successful, this will be the largest IPO in Hong Kong since 2026, and will further enhance the company's global layout and capacity expansion capabilities. According to reports citing sources familiar with the matter, the company originally planned to raise about US$5 billion, but due to strong demand from institutional investors during the roadshow, the target was ultimately raised to approximately US$7 billion. The prospectus shows that this IPO is jointly sponsored by Goldman Sachs, CICC, Morgan Stanley, and GF SEC. 4. Multiple wide-based ETFs traded heavily, institutions suggest not blindly exiting in panic Importance: On July 17, as the market experienced a downturn, funds were deployed on dips as core wide-based ETFs continued to trade heavily. By the end of the day, the daily turnover of E Fund ChiNext ETF, Huatai Bairui Shanghai and Shenzhen 300 ETF, and Huaxia CSI 50 ETF all exceeded 10 billion yuan, reaching 15.427 billion yuan, 14.649 billion yuan, and 14.287 billion yuan respectively. Industry analysts analyzed that based on on-exchange information, the active funds are likely to be institutional funds such as insurance funds, and although the turnover has increased, a number of wide-based ETFs traded at a discount, indicating a certain selling pressure in the market. Eastspring Investments suggests that investors should not blindly exit in panic. It points out that the retracement of growth stocks is often not the end of the race but a "watershed" between speculation and value investing. 5. Goldman Sachs: Raises target price of Zhongji Innolight significantly to 2581 yuan Importance: On July 17, Goldman Sachs released its latest research report, raising the 12-month target price of Zhongji Innolight from 1187 yuan to 2581 yuan, maintaining a "buy" rating. At the same time, Goldman Sachs raised the company's net profit forecast for 2026-2028 by 65%, 108%, and 119%, respectively. Goldman Sachs believes that the continuous upgrade of NVIDIA's new generation of AI servers is driving data center networks from 800G to 1.6T and beginning to deploy MO-based infrastructure for 3.2T, and the global high-speed optical module market will also enter a new round of expansion cycle. With its leading edge in silicon photonics technology, the world's largest optical interconnection solution provider status, and expanding production capacity, Zhongji Innolight is expected to become a core beneficiary of this round of AI network infrastructure upgrades and further consolidate its global leading position. 6. Four individuals manipulating stocks, fined 627 million Importance: The China Securities Regulatory Commission announced an administrative penalty decision showing that Zhao Yang, Quan Shoushan, Wang Lihua, and Ban Xueqin were sanctioned for manipulating the securities market, with a total fine exceeding 627 million yuan. From February to September 2020, the four individuals controlled multiple other people's securities accounts to manipulate stocks and made a profit of 156,779,370.92 yuan. 7. Seat shuffling for thousand-yuan stocks, "Stock King" changes hands 25 times in 11 months Importance: On July 17, the ranking of thousand-yuan stocks changed, with Semight Instruments falling from the top to second place and Kweichow Moutai rising to third place. Since August 2025, when Cambricon's closing price first surpassed Kweichow Moutai, the "Stock King" throne has been contested for 11 months, changing hands 25 times. From May 25 to July 16, the market maintained five thousand-yuan stocks for a total of 47 days, setting a record for the longest period in A-share history. In terms of investment opportunities that the market is paying attention to, lithium mines are among them. 1. The Zimbabwe government refuses lithium miner's request to postpone export ban According to reports, Zimbabwe's Minister of Mines, Kanamula, stated that the government has rejected the industry's request to postpone the export ban on lithium concentrate that was originally scheduled to take effect in January of next year until at least March. The Credit Management Committee of the Global Union for Mergers and Acquisitions expert, An Guangyong, predicts that the price of lithium will mainly fluctuate at high levels, with the price center possibly higher than the lows of the previous two years, but it will be difficult to replicate the unilateral surge seen in the previous round. The future industrial chain will shift from "resource expansion" to "low cost, strong cash flow, and stable supply," with increasing importance on low-cost sources, integrated processing, long-term agreement pricing, recycling and customer bindings, and the gradual elimination of high-cost production capacity, leading to a balance in profits between the mine end, batteries, and automobiles. In addition, the following sectors are also worth paying attention to: 2. Space Photovoltaics | The China Photovoltaic Industry Association is soliciting industry experts to conduct special research in the field of space photovoltaics. 3. Artificial Intelligence | Shanghai has issued the <> to promote key core technology research. 4. AI Glasses | Qianwen AI Glasses will be upgraded to intelligent body glasses. In terms of announcements, Self-Selected Brother recommends paying attention to Lingyi Itech's plan to increase the amount of share repurchases. On the negative side, pay attention to HCR Co., Ltd.'s controlling shareholder being criminally detained. Positive Announcements 1. Lingyi Itech: Plans to increase the total amount of stock repurchase funds to 4 billion to 8 billion yuan 2. Suwen Electric Energy Technology: The Chairman proposed to repurchase company shares with 30 million to 60 million yuan 3. Sanan Optoelectronics: Chairman Lin Zhiqiang's share acquisition plan has been completed, with a cumulative increase of 39.88 million yuan from June 12 to July 17 Negative Announcements 1. HCR Co., Ltd.: Controlling shareholder and Chairman Zhao Long detained on suspicion of disclosing important information illegally 2. TianYu Bio-Technology: Actual controller Luo Weiguo received an advance notice of administrative penalties from the China Securities Regulatory Commission 3. Wenfeng Great World Chain Development Corporation: The company and its controlling shareholder are under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations Business Performance 1. Peric Special Gases: Net profit in the first half of the year was 348 million yuan, an increase of 95.63% year-on-year 2. Wuxi Taclink Optoelectronics Technology: The net profit for the first half of the year is expected to be between 89 million and 106 million yuan, an increase of 216.80% to 277.31% year-on-year This article is reproduced from "Tencent Self-Selected Stocks", edited by Li Fo.