The following are the main highlights from the front pages of China's major securities newspapers on Monday, July 20, 2026.
China Securities Journal
State-Owned Capital Giants Announce Share Purchases to Support Market Stability
On the evening of July 19, China Chengtong Holdings Group Ltd. and China Reform Holdings Corp. Ltd. released announcements expressing firm confidence in the prospects of the Chinese economy and capital markets, pledging to maintain stable and healthy market operations. China Reform Holdings stated that its subsidiary, Guoxin Investment Co., Ltd., has already utilized over 50 billion yuan from special relending facilities and supporting funds for share repurchases and buybacks to support market stability. The company plans to continue making full use of these policy tools alongside its own capital to increase holdings in central state-owned enterprise stocks, safeguarding the strategic value of core capital market assets.
Beijing and Shenzhen Property Markets Show Signs of Stabilization with Volume and Price Recovery
The property markets in Beijing and Shenzhen are showing continued signs of recovery this July, with a simultaneous improvement in transaction volumes and average prices for both new and existing homes. Market sentiment is robust, characterized by high levels of customer inquiries and property viewings. Industry experts suggest the market retains strong resilience and self-adjustment capabilities, with future recovery expected to be driven by structural improvements in high-quality supply.
China to Accelerate Construction of New Energy System, Boosting Synergy Between Computing and Power
At the 2026 World Artificial Intelligence Conference, a National Energy Administration official stated that China will speed up building a new energy system to support the green development of AI. The computing power industry has become a new engine driving electricity consumption growth. Experts from the China Electricity Council propose following a core principle of "strengthening computing with electricity and promoting electricity with computing," advocating for differentiated regional layouts of computing and power resources and deepening computing-power synergy to foster new quality productive forces in the energy sector.
Technological Upgrades and Computing-Power Synergy Drive Accessibility of Computing Resources
With growing AI computing demands, the market requires high-quality, low-cost computing power supply. At the 2026 World AI Conference, industry players are promoting the accessibility of computing resources through enhancements in infrastructure capabilities, computing-power coordination, and optimization of computing power scheduling.
Shanghai Securities News
State-Owned Capital Firms Express Confidence, Increase A-Share Holdings; Multiple Listed Companies Announce Buyback Plans
Two major state-owned capital operating companies announced on July 19 their firm confidence in China's capital market outlook and their decision to increase holdings of Chinese equity assets. China Reform Holdings reiterated its commitment to supporting technological innovation and high-quality development in central SOEs, having already deployed over 50 billion yuan for market stabilization and pledging continued action.
Market Consolidates; Institutions Suggest Short-Term Selling Pressure May Have Peaked
Following a significant sell-off in the A-share market on July 17, with major indices falling sharply, brokerages' weekly strategy reports have reached a consensus. They attribute the recent adjustment primarily to micro-liquidity shocks in overseas tech assets and cross-market resonance, noting that the fundamentals of A-shares remain unchanged. They suggest the concentrated release of selling pressure in tech stocks may be nearing its end, with potential for a rebound building after the oversold conditions.
Foreign Investor Focus: Hard Tech Remains a Key Area for Research
Data shows foreign institutions conducted 139 research visits to A-share listed companies so far in July. Sectors such as electronic equipment, components, and integrated circuits remain favored. Companies like Guanghe Technology and Hudian Co., Ltd. received the most visits, followed by Tianfu Communication, Shenghong Technology, and BOE Technology Group Co., Ltd.
Embodied AI Takes More Practical Steps at WAIC 2026
At the 2026 World AI Conference, the embodied AI exhibition area showcased a noticeable shift from performance-based demonstrations to practical applications in real-world scenarios like material handling and assembly. Concurrently, upstream infrastructure providers, such as those in data collection and simulation, are gaining more prominence.
Securities Times
CSRC Holds Forum to Promote Stable Market Development; Veterans Urge Rational View on Recent Adjustments
It is reported that market institutions have been invited to a forum with the China Securities Regulatory Commission (CSRC) to discuss promoting stable and healthy market development. Veteran industry professionals advise viewing the recent market adjustments rationally, expressing confidence in the intrinsic value and underlying strength of Chinese assets. This follows the announcements from China Reform Holdings and China Chengtong Holdings regarding their substantial market support measures.
Diverging Views on AI Sector Among Fund Managers
As mutual funds release their Q2 2026 reports, the potential for a bubble in the AI sector is a hotly debated topic. Fund managers are split: one camp believes valuations for some AI assets have overshot future prospects, showing signs of a local bubble; the other argues this cycle is fundamentally different, supported by genuine industrial demand and orders, suggesting the industry's prosperity may continue.
Mutual Funds Eye Changxin Tech's IPO, Citing "Must-Hold" Status at Reasonable Valuation
The highly anticipated IPO of memory chip giant Changxin Technology, the largest ever on the STAR Market, is seen as more than just a market expansion. Fund managers note it adds a globally competitive DRAM manufacturing leader to the A-share market, potentially reshaping tech sector valuations and having a profound impact on public fund investment frameworks. Many indicate it would be a must-hold for relevant thematic funds if post-listing valuations remain reasonable.
Domestic Super-Nodes Take Center Stage at WAIC, Showcasing Computing Power Competition
Domestically developed super-nodes were a major focus at WAIC 2026. Despite variations in chips and architectures, exhibition booths featuring these solutions attracted large crowds. This large-scale collective display marks both an achievement review and the beginning of a new competitive phase in China's computing power industry.
Securities Daily
Brokerages Upwardly Revise Ratings for 49 Stocks This Month
As July marks a peak period for interim earnings pre-announcements, the operational performance and profit realization of listed companies have become a key focus for investors and a variable influencing market style and capital allocation. Consequently, several brokerages have updated their ratings on companies, seeking to identify investment themes for the second half of the year based on the latest earnings previews and industry dynamics.
Tongguan Copper Foil Expects H1 Net Profit to Surge Over 486%
Anhui Tongguan Copper Foil Group Co., Ltd. released its H1 2026 earnings forecast on July 19. The company expects net profit attributable to shareholders to reach between 205 million and 225 million yuan, representing a year-on-year increase of 486.49% to 543.70%. It attributed the strong performance to supply shortages in high-frequency, high-speed copper foil during the reporting period.
Over 80 Cities Offer Subsidies to Lower Home Purchase Costs This Year
More than 80 cities have implemented home purchase subsidy policies this year, with measures becoming more refined and targeted to support the property market. Many policies are linked to marriage and childbirth incentives, aiming to reduce housing costs for multi-child families. For instance, Nanchong in Sichuan offers mortgage interest subsidies for eligible first-time married couples, while Wuhan in Hubei provides direct subsidies of 60,000 and 120,000 yuan for families with two and three children, respectively.
New Vistas in Space-Information Industry: Breakthroughs in Space-Based Computing and Intelligence
The 2026 Space-Information Conference, themed "Integrated Space-Air, Shared Ecosystem Prosperity," was held in Wuxi, Jiangsu from July 16-17. Over 2,000 representatives from government, research institutes, and industry gathered to discuss the new development landscape for the space-information industry, highlighting accelerated breakthroughs in areas like space-based computing power and on-orbit intelligence.
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