A-share closing review | Ningwang hits a new high! Four positive factors ignite new energy

Today, the market is volatile and differentiated, with the new energy track soaring, driving the ChiNext Index higher. Weighted stock Contemporary Amperex Technology surged over 14% at one point, reaching a historical high. The market had a total turnover of 2.2 trillion yuan, with a decrease of over 200 billion yuan compared to the previous trading day. The number of stocks falling in the two markets exceeded 3,300. There are four main positive news for today's surge in the new energy track: First, this morning, the China Association of Automobile Manufacturers issued a proposal for standardized payment of accounts receivable for automotive whole vehicle suppliers. Second, Fujian released an action plan for accelerating the comprehensive green transformation of Fujian's economic and social development over the weekend. Third, on September 12, the National Development and Reform Commission and the Energy Bureau issued a notice on the Special Action Plan for Scale Construction of New Energy Storage (2025-2027), in addition to the recent energy storage conference. Fourth, the Ministry of Industry and Information Technology and eight other departments recently jointly issued a "Work Plan for Stabilizing Growth of the Automobile Industry (2025-2026)", proposing to strive to achieve an annual sales volume of around 32.3 million vehicles in 2025, including around 15.5 million units of new energy vehicles. It is also reported that overseas demand for energy storage has surged this year, with top battery factories experiencing full orders and tight capacity, with some top manufacturers close to filling their battery orders for 2026. China Securities Co., Ltd. stated that it has learned that Contemporary Amperex Technology has raised its delivery guidance for 2026 to 1,100GWh, a year-on-year increase of 46%. In terms of market performance, pork stocks continued to strengthen in the afternoon, with Shandong Longda Meishi hitting the limit up; the semiconductor sector was active again, with Shanghai Belling and others hitting the limit up; the entire automotive industry chain strengthened, with unmanned driving and car dismantling leading the way, and several stocks like Longhorn Auto hitting the limit up; the film, television, and gaming stocks rose during trading, with companies like China Film Group and Perfect World hitting the limit up. On the downside, the communications, defense, and banking sectors performed relatively weakly. In terms of individual stocks, there were 1,916 gainers and 3,375 decliners in the two markets, with 138 stocks remaining unchanged. There were 82 limit-up stocks and 13 limit-down stocks in both markets. At the close, the Shanghai Composite Index fell by 0.26% to 3860.50 points, with a turnover of 986.2 billion yuan; the Shenzhen Component Index rose by 0.63% to 13,005.77 points, with a turnover of 129.12 billion yuan. The ChiNext Index rose by 1.52% to 3066.18 points. Funds flow Today, the main funds focused on grabbing positions in the gaming, passenger car, and automotive parts sectors. The top stocks in terms of net inflows from major players included BYD Company Limited, Ningbo Tuopu Group, Contemporary Amperex Technology, among others. Major News Recap 1. Guangzhou: Striving to build no less than 300 V2G charging piles by the end of 2025 The "Work Plan for the Construction of a National Car Network Interactive Application Pilot City in Guangzhou (2025-2027)" was issued. It mentioned that, supported by a new energy system and a new power system, based on Guangzhou's strategic positioning as a "Smart Car City," the scale application of bidirectional interaction between new energy vehicles and the power grid (V2G) will be promoted in a coordinated manner. In accordance with the deployment requirements of the state and province regarding the car network interactive pilot work, a "Guangzhou Model" that is replicable and promotable will be created. By the end of 2025, the number of smart and orderly charging stations connected to the government supervision platform will reach 600, smart and orderly battery exchange stations will reach 130, smart and orderly charging piles will reach 28,000, and the aggregated resources of car network interaction connected to the Guangzhou virtual power plant platform will reach 430,000 kilowatts. 2. National Bureau of Statistics: Overall stable operation of the national economy in August Data from the National Bureau of Statistics showed that in August, the value added of industries above a designated size increased by 5.2% year-on-year and by 0.37% month-on-month. The total retail sales of consumer goods reached 3.9668 trillion yuan, an increase of 3.4% year-on-year and 0.17% month-on-month. Overall, in August, with the coordinated efforts of macroeconomic policies, the overall stable operation of the national economy, the steady progress of transformation and upgrading, and the achievement of new results in high-quality development were observed. It is also important to note that there are still many risks and challenges to the operation of the Chinese economy due to the many unstable and uncertain external factors. 3. National Bureau of Statistics: New residential sales prices in first-tier cities fell by 0.1% month-on-month in August The National Bureau of Statistics released data on the price changes of new residential sales in 70 large and medium-sized cities in August 2025. In August, the prices of new residential sales in first-tier cities fell by 0.1% month-on-month, a decrease of 0.1 percentage points compared to the previous month. Among them, Shanghai rose by 0.4%, while Beijing, Guangzhou, and Shenzhen fell by 0.4%, 0.2%, and 0.4% respectively. The prices of new residential sales in second-tier cities fell by 0.3% month-on-month, a decrease of 0.1 percentage point. The prices of new residential sales in third-tier cities fell by 0.4% month-on-month, an increase of 0.1 percentage point. Future Market Analysis 1. Guotai Haitong: Opportunities in the Chinese market are extensive, and new highs are expected later this year We believe that the logic of the rise in the Chinese stock market is sustainable, and both A-shares and H-shares in China will reach new highs later this year. Firstly, China's accelerated transformation and reduced uncertainty in economic and social development, along with increased visibility, are important prerequisites for revaluation. Second, the downflow of risk-free returns, lower market opportunity costs, a surge in asset management demand, and incremental market entry are historical inevitabilities that are far from over. Third, institutional changes have a crucial impact on market valuation. Timely, reasonable, and appropriate economic policies, capital market reforms aimed at improving investor returns, and enhancing the value perception of Chinese assets and improving risk awareness have strong impacts. Moreover, with global easing on the horizon, additional measures to support the Chinese market against internal pressure and incremental economic policies are expected to further boost the Chinese stock market. 2. GF SEC: Trends tend to continue rising after a "volume peak", maintain a bullish mindset Since late August, the market turnover has decreased at high levels, with single-day turnover dropping from 3.2 trillion yuan to 2 trillion yuan, accompanied by declining profitability and increased market volatility, causing some investors to worry. However, a "volume peak" does not mean the end of the trend but merely a slowdown in the trend. A review of the performance of the entire A-share market after a "volume peak" since 2010 shows that a "volume peak" often signals the end of the accelerating phase of the trend, and after the acceleration phase of the upward trend, the upward trend is likely to continue, albeit with a slower slope. The deviation rates of typical main sectors such as photovoltaic modules, PCB, innovative drugs, and science and technology chip applications are 1.3%, 2.0%, 0.1%, and 1.2% respectively, and none of the main sectors have released stop-loss signals at present. 3. Huaxi: What are the main themes for the "slow bull" market in September? High prosperity tracks remain the top choice On the international front, the Fed's interest rate cut in September has become a market consensus, and the progress of Sino-US negotiations will be an important factor affecting global risk appetite. For A-shares, the current bull market DRIVE remains unchanged, with policies continuing to provide strong support for a "stable stock market," and potential incremental funds from the resident side remain abundant. In terms of industry allocation, high-prosperity tracks are preferred, and during bull market trends, sectors with potential for prosperity are expected to enjoy valuation premiums during industrial transformation, such as solid-state batteries, energy storage, innovative drugs, AI applications, humanoid Siasun Robot&Automation, etc.; in the new consumer sector, IP economy, oral tobacco, etc.; against the backdrop of the Fed's interest rate cut, Hong Kong stocks are expected to receive support from both "foreign capital + southbound" flows, such as Hong Kong-listed internet companies. This article is republished from "Tencent Stock Selection". Editor: Liu Jiayin.