Guotai Haitong Daily Research Digest: Macro, Strategy and Interim-Result Reviews (Aug 27-28, 2026)
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Guotai Haitong's daily digest covers macro, sector strategy and dozens of interim-result reviews published between 09:00 on August 27 and 15:00 on August 28, 2026. July industrial profits grew 11.2% year on year (prior 15.1%), a third straight slowdown, while cumulative January-July growth of 17.6% remained on a high plateau; midstream's profit share hit a year-high 61.3% and finished-goods inventory growth rose to 10.8%, keeping destocking pressure intact. A utilities strategy argues power prices are entering a new upcycle as core supply tightens - thermal re-rating, hydro strength, nuclear stability, wind over solar. Exports stand out: Sinotruk shipped 108,000 heavy trucks abroad in H1, up 57.1% with nearly 50% export share; Chery's overseas revenue reached RMB 99.0bn, up 51.0%. AI momentum continues - AVIC Jonhon (Overweight, target RMB 50.55) saw subsidiary Xiangtong double earnings, with orders stretching into 2027. Consumers diverged: Laopu Gold's net profit rose 88.2% to RMB 4.267bn while Bloomage and Jinbo posted revenue declines of 22% and 10.2%. Fixed-income work shows the Shanghai Composite has sub-0.1 correlation with major funding rates, and among 24 STAR bond ETFs relative-value selection is preferred amid heavy supply.