Pre-market report on A-shares | Chairman of the China Securities Regulatory Commission supports multiple measures to actively promote mergers and acquisitions and restructuring in the market, OpenAI's large reasoning model makes its debut.

Morning News Snapshot 1. Securities Regulatory Commission Chairman Wu Qing: Support companies to develop through equity and bond financing, multiple measures to activate the M&A and restructuring market Chairman Wu Qing of the Securities Regulatory Commission stated that they will further comprehensively deepen capital market reform, continuously improve the quality and investment value of listed companies, fully play the role of the multi-level capital market system, support companies to grow through equity and bond financing, futures risk management, and other channels, and take multiple measures to activate the M&A and restructuring market. 2. Hurricane "Franklin" disrupts production in the Gulf of Mexico oil fields, international oil prices rise across the board overnight International oil prices rose more than 3% on Thursday, as producers assessed the impact on US Gulf of Mexico oil production, following Hurricane Franklin's rampage through offshore oil-producing areas, which later downgraded to a tropical storm. However, some analysts warned that Franklin's impact may be temporary. 3. Issuance War in Full Swing! The first batch of 10 CSI A500 ETFs raised nearly 5 billion in three days As of yesterday, the first batch of 10 CSI A500 ETFs raised nearly 5 billion in three days. Jiashi, Huatai Bairui, and Jingshun Changcheng lead the top three, with Fuguo and Morgan Asset Management following closely. Some fund companies have already raised 1.4 billion, with progress bars at 70%. 4. Minister of Commerce Wang Wentao will visit Europe in the near future to negotiate with the European Union on the anti-subsidy case of electric vehicles in China Ministry of Commerce spokesperson He Yongqian stated that Minister of Commerce Wang Wentao will visit Europe in the near future and will hold talks with European Commission Vice President and Trade Commissioner Dombrovskis on September 19 to negotiate the anti-subsidy case of electric vehicles in China by the EU. Financial Calendar Today, Shanghai and Shenzhen will have two new stocks, Wuxian Media and Hehe Information, available for subscription with no new stocks launching. Reminder: Index sample adjustments, including the Sci-Tech Innovation 50, will take effect today. Early Opportunity Analysis Market sentiment indicates that large models, gold, and commercial aerospace are receiving attention. 1. The dawn of a new era of AI! OpenAI's reasoning large model that can "think and solve problems logically" debuts OpenAI announced on their official website that they have started rolling out the OpenAI o1 preview model to all subscribed users - known as the highly anticipated "Strawberry" large model. The characteristic of the reasoning large model is that AI spends more time thinking before answering, just like the process of humans solving problems. Review: According to Ping An Securities, the competition in the field of large models is still fierce on a global scale. Chinese large model manufacturers continue to iteratively upgrade their algorithm capabilities, with most domestic closed-source models already surpassing GPT-3.5Turbo, and are expected to accelerate the application of domestic large models in various scenarios. 2. Gold spot and futures both hit historical highs, institutions optimistic about gold allocation value under interest rate cuts On the night of September 12, the spot gold continued to rise, reaching a record high of $2560.12 per ounce. By the closing bell, spot gold rose by 1.88% to $2558.485 per ounce, breaking a historical closing high. Review: Guotai Junan believes that they still maintain an over-allocated view on gold. The start of the US interest rate cut cycle continues to boost gold prices; against the background of the spread of deglobalization and changes in the global order, it is expected that the frequency of geopolitical conflicts will remain high, providing continuous support for gold performance. 3. Major breakthrough in China's manned lunar landing technology, commercial rockets expected to see normalized launches According to China Aerospace Hi-Tech Holding Group's 865 Institute, on September 10, the successful completion of the high-altitude simulation test platform at the 165 Institute's Tongchuan test center, Asia's largest high-altitude simulation test platform marks a major breakthrough in China's manned lunar landing project's high-altitude simulation test of the main deceleration engine. This fills a gap in space engine test capabilities, effectively ensuring and supporting the smooth conduct of the manned moon exploration project. Review: Minsheng Securities believes that attempts by various countries in deep space exploration, commercial aerospace, and other fields will inevitably have a positive impact on the development of the global commercial aerospace industry. Commercial rockets are expected to see normalized launches, and rocket bodies, measurement and control, and fuel suppliers will encounter development opportunities. Market Outlook CMSC: Pursuing high intrinsic returns and improving economic conditions remain the subsequent choices CMSC believes that with current profits trending towards low growth and low volatility, pursuing high intrinsic returns and improving economic conditions remain the market's subsequent choices. They recommend keeping an eye on directions likely to stabilize first, such as 1) benefiting from the catalysis of the "Golden September, Silver October" peak season and mid-autumn national day, and consumption services sectors stimulated by domestic demand policies, such as automobiles, home appliances, and commercial retail; 2) the continuous boost from global energy equipment replacement demand, with emerging market infrastructure and investment demand remaining high, supporting the mid-to-high-end manufacturing industries driven by investment and exports, such as grid equipment, mechanical equipment, etc.; 3) with the interest rate cut in the third quarter likely to take effect, liquidity is expected to gradually loosen, combined with AI concept-driven and industrial trend catalysis in the technology and pharmaceutical sector, such as electronics, and medicine, etc. Positive and Negative Announcements of Listed Companies In terms of positive announcements, attention has been drawn to Wuxi ETEK Microelectronics Chairman's proposal to repurchase shares, while the negative announcement was from Baoding Tianwei Baobian Electric, which hinted at risks. Positive Announcements 1. Wuxi ETEK Microelectronics: Chairman proposes a share repurchase of 40-80 million RMB 2. Ningbo Yong Xin Optics: Co-chairman increased holdings of 20,000 shares of the company on September 12 3. Suzhou West Deane New Power Electric: Plans to repurchase company shares for 50-100 million RMB 4. Guizhou Sanli Pharmaceutical Co., Ltd.: Plans to repurchase shares for 80 million to 120 million RMB, controlling shareholder promises not to reduce holdings 5. Ningbo Construction: Subsidiary wins a 644 million RMB project bid 6. Chongqing CConstruction Engineering Group: Signs a 1.6 billion RMB contract.Negative announcement 1. 9-day 6-board Baoding Tianwei Baobian Electric: The integration of the transformer equipment business between the weapon equipment group and China Electric Equipment is still in the planning stage. 2. 2-board Hanjia Design Group: There is uncertainty in this ownership transfer matter. 3. 2-board Hainan Shuangcheng Pharmaceuticals: There is uncertainty as to whether the major asset restructuring will be successfully implemented. 4. 2-board Huayang OURGAME: The company's main business is to provide internet marketing services to customers. 5. Shenzhen Deren Electronic: Partial shares of the controlling shareholder will be auctioned off judicially. 6. Sichuan Guangan AAA Public: The company's director, Zhang Jiulong, is under investigation and has been placed in custody. Unlocking list In terms of unlocking ratios, next week Shaanxi Meibang Pharmaceutical Group and Neway Cnc Equipment (Suzhou) Co., Ltd. both have actual unlocking ratios of 75%, followed by MINGYANG TECHNOLOGY and Shanghai Geoharbour Construction Group Co., Ltd. Overseas markets Overnight US stocks closed higher, with the Nasdaq and S&P indices recording gains for the fourth consecutive day. In other markets, COMEX gold futures rose by $38.2, or 1.50%, to $2580.6 per ounce, reaching a historical high; international oil prices rose on the 12th, with New York Mercantile Exchange light crude oil futures for October delivery closing at $68.97 per barrel, up 2.47%; London Brent crude oil futures for November delivery closed at $71.97 per barrel, up 1.93%. This article is reprinted from "Tencent Self-selected Stock", edited by GMTEight: Xu Wenqiang.