Pre-market report on A shares | Trillion-level securities aircraft carrier is coming, medical equipment welcomes catalysis.

Morning Heavyweight News Overview 1. Brokerage aircraft carrier is here! Guotai Junan and Haitong officially announced merger, total assets and net assets ranked first in the industry Importance: Guotai Junan and Haitong have announced a major asset reorganization plan, with their stocks suspended from trading today. This is the largest A+H dual-market absorption and merger in the history of the capital market. After the merger, the revenue and net profit of the two will rise to the second position in the industry, while total assets and net assets will become the first in the industry. 2. The central bank clarifies the next macroeconomic policy direction: RRR has room to decrease, and the downward adjustment of deposit and loan interest rates has certain constraints Importance: Zou Lan, director of the monetary policy department of the central bank, stated that the average statutory reserve ratio of financial institutions is currently about 7%, with some room for downward adjustment. In terms of interest rates, the central bank continues to push for a stable and declining comprehensive cost of social financing, while the further downward adjustment of deposit and loan interest rates still faces certain constraints. 3. Window for lowering existing home loan rates opens, two implementation paths of repricing and mortgage conversion have high voices Importance: The recent rumors about lowering existing home loan rates have attracted widespread attention. Industry insiders believe that the possibility and necessity of lowering existing home loan rates currently exist, and there are two possible implementation paths of repricing and mortgage conversion. The rate cut is beneficial for expanding consumption and investment, but for banks, it will pose a serious challenge to stabilizing interest rate spreads. 4. Market incremental funds on the way! China A500 ETF is coming, 10 fund companies collectively submit applications Importance: The China A500 index is about to be launched, and public funds are rushing into this broad-based ETF market. The first batch of China A500 ETFs may be distributed to 10 public funds, including Morgan Asset Management and Huatai Bairui. The issuance of the China A500 ETF is expected to recreate the hot scene of the China A50 ETF, with more incremental funds expected to enter the market. Financial Calendar Reminder: Today, there is a new stock subscription for Zhongxin shares on the Shanghai and Shenzhen stock exchanges, and no new stocks are listed. Opportunities to watch out for After reviewing the investment opportunities that the market is paying attention to, medical devices, autonomous driving, and solid-state batteries are attracting attention. 1. The Ministry of Finance and four other departments issued a notice on the "zero tariff" policy for drugs and medical devices in the Hainan Free Trade Port The Ministry of Finance and four other departments recently issued a notice on the "zero tariff" policy for drugs and medical devices in the Hainan Free Trade Port. Before the island-wide closed operation, medical institutions, medical education institutions and medical research institutes that are registered and have independent legal personality in the Boao Lecheng International Medical Tourism Pilot Zone in Hainan are eligible for exemption from import tariffs and value-added tax on the import of drugs and medical devices specified in the notice. Analysis: China Securities Co., Ltd. believes that the market has anticipated the impact of the increased compliance requirements for medical policies and inspections on the industry. The mid-year performance of many stocks has already been released recently, and the full-year performance expectations will become clearer. It is important to focus on directions and individual stocks with strong earnings certainty. 2. Tesla expects to launch FSD in China in the first quarter of next year, and the stock price surged by nearly 5% overnight On September 5th, Tesla's AI team announced on social media the current progress and recent development goals of FSD (Fully Self-Driving Technology): in September of this year, the FSD V12.5.2 will be pushed out, with a 3x improvement in takeover rate, and the real intelligent summon will be pushed out; in October, the parking and reversing capabilities of the FSD will be pushed out, with a 6x improvement in average takeover rate for FSD V13; it is expected that in the first quarter of 2025, FSD will be launched in China (subject to regulatory approval). Analysis: Guosen believes that Tesla is likely to increase its value through a combination of FSD software, software stores, and subscription services, opening up new scenarios for intelligent driving applications. It continues to be optimistic about Tesla's innovations in intelligent driving technology and profit models. 3. Beijing Easpring Material Technology successfully installs solid-state battery products, with several hundred tons of solid-state battery cathode materials shipped in the first half of the year On September 5th, Beijing Easpring Material Technology stated at the online interim performance briefing that the company has successfully developed high ionic conductivity and high stability nano-scale solid electrolytes. The related solid-state lithium battery products have been successfully installed and verified. Regarding solid-state battery cathode materials, the company has shipped several hundred tons in the first half of 2024, successfully introduced to multiple solid-state battery customers and successfully applied to front-line vehicle models of first-line car companies. Analysis: CITIC SEC believes that due to high safety and high energy density, solid-state batteries are expected to initiate a new cycle of electrification innovation. The signal for the industrialization of solid-state batteries in China has arrived, and the domestic lithium battery industry chain is expected to receive new development opportunities. Market outlook Sinolink: Maintain a strategy of "large-cap value defense" and attack with gold and innovative drugs Sinolink states that the overall industry allocation strategy for September is to maintain a strategy of "large-cap value defense" and recommend: banking sector holdings; "offensive" with gold and innovative drugs; non-cyclical industries with potentially sustained high dividend yields. The diversification strategy includes: (1) only retain "gold" from bulk commodities. As the expectation of a rate cut in the U.S. approaches, bulk commodities that have benefited from global liquidity surplus, including copper and aluminum, may be constrained by the "liquidity trap"; only gold will continue to benefit from the downward trend of real interest rates and the weakening of the U.S. dollar. (2) Innovative drugs are waiting for the U.S. unemployment rate to exceed "4.2%" and will benefit from the trend of downward U.S. bond rates. (3) High dividend yields combined with the potential logic of dividend rate increases, including banks, transportation, utilities, and telecommunications. Stay tuned for the rate cut "landing" and the subsequent style switch. Positive and negative announcements from listed companies In terms of positive announcements, attention is drawn to Gan & Lee Pharmaceuticals' planned share buyback. In terms of negative announcements, Kunshan Kersen Science & Tec, which has been on a nine-day streak, is highlighted.Technology prompts risks.Positive Announcements 1. Gan & Lee Pharmaceuticals: Plan to use 150 million to 300 million yuan of own funds to repurchase shares 2. Jiangsu Guoxin Corp., Ltd.: The company has formulated the "Quality Return and Double Upgrade" action plan to stimulate the momentum of high-quality development 3. Jilin Liyuan Precision Manufacturing: The company's bank accounts have all been unfrozen 4. Baotailong New Materials: Baotailong New Materials mine has resumed production 5. Ourpalm Co., Ltd.: Plan to repurchase shares of 50 million to 100 million yuan 6. Winning Health Technology Group: Plan to repurchase shares of 40 million to 80 million yuan Negative Announcements 1. Kunshan Kersen Science & Technology, with 9 consecutive limit-ups: The stock price has severely deviated from the company's fundamentals, with excessive irrational speculation risks 2. Ways Electron, with 4 consecutive limit-ups: The company does not produce VR terminal products 3. HPGC Renmintongtai Pharmaceutical Corporation, with 2 consecutive limit-ups: The company's main business is pharmaceutical wholesale 4. Qingdao Weflo Valve: The company and related personnel received a warning letter from the Qingdao Securities Regulatory Bureau 5. Lihe Technology: Shareholder Guoke Ruihua plans to reduce their shareholding by no more than 2.38% 6. Jinneng Holding Shanxi Electric Power: Shareholders plan to reduce their shareholding by no more than 31.05 million shares Unlocking List In terms of unlocking proportion, China Railway Special Cargo Logistics has an actual unlocking proportion of 76.5% next week, followed by Sicher Elevator Co., Ltd. and Jinsanjiang (Zhaoqing) Silicon Material. Overseas Markets Tencent Zixuan Ge Tip: On the eve of the release of the non-agricultural report, the U.S. stock market rose and fell with the S&P falling for three consecutive days, Nio surged 14% and Chinese concept stocks outperformed the market. In other markets, COMEX gold futures fell by 0.86% to $2329.00 per ounce; Light crude oil futures for October delivery on the New York Mercantile Exchange closed at $69.15 per barrel, down 0.07%; November delivery of London Brent crude oil futures closed at $72.69 per barrel, down 0.01%. This article is reprinted from "Tencent Zixuan Stocks", GMTEight Editor: Li Fo.