A-share market closing review | Short-term market sentiment is active, Tesla's heavyweight news! Autonomous driving explodes

Today, the market rebounded on shrinking volume, with many thematic stocks performing well and the ChiNext Index showing strength. Looking at the market, the autonomous driving concept surged in the afternoon, with stocks like Eastone Century Technology hitting limit up; the mobile payment concept was active all day, with stocks like Guangzhou Kingteller Technology also hitting limit up; traditional blue-chip stocks like oil and natural gas, and white goods showed weaker performance. Market turnover continued to shrink, with active funds speculating on high-quality stocks, leading foldable screen leader Kunshan Kersen Science & Technology to rise for 9 consecutive days and Shenzhen Huaqiang Industry to rise for 15 out of 16 days. Overall, the market sentiment in the short term is quite active, with over 3900 stocks in the two markets rising. It is worth noting that the Shanghai and Shenzhen 300 ETFs continued to trade heavily in the afternoon, with the EasyETF Shanghai and Shenzhen 300 ETF (510310) trading over 4.2 billion yuan, and the Huatai Bairui Shanghai and Shenzhen 300 ETF (510300) trading over 5.3 billion yuan. The Jiashi Shanghai and Shenzhen 300 ETF (159919) and Huaxia Shanghai and Shenzhen 300 ETF (510330) both exceeded yesterday's full-day turnover. Specifically, the autonomous driving concept surged in the afternoon, with stocks like Eastone Century Technology and Costar Group hitting limit up. In terms of news, Tesla's artificial intelligence team announced on September 5th that they plan to launch the Full Self-Driving (FSD) system in China and Europe in the first quarter of 2025, pending regulatory approval. In terms of focus stocks, AI chip leader Cambricon plunged in the afternoon, ending down over 13%. There were reports that a certain operator's smart calculation bid delay caused institutional selling pressure. In response, Cambricon personnel stated that there is a lot of information in the market, and the source of the information is uncertain. For specific information, rely on the company's announcements and disclosures. Looking at individual stocks, 3947 stocks rose in the two markets, with 1175 stocks falling, and 228 stocks remaining unchanged. In total, there were 66 stocks hitting limit up and 8 stocks hitting limit down. At the close, the Shanghai Composite Index rose by 0.14% to 2788.31 points, with a turnover of 227.5 billion yuan; the Shenzhen Component Index rose by 0.28% to 8249.66 points, with a turnover of 307.3 billion yuan. The ChiNext Index rose by 0.65% to 1564.72 points. Funds Movement Today, the main capital focused on the railway, road, software development, photovoltaic equipment, and other sectors, with top stocks in terms of net inflows include Dazhong Transportation (Group) Co., Ltd., Shenzhen Tianyuan Dic Information Technology, Kunlun Tech, among others. News Review 1. Tesla plans to launch FSD in China next quarter Tesla's artificial intelligence team announced on social media that they plan to launch the Full Self-Driving (FSD) system in China and Europe in the first quarter of 2025, subject to regulatory approval. 2. Did an operator's smart calculation bid delay cause institutional selling pressure? Cambricon responds: uncertain information source Cambricon plunged in the afternoon. In response, the company's investor relations department stated that in normal operations, if there are significant matters, they will disclose them in an announcement. Regarding stock price fluctuations, they mentioned that in addition to company operations, there may be other factors affecting it. Some investors claimed that a delay in a certain operator's smart calculation bid led to institutional selling pressure. The company stated that there is a lot of information in the market, and the source of information is uncertain. Focus on the company's announcements and disclosures for specific information. 3. MIIT plans to further strengthen the health assessment of lithium-ion batteries for electric bicycles MIIT publicly solicited opinions on the "Guidelines for Health Assessment of Lithium-ion Batteries for Electric Bicycles," mentioning that if a lithium-ion battery fails to meet certain criteria after testing, there are health risks, and it is not recommended to continue using it: if the internal resistance is greater than 0.5, if the maximum output voltage exceeds 60V, and if the discharge capacity decay rate exceeds 50%. Furthermore, if a lithium-ion battery manufacturer discovers through technical means that the lithium-ion battery they produce has one or more of the following problems and is not recommended for continued use, they should clearly inform consumers as a reference for scrapping: frequent occurrence of voltage, current, or temperature anomalies; the number of charge and discharge cycles exceeds the manufacturer's specified value; the minimum output voltage is lower than the manufacturer's specified value; the maximum operating temperature exceeds the manufacturer's specified value; the management system malfunctions; and other issues that the manufacturer considers to impact safety. 4. Shanxi Province's latest subsidy policy for replacing old cars with new ones offers a maximum subsidy of 20,000 yuan Seven departments, including the Shanxi Provincial Department of Commerce and the Provincial Department of Finance, recently jointly issued a "Notice on Further Improving Work Related to the Replacement of Old Cars with New Ones throughout the Province," which clarifies the increase in subsidies for scrapping and replacing fuel vehicles from the original 7,000 yuan to 15,000 yuan and for new energy vehicles from the original 10,000 yuan to 20,000 yuan. The policy is retroactive, and consumers who have already received related subsidies will be reimbursed according to the new standards. Market Outlook 1. CICC: Chinese stocks have favorable conditions of undervaluation and low volatility, and the outlook is not pessimistic CICC pointed out that economic and financial data in July shows that domestic demand still needs improvement, while the economic structure remains differentiated. However, Chinese stocks have the advantages of undervaluation and low volatility, so they recommend not being too pessimistic in the medium term. Firstly, the valuation of domestic stocks is relatively low both horizontally and vertically, providing a good margin of safety for domestic stocks. Secondly, in terms of volatility, the volatility of the Shanghai and Shenzhen 300 Index is also lower than the historical average, which reflects a lack of market activity and suggests an improved relative price-performance ratio for Chinese stock assets. If the stable growth policy continues to accelerate, the macroeconomic environment will eventually...Improvement, pushing expected stock returns into positive territory, the upward elasticity of stocks may exceed expectations. With the gradual implementation of domestic growth stabilization policies, it may drive the periodic decline of risk premiums, boosting market sentiment and valuation levels. Overall, we are not pessimistic about the mid-term outlook for the Chinese stock market.Industrial: the current market may usher in a window for performance expectation adjustment and risk preference restoration Industrial points out that the current market may usher in a window for performance expectation adjustment and risk preference restoration after the financial report season. In previous years, the financial report season was often a period of risk preference contraction, with the core being that high earnings expectations in the market led to stock prices falling after the performance did not meet expectations. The difference this year is that the market itself has a low risk preference, leading to many negative expectations being already factored in during the performance vacuum period, and the financial report season may instead see a restoration of risk preference. This article was reposted from "Tencent Stock Selection", GMTEight editor: Liu Jiayin.