Essence of securities firm's morning meeting | The prosperity of automobile exports may still have advantages, and the balance of dividends and growth is evenly distributed.

On September 11th, the market hit bottom and rebounded throughout the day, with the three major indexes rising slightly. Overall, more stocks went up than down, with over 3300 stocks rising in the entire market. The turnover of Shanghai and Shenzhen stock markets was 527.6 billion, an increase of 9 billion from the previous trading day. In terms of sectors, Huawei Ascend, e-commerce, Hongmeng concept, and CPO sectors performed well, while tourism, medical commerce, insurance, and traditional Chinese medicine sectors saw declines. At the close of trading yesterday, the Shanghai Composite Index rose by 0.28%, the Shenzhen Component Index rose by 0.13%, and the ChiNext Index rose by 0.06%. At today's securities morning meeting, China Securities Co., Ltd. believes that the outlook for automobile exports may still be favorable, balancing dividends and growth; CITIC SEC suggested that the first round of national carbon market expansion and the dual carbon policy have entered a new stage. China Securities Co., Ltd.: The outlook for automobile exports may still be favorable, balancing dividends and growth China Securities Co., Ltd. stated that from the perspective of macro indicators such as domestic consumption confidence, PMI, and fixed asset investment, the domestic demand for automobiles may not have shown an upward turning point; however, the export boom is expected to continue from the perspective of industrial comparative advantages and corporate export layouts. Based on performance realization, sectors with high export ratios and stable industry structure are relatively advantageous; it is recommended to select stocks with high dividends and low valuations in the short term, and to timely allocate growth-oriented or undervalued stocks with growth curve or valuation elasticity. CITIC SEC: The first round of national carbon market expansion, entering a new stage of dual carbon policy CITIC SEC stated that on September 9, 2024, the Ministry of Ecology and Environment publicly solicited opinions on the "Work Plan for the Coverage of the National Carbon Emissions Trading Market in the Cement, Steel, and Electrolytic Aluminum Industries (Draft for Soliciting Opinions)". According to the draft for soliciting opinions, the cement, steel, and electrolytic aluminum industries will officially be included in the national carbon market within the year. With internal and external catalysts, China's "carbon neutrality" policy may gradually shift from "hard constraints" to "carbon tools", and carbon emission trading will effectively drive the transformation and upgrading of China's industrial structure. Looking ahead, China's carbon market may further expand the coverage of industries, and carbon prices may rise moderately, benefiting top companies with relatively low energy consumption in related industries.