Essence of Securities Morning Meeting | The third round of A-share reappraisal is approaching, it is recommended to pay attention to three types of assets.

The market trend diverged yesterday, with the Shanghai Composite Index fluctuating narrowly and the ChiNext Index rising and then falling. The turnover of the Shanghai and Shenzhen stock markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan from the previous trading day. In terms of sectors, the gaming, pork, and automotive sectors were the top gainers, while the precious metals and cultural media sectors were the top losers. At the close of trading yesterday, the Shanghai Composite Index fell by 0.23%, the Shenzhen Component Index rose by 0.63%, and the ChiNext Index rose by 1.52%. At today's brokerage morning meeting, Sinolink pointed out that the third round of A-share revaluation is gradually approaching and suggested focusing on three types of assets. Huatai stated that a combination of policies will open up new space for energy storage demand. CICC believes in the development space of leading indoor skiing operators and investment opportunities in the industry chain. Sinolink: A-share third round of revaluation is gradually approaching, focusing on three types of assets Sinolink stated that in early September, A-shares saw a slight adjustment, which may have been a short-term expression of funds at a specific point in time. However, the third round of revaluation in A-sharesa slow-moving vehicle dominated by fundamentalsis gradually approaching. In response, Sinolink has three suggestions and directions: firstly, for investors who have already entered the market, there is no need to rush to exit because the current market rally is supported by abundant global liquidity, long-term valuation repair in the domestic market, and the combined effect of short-term catalysts. Regulatory protection and ample domestic and foreign funds provide solid support for the market. Secondly, for investors who have not yet entered the market, it is recommended to be patient and wait for a better entry point. Although the market has already undergone repairs, it will depend more on the continued improvement of economic fundamentals in the future, which will take time to accomplish. Lastly, in the face of possible market declines, there is no need to panic because systematic risks are gradually being resolved, the market bottom is rising, and long-term funds are entering the market. In terms of specific investment directions, it is recommended to focus on three types of assets: 1) high dividend assets, physical assets, and gold to cope with the uncertainty brought about by global stagflation; 2) the technology sector to capture hopes of breaking through economic stagnation; 3) unique structural opportunities in China's transformation, especially high-quality enterprises with unique competitiveness in areas such as going global, industrial upgrading, and sinking consumer markets. Huatai: Policy combination opens up new space for energy storage demand side Huatai stated that on September 12th, the National Development and Reform Commission and the National Energy Administration issued three policies and draft solicitation documents intensively, including the "Special Action Plan for the Scale Development of New Energy Storage (2025-2027)", the "Notice on Improving Price Mechanisms to Promote the Near Consumption of New Energy Generation", and the "Guidelines for the Construction of Continuous Operation Area Markets in the Electricity Spot Market", all of which have been finalized, and opinions have been collected offline. In general, the documents focus on deepening the market-oriented reform of the electricity sector, clarifying the transmission and distribution price mechanism for direct connection of green electricity, integrated wind and solar projects, and the future roadmap, and set a bottom-line target for the growth of energy storage capacity. This will first benefit the sustainability of energy storage and wind power orders. CICC: Bullish on the development space of leading indoor skiing operators and investment opportunities in the industry chain CICC pointed out that indoor skiing facilities are a new product category in recent years, often forming part of cultural tourism complexes with commercial and hotel elements. The scarcity of high-quality ice and snow resources in China, combined with the growing skiing population, has created a supply-demand imbalance. Indoor skiing facilities can accurately address pain points and promote the popularization of skiing, making them optimistic about the development space of leading indoor skiing operators and investment opportunities in the industry chain.