A-shares Pre-market Report | The National Team Exits Moutai, Consumer Stocks Under Pressure, Guangdong "Token Loans" Become Popular

Pre-market News 1. Kweichow Moutai's net profit in the mid-year report declines year-on-year; Central Huijin and China Securities have both exited the top ten shareholders list. Type: Company Sentiment Impact: Negative Kweichow Moutai released its mid-year report for 2026, reporting an operating income of 90.703 billion yuan, a year-on-year increase of 1.47%; net profit was 44.517 billion yuan, down 1.95% year-on-year. Notably, as of the end of Q2, Central Huijin and China Securities Company have both exited the top ten shareholders list of Kweichow Moutai. 2. Guangdong releases its first special financial product for the token economy, Token Loan. Type: Industry Sentiment Impact: Positive On August 14, Guangdong Province launched its first special financial product for the token economy, the Token Loan, in Haizhu District, Guangzhou. CMSC analysis suggests that in 2026, the main line of the AI industry is shifting from expanding CapEx to token production and commercialization. It is recommended to tightly grasp the commercialization main line of large models, focusing on deterministic areas like domestic computing power and computing power leasing, and paying attention to highly elastic fields like Data Infra and applications. 3. Anthropic's second-quarter revenue surges by 1361%! The largest IPO in history is on the horizon? Type: Company Sentiment Impact: Positive According to the latest news, global AI giant Anthropic reported second-quarter revenue exceeding $11.5 billion, a year-on-year increase of 1361%. More crucially, the companys adjusted operating profit turned positive this quarter, marking a new stage in its commercialization process. Currently, Anthropic is fully preparing for its IPO, which is expected to break the record for the largest IPO in history. 4. The central bank's latest announcement! Social financing increased by 22.25 trillion yuan in the first seven months. Type: Macro Sentiment Impact: Neutral On August 14, the People's Bank of China released financial statistical data for July 2026, showing that in the first seven months of this year, the incremental social financing scale was 22.25 trillion yuan, and RMB loans increased by 10.38 trillion yuan. By the end of July, the broad money supply (M2) grew by 7.7% year-on-year, a decrease of 0.3 percentage points from the end of the previous month; the growth rate of total social financing stock increased by 7.4% year-on-year, aligned with the economic growth and overall price level targets. 5. From 250 billion to 120 billion, Nvidia suddenly makes a drastic cut; is the AI narrative about to change? Type: Industry Sentiment Impact: Negative Nvidia has some big news! According to The Wall Street Journal, to alleviate investor concerns about the company's risk exposure, AI chip giant Nvidia has sharply reduced the guarantee amount it provides for OpenAIs data center, revising the financial guarantee scale from the original $250 billion to below $120 billion. Investment Calendar The State Council Information Office holds a press conference. Investment Tips We look for those companies that we believe will almost certainly retain competitive advantages over the next 10 to 20 years. Warren Buffett, Investor, Entrepreneur, and Philanthropist. Institutional Views 1. CITIC SEC: The North American AI chain, expansion into non-U.S. markets, and domestic demand show upward trends in many sectors. 2. Huaan: The expectation for a Fed rate hike in September is further decreasing, which helps boost global market risk appetite. 3. China Securities Co., Ltd.: The tech recovery is not over; allocation should prioritize core assets with higher certainty in fundamentals. Bullish and Bearish Outlook 1. Nvidia's CPO switches to mass productioninstitutions optimistic about benefiting the industry chain. Type: Institutional Comments Sinolink: The number of ASICs from Google, Amazon, Meta, OpenAI, and Microsoft is expected to see explosive growth from 2026 to 2027. We are optimistic about AI copper-clad laminates/PCBs, core computing power hardware, semiconductor equipment, and the Apple supply chain. 2. Storage giant Micron has positive newsWall Street investment banks significantly raise target prices. Type: Market Discussion Soochow: The storage price increase cycle continues to be realized, with demand for AI servers and HBM crowding out advanced DRAM capacity. Original manufacturers are securing supply through long-term contracts, and the supply-demand gap is unlikely to ease in the medium term. We recommend focusing on original manufacturers and module manufacturers benefiting from the storage price increase. 3. The Ministry of Finance releases tax incentives involving integrated circuit companies. Type: Policy Focus CITIC SEC: It is recommended to focus on two investment main lines, 1) domestic equipment leaders with global competitiveness that continuously benefit from the expansion of advanced processes and advanced packaging; 2) domestic component companies that are continuously pushing for domestic substitutes and improving product matrices with continuous breakthroughs in advanced process validations. Announcement Quick Review Positive Announcements 1. Shengke Communication: Signs major contract for Ethernet switch chips, amounting to over 50% of last year's revenue. 2. CanSino Biologics Inc.: Application for drug registration of diphtheria, tetanus, and pertussis vaccine for adolescents and adults has been accepted. 3. China Micro Semicon (Shenzhen): Net profit in the first half increased by 98.48% year-on-year. Negative Announcements 1. Guangdong Golden Dragon Development Inc.: Net profit in the first half was 14.2489 million yuan, down 88.59% year-on-year. 2. Jiangshan Oupai Door Industry: Net loss in the first half was 92.5142 million yuan, shifting from profit to loss year-on-year. 3. China Union: Received notification letter from Canadian FIRES; investment in the lithium brine project in Argentina may trigger a review. Overseas Markets Optional reminder: July consumption data showed weakness, with the three major indices slightly declining. Storage concept stocks continued to strengthen, with SanDisk rising 7.39% and a cumulative weekly increase of 35.38%; several optical communication stocks advanced, with Lumentum increasing by 5.19%; the NASDAQ China Golden Dragon Index rose by 0.61%, with mixed performance among popular Chinese concept stocks. This article is reproduced from "Tencent Self-Selection Stocks," edited by GMTEight: Jiang Yuanhua.