A-share market opens rapidly | Three major stock indexes collectively open lower, and the consumer electronics sector shows initial differentiation

On September 3rd, the three major stock indexes opened lower collectively. As of the time of writing, the Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index fell by 0.01%, and the ChiNext Index fell by 0.13%. In terms of the market, stocks related to the China Shipbuilding Industry concept opened higher, with KSEC Intelligent Technology hitting the limit up, China Harzone Industry Corp. rising by over 10%, and China CSSC and China Shipbuilding Industry announcing plans for a stock-for-stock absorption merger. Stocks related to the two-wheeler concept experienced a pullback, with Jiangxi Firstar Panel Technology falling by over 5% and Aima Technology Group falling by over 3%. Consumer electronics stocks showed initial differentiation, with Kunshan Kersen Science & Technology hitting the bid limit up, Jiangsu Rijiu Optoelectronics Jointstock touching the limit down, and Shenzhen CDL Precision Technology falling by over 12%. In terms of main funds, funds favored industries such as black household appliances, original components, and marine equipment, while funds were fleeing industries such as consumer electronics, banks, and automotive components. Institutional Perspectives: Looking ahead, CICC pointed out that the current market already shows many bottoming features with limited downside risks. The recovery of investor confidence requires the accumulation of more positive factors, with a focus on the strength of domestic monetary and fiscal policies in the future. Guotai Junan stated that there is resonance between internal and external macro environments, increasing the probability of a second interest rate cut domestically. Guotai Junan's research report mentioned that China's manufacturing PMI in August dropped to 49.1%, the lowest level since 2009 for the same period. New orders and production indices continued to decline due to insufficient demand. With the Federal Reserve likely to start rate cuts in September and the cyclical release of demand from domestic exporters pushing for a stronger exchange rate, the resonance between internal and external macro environments suggests a window for a second interest rate cut this year. Open Source Securities advised to pay attention to the release of new products by Apple and Meta in September and to continue focusing on AI. Popular Sectors: 1. China Shipbuilding Industry Stocks Surge Stocks related to the China Shipbuilding Industry surged at the opening, with KSEC Intelligent Technology hitting the limit up, China Harzone Industry Corp. rising by over 10%, and CSSC Science & Technology, China Shipbuilding Industry Group Power, Cssc Offshore & Marine Engineering, etc., all opening significantly higher. Comment: China CSSC is planning to absorb China Shipbuilding Industry by issuing A-shares to all shareholders of China Shipbuilding Industry. Open Source Securities believes that with the shipyard orders in China expected to be full by 2024, performance in the industry is likely to accelerate, and they remain optimistic about leading domestic shipbuilding companies. 2. Active Trading in Electronic Cigarette Concept Stocks Concept stocks related to electronic cigarettes were active at the opening, with Shanghai Shunho New Materials Technology hitting the limit up, and Shenzhen Jinjia Group, Jinlong Machinery & Electronic, Shenzhen Yinghe Technology, Huabao Flavours & Fragrances, Kennede Electronics Mfg., all opening higher collectively. Comment: The State Tobacco Monopoly Administration released a notice revising and issuing regulations on the management of electronic cigarette transactions, establishing a national unified electronic cigarette trading platform. Tianfeng pointed out that electronic cigarette product exports continue to grow with significant growth in emerging markets. They recommend focusing on CTIHK, SMOORE INTL. This article was reprinted from "Tencent Select Stocks", edited by Jiang Yuanhua.