A-share midday review | the Shanghai Composite Index fell by 0.92%, the concept of cellular immunotherapy led the gains, and high-performance stocks collectively plunged

After the collective decline of the three major U.S. stock indexes last Friday, major stock indexes in the Asia-Pacific region fell on Monday, with the Taiwan Weighted Index and Nikkei 225 Index falling 2%; the TOPIX Index fell 2%; the South Korea KOSPI Index fell nearly 1%; and the Hang Seng Index fell by nearly 2%. In the A-share market, the three major indexes opened lower and closed lower. By the end of the trading day, the Shanghai Composite Index fell by 0.92%, the Shenzhen Component Index fell by 0.74%, and the ChiNext Index fell by 0.23%. On the market front, the concept of cellular immunotherapy was active at the beginning of the session, with Hainan Haiyao hitting the limit up, and Chimin Health Management up over 8%; the tourism and hotel concept soared, with Western Regions Tourism Development and CHINA TOURISM AND CULTURE INVESTMENT GROUP both hitting the limit up; brokerage stocks surged, with Tianfeng up for two consecutive days; the photoresist concept surged, with HMT (Xiamen)New Technical Materials Co., Ltd hitting limit up for 4 consecutive days, as the Netherlands announced an expansion of the control of photolithography machines; the folding screen concept fluctuated and rose, with Yes Optoelectronics hitting limit up. In terms of decline, high-level stocks collectively plunged, with Kunshan Kersen Science & Technology experiencing a daily limit down, while Ways Electron, Sunyes Manufacturing, Dazhong Transportation (Group) Co., Ltd. hit limit down earlier, and Shenzhen Huaqiang Industry fell by over 5%; bank stocks fell unilaterally, with China Merchants Bank falling by over 3%; liquor stocks fluctuated lower, with Anhui Gujing Distillery, Luzhou Laojiao, and Anhui Yingjia Distillery falling by nearly 3%; international gold prices fell, leading to a low opening in the precious metals sector, with Shandong Yulong Gold and Sichuan Gold falling by over 3%; the ride-hailing concept adjusted, with Dazhong Transportation (Group) Co., Ltd. hitting the daily limit down in the morning session. In terms of main fund flows, funds favored environmental governance, medical services, and medical equipment industries, while funds fled consumer electronics, railways, and highways industries. Institutional views Looking ahead, the China Securities Co., Ltd. Li Qiusuo team believes that the market is showing many bottom features, but confidence restoration still requires more positive factors. China Securities Co., Ltd.: Market position and phenomena in recent times show bottom zone characteristics The CITIC Securities Chen Guo team stated that the market's position and phenomena in recent times show bottom zone characteristics. However, Fed rate cuts and domestic policy efforts will improve valuation and profit expectations, and with base effects, the fourth-quarter fundamentals data will likely show an upward trend year-on-year. Investors should seize opportunities and consider layouts. They can consider bottom layout along three lines of indication: equipment renewal and consumption upgrading for realistic improvement in prosperity, related sectors with strong resilience according to interim reports for continuing prosperity elasticity, and valuation recovery direction with its own industrial logic. CITIC Securities: Market shows many bottom features, but confidence restoration still needs more positive factors The CITIC Securities Li Qiusuo team also believes that the market is showing many bottom features, but confidence restoration still requires more positive factors. They further believe that since mid-July, consumer electronics, semiconductors, and other sectors have experienced over 10% adjustments with not high valuations. Coupled with recent news that there may be many catalytic factors for the consumer electronics sector, a stage market is likely to appear. Soochow: Valuations and profits of brokerage sector are at historical bottom levels, with significant long-term valuation recovery potential According to Soochow research report, valuations and profits of the brokerage sector are currently at historical bottom levels, with significant long-term valuation recovery potential. Additionally, the wave of mergers and acquisitions continues to progress, and the industry competitive landscape is expected to be optimized, with restructuring brokerages possibly achieving leapfrog development. Based on this, they recommend: 1) paying attention to top brokerages with PB valuations significantly lower than 1, such as Guotai Junan and Huatai; 2) recommended precision recovery companies in the internet securities platform, such as Hithink RoyalFlush Information Network, East Money Information, Beijing Compass Technology Development, and Shenzhen Fortune Trend Technology. Hot Sectors 1. Active concept of cellular immunotherapy The concept of cellular immunotherapy was active at the beginning of the day, with Hainan Haiyao hitting the limit up, and Landfar Bio-medicine, Guanhao Biotech, TAILIN, Vcanbio Cell & Gene Engineering Corp., Ltd., all opening significantly higher. Comment: On the news front, on September 8, the Ministry of Commerce, the National Health Commission, and the National Medical Products Administration released the "Notice on Carrying out Pilot Projects to Expand Opening-up in the Medical Field", proposing to allow the establishment of wholly foreign-owned hospitals in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen, and the entire island of Hainan. Industry insiders believe that with the continued opening of policies, more foreign and Hong Kong, Macao, and Taiwan doctors may open medical institutions in China, bringing vitality to the local medical market. 2. Photoresist concept stocks continue to strengthen Stocks related to the photoresist concept continued to strengthen, with HMT (Xiamen) New Technical Materials Co., Ltd hitting limit up, Poly Plastic Masterbatch rising by over 10%, and Shen.Multiple stocks such as Zhen Easttop Supply Chain Management, Shenyang Blue Silver Industry Automation Equipment, Suzhou Huaya Intelligence Technology, Qingdao Guolin Technology Group, and others have risen by more than 5%.Review: On the news front, Dutch lithography giant ASML announced on its official website that the Dutch government has released new regulations on the export of immersion DUV lithography machines, which will take effect on September 7. This means that ASML will need to apply for an export license from the Dutch government in order to ship TWINSCAN NXT: 1970i and 1980i DUV lithography machines. 3. Brokerage stocks rebound quickly Brokerage stocks rebounded quickly, with Tianfeng hitting the limit up, and CICC, Northeast, Sealand, Changjiang, Nanjing, and other stocks following with slight gains. Comment: Soochow's research report stated that the current valuation and profitability of the brokerage sector are at historical lows, with a large potential for long-term valuation recovery. At the same time, the wave of mergers and acquisitions continues to advance, and the industry's competition structure is expected to be optimized, leading to restructuring of brokerages and achieving leapfrog development. 4. Banking stocks unilaterally decline Banking stocks unilaterally declined, with China Merchants Bank falling more than 3% on heavy volume, and China Construction Bank Corporation, CITIC BANK, Industrial and Commercial Bank of China, and other stocks falling by more than 1.5%. Qilu Bank Co., Ltd., Bank Of Beijing, Bank Of Chengdu, China Minsheng Banking Corp., Ltd., Qilu Bank Co., Ltd., Bank Of Changsha, and others followed suit. Comment: With expectations of a reduction in existing home loan rates, concerns about rising pressure on bank interest rate spreads continue to spread, and banking stocks have been under continuous pressure in recent days. Tianfeng analysts believe that from the perspective of institutional behavior, the reduction in existing home loan rates may further increase the impact on banks' existing businesses, leading to asset and profit shortages. However, if the existing home loan rates continue to decline in the future, commercial bank deposit rates may further decrease, with a neutral impact on bank interest rate spreads expected. This article was republished from "Tencent Stocks"; GMTEight Editor: Wang Qiujia.