0624 Investment Insider

3. Memory 1) Micron will release its earnings tomorrow morning. 2) SK Hynix has filed an F-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq in July. 3) SK Hynix plans to construct four wafer fabrication plants in Yongin, South Korea; discussions are currently underway to significantly advance the completion date of the fourth plant—from the originally scheduled 2044 to 2034. 4. Apple’s Foldable iPhone According to TheElec, Apple will begin mass production of its first foldable iPhone in late July. Although recent rumors suggest a possible delay due to hinge-related issues, sources indicate Apple remains on track to launch the device in September as originally planned. 5. Semiconductor Equipment According to Bloomberg, the Netherlands is lobbying the United States not to expand export controls on semiconductor equipment, as such expansion would constrain ASML’s ability to sell products to China. 6. Liquid Cooling Intel has announced successful validation results for single-phase cold-plate liquid cooling fluids. Completion of this validation establishes a critical quality benchmark for liquid cooling fluids, thereby enhancing the operational reliability of liquid-cooled computing centers. 7. Export Controls on Strategic Minerals On June 24, 2026, China’s Ministry of Commerce issued a notice to improve the reporting and handling procedures for violations related to the export control of dual-use strategic mineral items, effective July 1, 2026. The notice specifies 13 types of suspected illegal or non-compliant activities, including unauthorized exports, exports exceeding license scope, and exports of prohibited items. 8. Goldman Sachs: Chinese Households’ Equity Allocation Remains Low Chinese households’ current equity allocation stands below 10%, markedly low relative to long-term growth potential—indicating ample room for asset reallocation.

Comprehensive Interpretation of the 2026 Semi-Annual Earnings Forecasts: Which Industries Are Truly Profitable, and Which Are Just Bloated?

V. Market-Cap Stratification: Origins of the Divergence Between Aggregate and Median Metrics Aggregate net profit growth for the entire A-share market (using the aggregate method) stands at +16.8% year-on-year, while the median growth rate across individual stocks is −4.3%, and only 47.8% of companies report positive growth. The aggregate method measures total profit changes across the sample pool and is heavily influenced by large-cap stocks; the median reflects the typical company’s performance. We stratify the sample into four tiers by market capitalization—the source of the divergence becomes clear. Chart 6: Semi-Annual Earnings of Four Major Broad-Market Indices—Aggregate vs. Median Growth Rates Weaken Consistently as Market Cap Decreases Index Number of Comparable Stocks YoY Net Profit Growth Q2 YoY Net Profit Growth YoY Revenue Growth Median Individual Stock Growth % of Companies with Positive Growth Loss Ratio CSI 300 298 +15.2% +25.2% +7.1% +10.3% 61.1% 7.4% CSI 500 495 +26.2% +35.1% +7.6% +7.5% 54.5% 7.9% CSI 1000 989 +9.3% +17.9% +7.3% +2.8% 47.4% 15.3% Guozheng 2000 1,987 +1.9% +6.1% +7.6% −2.0% 41.9% 18.4% Source: Tushare The median growth rate declines monotonically as market cap decreases—small-cap profitability weakness is pervasive. The median growth rate falls from +10.3% for the CSI 300 to −2.0% for the Guozheng 2000; the share of companies posting positive growth drops from 61.1% to 41.9%; and the loss ratio rises from 7.4% to 18.4%. Only 41.9% of Guozheng 2000 constituents achieved positive growth—a result driven by the overall distribution of the sample, not dragged down by a few underperformers. Revenue growth rates across the four indices are highly convergent, while profit divergence stems from profitability differences. Year-on-year revenue growth across the four indices stands at 7.1%/7.6%/7.3%/7.6%, with a narrow range of just 0.5 percentage points. No meaningful divergence exists at the top line; however, profit growth diverges by up to 13.3 percentage points. This gap arises downstream of revenue—in cost structures, expenses, and impairment charges. Large-cap firms hold advantages across four dimensions: economies of scale, cost bargaining power, expense control, and lower impairment pressure. Marginal improvement in Q2 is likewise concentrated among large caps. The CSI 300’s Q2 net profit growth is +25.2%, versus only +6.1% for the Guozheng 2000. The earlier observation in Section I—“acceleration for two consecutive quarters”—loses significant strength among small-cap stocks. Methodological Note: These semi-annual earnings figures are back-calculated using index constituents as of August 31, 2026, introducing selection bias toward companies that have outperformed over the past year. The more frequent the index rebalancing, the greater the bias. The Guozheng 2000 undergoes the most frequent constituent turnover; thus, its reported small-cap growth rate is likely still overstated. VI. Cash Flow: Declining Cash Conversion Quality, Driven Primarily by Inventory Replenishment The cash conversion quality (i.e., operating cash flow net amount divided by net profit attributable to shareholders) for the entire A-share market excluding financials and real estate (“Two Non-Financials”) declined from 0.96 in H1 2025 to 0.91 in H1 2026—profit growth outpacing cash flow growth. A ratio of 1.0 indicates full conversion of profits into cash. In H1 2026, operating cash flow for the Two Non-Financials grew by 8.5% year-on-year, lagging behind net profit growth of 14.2%—a gap of 5.7 percentage points. Two Non-Financials H1 2025 H1 2026 Cash Conversion Quality 0.96 0.91

Calumet Specialty Products Partners Reports Second Quarter 2026 Results

Aug 7, 2026

Calumet Specialty Products Partners announced its Q2 2026 financial results, outlining key operational metrics and performance outlook for stakeholders.

Moomoo

2026-08-07

Calumet (NASDAQ:CLMT) Surprises With Strong Q2 CY2026 Results

2026-08-07

Calumet Specialty Products Partners Reports Second Quarter 2026 Results

2026-08-07

Calumet, Inc. Reports Q2 2026 Earnings Results

2026-08-08

Calumet, Inc. Reports Q2 Revenue $1.45 Billion, Surpassing Estimates

2026-08-08

Calumet Inc. Reports Q2 2026 Revenue of $1.45B, EPS ($1.09)