Brokerage Morning Meeting Digest | Huawei's third folding phone starts shipping, continue to pay attention to Huawei's new product releases.

Yesterday, the market surged and then fell throughout the day, with the Shanghai Composite Index recording four consecutive gains while the ChiNext Index closed lower. Overall, the number of stocks rising and falling was basically equal. The trading volume of the Shanghai and Shenzhen stock markets was 551 billion yuan, a decrease of 23.7 billion yuan from the previous trading day. In terms of sectors, the banking sector, Huawei concept stocks, car networking, and CRO sectors led the gains, while the wind power, photovoltaic, ophthalmic medical, and pork sectors led the declines. At the close of yesterday, the Shanghai Composite Index rose by 0.44%, the Shenzhen Component Index rose by 0.1%, and the ChiNext Index fell by 0.4%. At today's morning meeting of securities firms, Huatai pointed out that the gaming sector is gradually emerging from the bottoming phase; China Securities Co., Ltd. stated that Huawei's three-fold launch has begun deliveries, and attention is still being given to the release of new Huawei products; CICC believes that after adjustments, two types of high dividend stocks may have price elasticity. Huatai: Gaming sector is gradually emerging from the bottoming phase Huatai pointed out that in August 2024, the total revenue of the domestic gaming market was 33.64 billion yuan, a year-on-year increase of 15.1% and a month-on-month increase of 21.01%. Among them, the revenue from self-developed games was 27.261 billion yuan, an 8.35% year-on-year increase and a 32.9% month-on-month increase, mainly due to "Black Myth: Wukong" bringing significant growth to stand-alone and console games. The gaming sector is gradually emerging from the bottoming phase, with marginal changes including: 1. Expectations for new products (supporting upward EPS space); 2. Stable policies (positive propaganda of domestic games by official media, supporting continuous valuation repair). The launch of new products by leading gaming companies in the second half of 2024 and 2025 is expected to contribute significantly to performance elasticity. China Securities Co., Ltd.: Huawei's three-fold launch has begun deliveries, continuing to focus on the release of new Huawei products China Securities Co., Ltd. stated that Huawei's three-fold foldable phone, Mate XT, has begun deliveries of the first batch of products, and the Hongmeng system PC products will be launched. It is recommended to continue to pay attention to the release rhythm and sales situation of new Huawei products, as well as domestic suppliers who are expected to benefit from them. CICC: After adjustments, two types of high dividend stocks may have price elasticity CICC stated that since May this year, the dividend style has deviated from the previous unilateral upward trend. With the differentiation of sector fundamentals expectations and the impact of the fund side, high dividend stocks in areas such as food and beverage, textile and clothing, and home appliances in the consumption sector have weakened first; starting from July, the resources sector such as coal and oil and gas has also experienced significant adjustments under the influence of factors such as interim report expectations; some sectors such as utilities, highways, and banks are still strong, but since late August, these strong dividend sectors have also entered a correction phase. The CSI Dividend All-Share Index has remained flat to slightly down since the beginning of the year, with absolute returns in banks and home appliances. CICC believes that if the steady growth policy is further intensified in the future, the broad consumption dividend and resource dividend sectors with relatively high valuation attractiveness after the previous adjustments may have price elasticity, and in these two sectors, areas related to external demand such as oil and gas and export chains will also be affected by overseas influences. In addition, the changes in the crowding of funds in different sectors and whether the safety margin of dividend yield valuation is sufficient are also key considerations for allocation and stock selection. This article is reproduced from "Caishang Society" and edited by GMTEight: Xu Wenqiang.