Highlights of the securities morning meeting | Huawei's three-fold folding smartphone emerged, leading a new round of hardware innovation.

Yesterday, the market fluctuated throughout the day, with the Shanghai Composite Index breaking below 2800 points to set a new low for the period, while the ChiNext Index remained relatively strong. Overall, stocks fell more than they rose, with nearly 3900 stocks declining in the entire market. The trading volume of the Shanghai and Shenzhen stock markets was 559.4 billion, a decrease of 21.2 billion from the previous trading day. In terms of sectors, the pharmaceutical, commercial, solid-state battery, insurance, and education sectors led the gains, while ST, oil and gas, consumer electronics, and non-ferrous metals sectors led the declines. As of the close of trading yesterday, the Shanghai Composite Index fell by 0.67%, the Shenzhen Component Index fell by 0.51%, and the ChiNext Index fell by 0.11%. At today's morning meeting of securities firms, China Securities Co., Ltd. pointed out that Huawei's triple foldable phone has emerged, leading a new wave of hardware innovation; CICC believes that a healthy market requires moderate fluctuations. China Securities Co., Ltd.: Huawei's triple foldable phone emerges, leading a new wave of hardware innovation China Securities Co., Ltd. stated that Huawei is expected to launch the world's first mass-produced triple foldable phone on September 10th. This extraordinary Master Brand model, codenamed Mate XT, will have an unfolded screen size of 10 inches, nearly 50% larger than left and right folding models, providing a tablet-like user experience. The new foldable form factor is driving a significant increase in demand for flexible OLED panels, as the triple foldable phone uses two sets of hinges to connect three shell bodies, doubling the demand for hinge MIM structural components. CICC: A healthy market requires moderate fluctuations CICC stated that a healthy market requires moderate fluctuations. High volatility increases investment risks and affects financial stability, while low volatility lacks investment opportunities, leading to market trading shrinking. Since the outbreak of the pandemic, changes in the global macro environment have increased uncertainty in economic policies. China is in a period of economic structural transformation, with the replacement of old and new industries, theoretically leading to increased market volatility. However, the volatility of some key assets in China has decreased in recent years. For example, the volatility of the Shanghai and Shenzhen 300 Index has dropped to 11%, significantly lower than the average of 25% over the past 20 years; the volatility of the Renminbi against the US dollar has decreased to 1%, lower than the historical average of 3% over the past 20 years; and the bond market volatility remains at a moderate level. CICC believes that the decrease in stock and foreign exchange volatility reflects the factors of economy, policy, and trading, providing important insights for current asset allocation. This article is reproduced from "Cai Lienshe", edited by GMTEight: Chen Xiaoyi.