China Securities Journal

Major news for a 700 billion yuan AI chip leader: Cambricon Technologies Corporation Limited announced on the evening of July 28 a 2026 restricted stock incentive plan (draft). The plan proposes granting 5 million restricted shares, approximately 0.80% of the company's total shares (about 628.29 million shares), at a grant price of 750 yuan per share. This price represents a discount of roughly 33.51% from the July 28 closing price.

A 290 billion yuan baijiu leader's personnel change: Wuliangye Yibin Co., Ltd. announced on the evening of July 28 that the board approved a motion to dismiss Zhang Xin as the board secretary, appointing Li Jianwei to the role. Zhang Xin will retain his positions as director, vice president, and chief financial officer.

A flurry of positive news from A-share companies: On the evening of July 28, several A-share firms released positive signals. Many issued first-half 2026 performance forecasts, reports, or preliminary results, with companies in AI, energy storage, healthcare, and chip sectors reporting significant profit growth. For instance, Zhonghong Medical Co., Ltd. expects its net profit attributable to shareholders for the first half of 2026 to increase by 2338% to 3557% year-on-year. Zhengzhou Sino-Crystal Diamond Co., Ltd. reported a 247.61% increase in net profit for the first half of 2026.

Why the market hasn't ruled out a rate hike ahead of the Fed meeting: As the Fed's policy meeting approaches, US stock market volatility has intensified. Unlike previous meetings, the market hasn't fully priced out a potential rate hike. Since taking office, Chair Warsh has weakened forward guidance, increasing policy flexibility but also making it harder for the market to predict rate direction.

Shanghai Securities News

The logic and projection of Fed policy in the 'Warsh era': Warsh is systematically restructuring the Fed's policy framework, with a core focus on restoring price stability as the primary mission. He explicitly opposes the flexible average inflation targeting (FAIT) framework introduced in 2020, advocates for reaffirming the 2% inflation target, and prefers using new indicators like 'trimmed mean PCE.' In communication, he has abandoned forward guidance, shifting to a purely data-dependent, meeting-by-meeting decision-making process, marking the official entry of the Fed into a 'data-driven mode.'

AI computing demand boosts first-half performance, with the MLCC industry chain's high prosperity expected to continue through H2: This year, driven by the explosive demand for AI computing power, MLCCs (multi-layer ceramic capacitors), often called the 'rice of the electronics industry,' have seen tight supply and rising prices. This has lifted the entire passive component industry's activity, with many listed companies expecting significant first-half profit growth, with some increases exceeding 600%.

First-half tax revenue exceeds 10 trillion yuan, with personal income tax becoming the third largest tax category; over 100 million taxpayers received more than 150 billion yuan in tax refunds, benefiting low- and middle-income groups: National Tax Administration Director Hu Jinglin stated on July 28 that in the first half of the year, tax authorities collected 16.7 trillion yuan in taxes and fees. Of this, tax revenue surpassed 10 trillion yuan (excluding customs-collected import VAT, consumption tax, tariffs, and ship tonnage tax, and before deducting export tax rebates), a 4.9% year-on-year increase.

Hainan Hualu Co., Ltd. and its senior executives penalized for information disclosure violations: Hainan Hualu announced on the evening of July 28 that it had received a Decision on Administrative Penalty from the Zhejiang Regulatory Bureau of the CSRC. The company was found to have failed to disclose significant progress or changes in its subsidiary's 'Computing Power Service Agreement' in a timely manner, constituting information disclosure violations. The penalty includes a 3 million yuan fine for the company, a 1 million yuan fine for former General Manager and Director Hu Danfeng, and 600,000 yuan fines each for former Chairman Zhang Qiao and former Board Secretary and Vice General Manager Guo Haibin.

Securities Times

Multiple A-share companies report strong first-half results: On the evening of July 28, Zhengzhou Sino-Crystal Diamond Co., Ltd. and Sifang Technology Co., Ltd. disclosed their 2026 semi-annual reports, Universal Scientific Industrial (Shanghai) Co., Ltd. released a preliminary results announcement, and Kingsoft Office Software Co., Ltd. disclosed its first-half performance forecast. Specifically, Sino-Crystal Diamond achieved operating revenue of 438 million yuan in the first half of 2026, up 80.94% year-on-year, with net profit attributable to shareholders reaching 90.08 million yuan, a 247.61% increase. Basic earnings per share were 0.354 yuan.

ChangXin Memory Technologies (CXMT) to be included in a major index! CXMT will be added to the MSCI China All Shares Index and could become the second-largest stock by market capitalization in the index. MSCI Inc announced on July 28 that CXMT will be included in the index due to its IPO, effective August 10.

Consumer electronics companies are flooding into the AI data center track through investment, M&A, and cooperation: The construction of AI data centers (AIDCs) is entering a high-prosperity expansion phase. A group of consumer electronics supply chain companies, long focused on precision manufacturing, are leveraging their accumulated technical expertise and customer base to enter the AIDC field through both internal growth and external expansion, rapidly building new industry barriers.

Solid-state transformers emerge as a key innovation in computing center power distribution architecture: The surge in power consumption from AI is exposing the inefficiencies and large footprint of traditional power supply architectures, pushing solid-state transformers into the spotlight. According to incomplete statistics, dozens of companies in power electronics and power transmission equipment sectors are entering this track. Sources indicate that this year is the first year of industrialization for solid-state transformers, with large-scale commercial adoption expected after 2028. However, due to undefined standards, few manufacturers master first-level cascading technology, and major computing center operators, like telecom carriers and internet giants, are not yet strongly motivated to adopt solid-state transformers, preferring other mature power distribution solutions.

Securities Daily

Good news from the three leaders of optical modules, with institutions firmly optimistic about the industry's growth certainty: On July 28, the A-share optical communication sector experienced a significant correction. By the close, Chengdu Eoptolink Technology Co., Ltd. fell 17.13% to 406.9 yuan, Zhongji Innolight Co., Ltd. dropped 15.69% to 908 yuan, and Suzhou TFC Optical Communication Co., Ltd. declined 13.21% to 181.56 yuan. Despite short-term price pressure, the cumulative gains for all three companies this year remain substantial.

National Tax Administration: Tax reductions for people's livelihood policies increased by 11.8% year-on-year in the first half of the year: On July 28, the State Council Information Office held a press conference on the '15th Five-Year Plan' period. Director Hu Jinglin stated that the first year of the plan has started steadily. Key points include: deepening high-quality economic development, strengthening coordination between tax revenue and economic growth, improving the tax environment for a unified national market, and enhancing the role of taxation in social welfare.

First-half national EV charging infrastructure up 43.2% year-on-year, with a maturing charging network alleviating 'range anxiety': On July 28, the National Energy Administration released data for the first half of 2026. As of the end of June 2026, the total number of EV charging infrastructure units (guns) in China reached 23.057 million, a 43.2% year-on-year increase. This includes 5.009 million public charging units (up 22.3% YoY) with a total rated power of 247 million kVA, and 18.048 million private charging units (up 50.4% YoY) with a total installed capacity of 155 million kVA.

The People's Bank of China released the Q2 2026 financial institution loan投向 report, showing growth in inclusive small and micro loans in the first half: As of the end of Q2 2026, the outstanding balance of RMB loans from financial institutions was 282.63 trillion yuan, a 5.2% year-on-year increase. RMB loans increased by 10.72 trillion yuan in the first half of the year.