More than 4,000 stocks in the two cities closed down BYD's stock price by more than 7%.

On the last trading day of Economic Observation Network reporter Liang Ji, the three major stock indexes of A shares ended with the whole line. As of the closing of August 31, the Shanghai Stock Exchange Index reported 3202.14 points, down 0.78%; the Shenzhen Stock Exchange Index was reported at 11815.79 points, down 1.29%; the GEM refers to 2570.41 points, down 1.60%. Choice data shows that only 688 stocks in the two cities closed up, the total transactions of the two cities were 1002.355 billion yuan, and the net purchase of 7.9 billion yuan in northbound funds was bought. Electricity equipment, automobiles and non -ferrous metals and other track sectors have been adjusted significantly, with a closure of 4.78%, 4.31%, and 3.5%respectively.

The three major stock indexes of Hong Kong stocks fluttered on the 31st. The Hang Seng Index opened in early trading, rising in the afternoon, and turning green at the close of the market again, and finally closed at 19954.39 points, up 0.03%; the Hang Seng China Enterprise Index and the Hang Seng Technology Index rose 0.36%and 1.09%, respectively. point. The car and car parts sector led a decline, a decline of 3.01%.

On the news, "stock god" Buffett reduced BYD's hammer. On the 31st, BYD (002594.SZ, 1211.HK) A shares dived over 8%in the early trading of the stock price, and fell 7.36%to 287.98 yuan/share, with a market value of 838.4 billion yuan; Hong Kong stock price fell 7.91%.

Lang Yicheng, general manager of the Fund Fund Research Department, told the Economic Observation Network that the fundamentals of the new energy vehicle industry chain are relatively strong. In July, the sector has risen to the high level at the beginning of the year. The short -term adjustment is more structural, especially the amendment to the preliminary growth sector is too optimistic. From the medium and long term, the "weak recovery" plus a relatively abundant liquidity background, the growth sector, especially the high prosperity sector, is still the focus of attention. On the news, the Federal Reserve Chairman Powell's speech was partial at the annual meeting of the Global Central Bank last Friday, which affected the short -term risk appetite to a certain extent. The performance of the short -term growth track may be weak, and the market as a whole is mainly weak shock.

BYD A and H have fallen by more than 7%

On August 30, BYD issued a semi -annual report in 2022, and revenue achieved revenue of 150.607 billion yuan during the period, with net profit of 3.595 billion yuan, an increase of 65.71%and 206.35%year -on -year. According to data from the China Automobile Association, in the first half of this year, BYD's new energy vehicle market share of 24.7%, an increase of 7.5 percentage points from 2021. It is the global new energy vehicle sales champion.

Haitong International commented that BYD's net profit in the first half of this year became the best performance in history, and the net profit attributable to the mother has exceeded the whole year of last year. In the first half of the year, BYD sold 641,300 new energy vehicles, which is expected to sell nearly 1.7 million units throughout the year, an increase of 129%year -on -year.

The "best history" performance has not brought a higher stock price.

On August 31, BYD A -shares and H shares closed more than 7%. BYD's A -shares fell sharply, the decline exceeded 8%, and then the shock recovered. Finally, it closed at 287.98 yuan/share, down 7.36%, and the market value was 838.4 billion yuan. In terms of H shares, BYD once fell more than 12%in early trading. /Share, a 7.91%, a market value of HK $ 705.1 billion.

The day before BYD A and H's stock price fell down, on August 30, the Hong Kong Stock Exchange disclosed that Berkshire Hathaway reduced its holdings of 1.33 million shares on August 24, with a total market value of HK $ 369 million The average price is 277.1 Hong Kong stocks/shares. In 2008, Berkshire Hathaway bought 225 million shares at a price of 8 Hong Kong dollars per share, with an investment income of nearly 35 times. This is also the first time Buffett has sold BYD's shares. After this reduction, its shareholding ratio dropped to 19.92%.

Economic Observation Network called BYD staff on Berkshire Hathaway's holdings, and the other party said there was no response.

Haitong International Analysis believes that in the first half of the year, in the face of the strong demand of the market, BYD focused on optimizing the layout of various links of new energy vehicles and effectively enhanced production capacity, and the delivery rhythm was accelerated. At the same time, the short -term mismatch of the supply and demand of key raw materials on the upstream is still at a high level, which brings a great test of the industrial chain.

Market attention is still due to economic recovery expectations

In addition to the new energy vehicle sector, photovoltaic, energy storage and power equipment and other sectors also ushered in killing and falling on August 31, with the declines of 6.33%, 7.23%, and 6.32%, respectively. However, from a medium and long term, in the context of "weak recovery" plus relatively abundant liquidity, the growth sector, especially the high prosperity sector, is still the focus of market attention.

On August 31, the National Bureau of Statistics released the manufacturing procurement manager index (PMI) in August 49.4%, which was lower than the critical point, an increase of 0.4 percentage points from the previous month.

From the perspective of enterprise scale, large enterprise PMI is 50.5%, an increase of 0.7 percentage points from the previous month, and returns above the critical point; the PMI of the medium -sized enterprise is 48.9%, an increase of 0.4 percentage points from the last month, which is lower than the critical point; the small enterprise PMI is the PMI as 47.6%, a decrease of 0.3 percentage points from last month, lower than the critical point.

From the perspective of the classification index, the five classification indexs that constitute the PMI of the manufacturing industry are lower than the critical point: the production index is 49.8%, which is flat; the new order index is 49.2%, an increase of 0.7%month -on -month; 0.1%; the employee index is 48.9%, an increase of 0.3%month -on -month; the supplier delivery time index is 49.5%, a decrease of 0.6%month -on -month, indicating that the delivery time of the manufacturing raw material supplier is slower than the previous month. In addition, in August, the non -manufacturing business activity index was 52.6%, a decrease of 1.2 percentage points from the previous month. It is still located in the expansion range. Non -manufacturing recovery growth for three consecutive months.

In August, the comprehensive PMI output index was 51.7%, a decrease of 0.8 percentage points from the previous month, which was still higher than the critical point, indicating that the overall production and operation of enterprises continued to restore the development trend.

Xiong Yuan, the chief economist of Guosheng Securities, believes that the PMI continued to fall as scheduled in August, mainly due to the worsening of the epidemic, and the orderly use of high temperature and orderly use in some areas. In the future, the economic improvement power and policy landing in September should also improve improvement , But the uncertainty of the epidemic and real estate is still strong. Its tendency to believe that based on the weak economic performance of July and August, it will be difficult to achieve 4%of GDP throughout the year (corresponding to 5.3%of the GDP growth rate in the second half of the year); in the short term, epidemic and real estate are still key disturbances. Essence

Wang Tao, chief Chinese economist of UBS Securities, said that the PMI figures in August were still less than 50, showing that the current economic recovery is still weak. High -frequency data shows that indicators such as truck transportation, subway traffic, and urban congestion indexes in 100 cities have shown that August has improved in August, but it still declines year -on -year. On the one hand, the situation has improved, but on the other hand, it should be The intensity of the overall recovery is not ideal. In the future, with the successive policies, economic data will improve further.

CICC believes that under the influence of the second bottom of real estate demand and the continuous disturbance of the epidemic, the growth prospects still face challenges. The economic data performance in July was relatively sluggish, and the growth indicators of various items generally slowed down and lower than expected. On the overseas side, market volatility has risen and the uncertainty of Sino -US relations still exists. CICC is expected to lack obvious direction and maintain a torrential trend in the short -term market. At the same time, as the performance period of the interim and the second quarter report gradually approaches, the profit performance of corporate profits is also expected to become the core of market attention. In the middle period, if the pace of the Fed's policy tightening slows down and the signs of China's economic growth rebound both, it may provide positive catalysts for H -share valuation repair.

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