A-share market opening express | three major stock indexes collectively opened lower, real estate sector opened stronger.

Overnight, the three major US stock indices collectively fell, marking the largest single-day drop since August 6th. In the morning of September 4th, the Asia-Pacific stock markets all declined, with the Taiwan Stock Exchange Weighted Price Index falling by 5%, the Nikkei 225 Index dropping by over 4%, and the South Korean KOSPI Index falling by nearly 3%. In the A-share market, the three major stock indices opened lower, with the ChiNext Index falling by over 1% at one point. As of press time, the Shanghai Composite Index fell by 0.59%, the Shenzhen Component Index fell by 0.46%, and the Growth Enterprise Index fell by 0.33%. On the market, pharmaceutical and commercial stocks quickly rose, with LBX Pharmacy Chain Joint Stock hitting its limit up for two consecutive days; insurance stocks fluctuated and strengthened, with Hubei Biocause Pharmaceutical hitting the limit up; the real estate sector opened strong, with Deluxe Family hitting the limit up; consumer electronics concept stock performances were mixed, with Kunshan Kersen Science & Technology hitting the limit up for 8 consecutive days, Sunyes Manufacturing and Ways Electron hitting the limit up, and Foxconn Industrial Internet falling by nearly 5%. In terms of declines, AI hardware concepts opened lower, with Shenyu Communication Technology Inc. falling by over 10%, Shenzhen Woer Heat-shrinkable Material falling by nearly 6%, and NVIDIA falling by over 9% overnight, marking its largest single-day drop since late April; oil and gas stocks continued to decline, with CNOOC Limited falling by over 5% and Zhongman Petroleum And Natural Gas Group Corp., Ltd. falling by over 4%; the industrial metals sector initially fell, with North Copper and Jchx Mining Management falling by over 3%. In terms of main funds, funds favored industries such as pharmaceuticals, real estate, and banks, while funds exited optical electronics, software development, and consumer electronics industries. Institutional Outlook Looking ahead, China Securities Co., Ltd. believes that with the current earnings window and domestic economic data showing fundamental pressure, policies are expected to continue to strengthen, which could restrain the downside space of the market. China Securities Co., Ltd.: A-shares are currently below 3000 points, highlighting the value of allocation China Securities Co., Ltd. believes that with the current earnings window and domestic economic data showing fundamental pressure, policies are expected to continue to strengthen, which could restrain the downside space of the market. In addition, the convening of various technology industry conferences this month may drive related thematic investment opportunities and enhance structured market trends. In the medium to long term, A-shares are currently below 3000 points, still possessing valuation advantages, and the value of allocation is highlighted, making it a good choice to position low. Tianfeng: New energy and unmanned transportation will reshape the transportation landscape Tianfeng research report states that the application of new energy and unmanned driving technology will significantly reduce energy and labor costs. As toll collection on highways gradually expires, tolls will also decrease, and the overall cost of road transportation is expected to significantly decrease, with the share of volume anticipated to increase. In the passenger transport sector, ride-hailing and carpooling services are gradually diverting from the traditional taxi and high-speed rail markets. In the freight transport sector, environmentally friendly vehicles such as natural gas heavy trucks will divert from railway freight. The promotion of intelligent driving policies will also increase traffic flow and capacity, benefiting related companies such as Didi, DIDA INC, and Zhongtong Express significantly. CITIC SEC: The computing power industry chain remains a good choice for asset allocation CITIC SEC's research report believes that the computing power industry chain is multi-faceted, large in scale, and has good growth potential, making it a good choice for asset allocation. The computing power chip, server, and network communication sectors are the largest sub-sectors of the computing power industry chain. It is estimated that by 2025, performance elasticity of chips and AI servers will be more than 4 times higher than in 2023, and optical modules will show more than 2 times performance elasticity. In terms of domestic substitution, the second quarter of 2024 is expected to herald an economic inflection point for chips, which may promote a commercial positive cycle. It is recommended to focus on global and domestic leading companies in the computing power chip industry, server manufacturers with core cooperation of chip manufacturers, and leading companies in optical modules. Popular Sectors 1. Insurance stocks fluctuated and strengthened Insurance stocks fluctuated and strengthened, with Hubei Biocause Pharmaceutical hitting the limit up, and China Pacific Insurance, China Life Insurance, The People's Insurance, and Ping An Insurance following the upward trend. Commentary: Dongguan Securities analyst Wu Xiaotong believes that the recent strong performance of A-share insurance stocks is mainly due to the better-than-expected growth in listed insurance companies' performance. The significant improvement in investment income compared to the same period is the driving factor for the year-on-year growth of net profits of listed insurance companies this year. Against the backdrop of declining long-term interest rates and increased stock market volatility in the first half of the year, various insurance companies actively increased their allocation of long-term interest rate bonds and equity assets, increased high dividend asset allocations, and, under the low base effect, drove the strong performance of the bond bull market and high dividend sector to achieve high profit growth. 2. AI hardware side weakened The AI hardware side opened lower, with copper high-speed connections, CPO, and other directions leading the decline, with Shenyu Communication Technology Inc. falling by over 10%, and Shenzhen Woer Heat-shrinkable Material, Zhongji Innolight, Suzhou TFC Optical Communication, and Eoptolink Technology Inc., all opening lower by over 5%. Commentary: On the news front, the United States has escalated its anti-monopoly investigation in the AI computing field. It is reported that NVIDIA has received a subpoena from the Department of Justice.This move signifies that the US government has taken another step towards formally prosecuting. Nvidia fell more than 9% on Tuesday, marking its largest single-day decline since late April.This article is reprinted from "Tencent Self-Selected Stocks", edited by GMTEight: Jiang Yuanhua.