Key highlights from major securities publications.

China Securities Journal

Another wave of share buybacks and stake increases has arrived for the A-share market.

On the night of July 21st, another group of listed companies joined the ranks of those increasing holdings and conducting buybacks. The entities involved include controlling shareholders, chairmen, and senior management teams. For instance, Sungrow Power Supply Co., Ltd. announced that its Chairman, Cao Renxian, proposed the company use its own or raised funds to repurchase shares, with a total repurchase amount ranging from 500 million to 1 billion yuan. Huagong Tech Co., Ltd. announced that its Chairman, Ma Xinqiang, and senior executives collectively increased their holdings by 139,900 shares through centralized bidding on July 21st, with a total investment of approximately 13.68 million yuan.

Major US memory stocks surged.

On the evening of July 21st, Beijing time, the three major US stock indices opened higher, with the Nasdaq Composite Index rising over 1% intraday. Semiconductor and memory stocks saw significant gains. SanDisk rose over 11% intraday, SK Hynix surged more than 10%, and Micron Technology climbed over 9%. In commodities, international gold and silver prices rose, and oil prices advanced. Institutions believe geopolitical conflicts could push oil prices higher, while gold prices may experience weak fluctuations.

Dongshan Precision Manufacturing Co., Ltd. provides latest responses on North American computing demand and 3.2T optical module prospects.

On July 21st, Dongshan Precision held an online investor exchange meeting attended by over 20 institutions, including E Fund Management, Fullgoal Fund, CITIC Securities, and Huatai Securities. The company addressed market concerns regarding the strength of North American computing demand, the outlook for 3.2T optical modules, and progress in self-developed optical chips. According to Tonghuashun data, Dongshan Precision's stock closed at 231 yuan per share on July 21st, up 6.09%, with a total market capitalization of 423.1 billion yuan. Year-to-date, its stock price has accumulated a gain of 172.89%.

Memory leader GigaDevice Semiconductor Inc. to inject 500 million yuan into subsidiary to support DRAM project.

On the evening of July 21st, GigaDevice announced that its board of directors had approved a proposal to use 500 million yuan from its A-share fundraising to increase capital in its wholly-owned subsidiary, Zhuhai Hengqin Xincun Semiconductor Co., Ltd., to implement the DRAM fundraising project.

Shanghai Securities News

CSRC convenes series of forums with listed companies, institutions, and experts to continuously strengthen market infrastructure and enhance intrinsic stability.

From the afternoon of July 20th to July 21st, members of the China Securities Regulatory Commission Party Committee held separate forums to solicit opinions on promoting the stable and healthy development of the capital market. Twenty-nine representatives from listed companies, securities and fund institutions, and experts participated. Attendees conducted in-depth discussions on the current market situation and offered suggestions for the CSRC's work. CSRC officials stated they would carefully study and incorporate the suggestions, proactively address market concerns, and promote the long-term stable and healthy development of the capital market.

Scale: Public fund assets under management surge in Q2, nearing 40 trillion yuan.

In the second quarter of 2026, assets under management for public funds saw significant growth, approaching the 40 trillion yuan mark. Actively managed products, with their strong performance, became the category with the largest increase, attracting substantial inflows. Industry insiders believe that while the public fund industry is expanding rapidly, it is also transitioning from "quantitative growth" to "qualitative improvement."

Driven by AI computing demand and product price hikes, the semiconductor industry chain reports widespread profit growth forecasts for the first half.

Led by memory module leader Longsys, which forecasts a profit increase of up to 74,300% with half-year profits reaching 11 billion yuan, many A-share semiconductor companies have pre-announced positive earnings for the first half.

SpaceX falls below IPO price one month after listing as valuation models clash with grand narratives.

After falling below its $135 IPO price last week, SpaceX continued its decline this week. As of the close on July 20th local time, the stock closed at $119.85, a record low, down over 45% from its June intraday high.

Securities Times

CSRC holds series of forums to gather opinions, pledging to continuously strengthen foundational systems and enhance market stability.

The CSRC recently held multiple forums over two days to solicit opinions from market participants on promoting stable and healthy capital market development. From the afternoon of July 20th to July 21st, members of the CSRC Party Committee held separate meetings with 29 representatives from listed companies, securities and fund institutions, and experts. CSRC officials stated the commission will continue to strengthen market infrastructure, enhance intrinsic stability, improve long-term mechanisms for protecting investor rights, and better promote the long-term stable and healthy development of the capital market.

Another batch of A-share listed companies join the share buyback "market defense" force.

The wave of stake increases and buybacks among A-share companies continues. On the evening of July 21st, SF Holding Co., Ltd. announced the completion of its latest round of share repurchases. It repurchased 160 million A-shares via centralized bidding, representing 3.04% of its total shares, with a total transaction value of approximately 5.999 billion yuan. The company also stated it would proceed with the cancellation procedures for the repurchased shares as soon as possible.

Seven-year anniversary of STAR Market: Institutional inclusivity fosters growth, "hard-tech corps" thrive.

July 22, 2026, marks the seventh anniversary of the STAR Market's launch. Seven years ago, the first 25 companies listed, initiating the capital market's exploration in serving new quality productive forces. Since then, the STAR Market has undergone three rounds of systematic reforms aimed at improving the inclusivity and adaptability of the capital market system. Today, a "hard-tech corps" of 611 enterprises has grown robustly, with China's semiconductor "core" accelerating, AI's "computing network" linking the future, and biopharmaceutical "innovative drugs" setting sail globally. This represents not only seven years of significantly increased "tech content" in the capital market but also seven years of transformation and reshaping for China's industrial landscape.

Private fund assets reach record high of 23.66 trillion yuan, with monthly issuance exceeding 100 billion yuan for the third time this year.

The private fund industry is experiencing a recovery in both scale and issuance. On July 20th, the Asset Management Association of China released its latest monthly report on private fund manager registration and product filing. Data shows that as of the end of June 2026, the total assets under management for private funds reached 23.66 trillion yuan, setting another historical record and marking the ninth consecutive month of new highs. Notably, the assets under management for private securities funds exceeded 8 trillion yuan for the first time.

Securities Daily

Shenwan Hongyuan's Wang Sheng: A-shares offer favorable allocation value.

Recent global capital market volatility has intensified, leading to a phased correction in the A-share market. Regarding the causes of this adjustment, the current market position, and future trends, Wang Sheng, Deputy Party Secretary, General Manager, and Chief Strategist at Shenwan Hongyuan Research, stated in a recent interview that the recent pullback is highly correlated with global market fluctuations. Some large-cap value and growth stocks have adjusted sufficiently, with valuations now in a reasonable range. After the tech stock correction, the market is poised for a potential synchronized rebound.

Examining the path for domestic AI breakthroughs through Kimi K3.

Recently, Moonshot AI released the open-source large model Kimi K3 with 2.8 trillion parameters, setting a new global record for open-source model parameters, topping the international code blind test ranking, and demonstrating comprehensive capabilities comparable to top overseas closed-source products, sparking widespread discussion.

STAR Market's seventh anniversary: Answering the "hard-tech" question with institutional innovation.

July 22nd marks the seventh anniversary of the STAR Market's launch. Looking back seven years, the first 25 tech innovation companies gathered at the Shanghai Stock Exchange to ring the opening bell, unveiling a new chapter for the capital market in serving hard technology and empowering innovation. Seven years of dedicated cultivation and iterative growth have led to a transformative leap on this fertile ground for capital market reform.

Multiple regions accelerate major project construction to support economic stabilization and growth in Q3.

Since the beginning of the year, various regions have continued efforts to expand effective investment, with construction projects steadily progressing. Recent data released by the National Bureau of Statistics shows that construction of major projects has advanced steadily. The systematic development of modern infrastructure systems, represented by the "six networks," is progressing, with related investment growing rapidly.