A-share market opening express | Three major stock indexes collectively opened lower, with the Shanghai index leading the way into the red. Siasun Robot & Automation concept stocks continued to show strength.

The three main stock indexes of A-shares collectively opened lower, with the Growth Enterprise Index falling nearly 1%, while the Shanghai Composite Index showed slightly stronger performance and turned red first. As of the time of writing, the Shanghai Composite Index rose by 0.11%, the Shenzhen Component Index fell by 0.33%, and the Growth Enterprise Board fell by 0.76%. On the market, Siasun Robot & Automation concept stocks continued to be strong, with Ningbo Joyson Electronic Corp. and Zhejiang Jingxing Paper Joint Stock both hitting a limit for the third consecutive trading day; Maiwe BioTech rose by 20%, leading the innovative drug sector, with the company signing an exclusive licensing agreement with Kalexo, with a potential total of $1 billion in upfront and milestone payments; the semiconductor sector was active again, with Guangdong Leadyo Ic Testing Co., Ltd., Union Semiconductor, and Shanghai New Vision Microelectronics all rising by over 10%; non-ferrous metals and gold stocks opened lower, with Western Region Gold and North Copper both falling by over 6%. In focus stocks, Ningbo TIP Rubber Technology resumed trading and hit the limit for the twelfth consecutive trading day, after hitting the limit for eleven consecutive trading days before the suspension. In terms of news, Ningbo TIP Rubber Technology stated that, after conducting a self-inspection, as of the date of this announcement, the acquiring party Zhonghao Xinying has no plan for asset injection, and Zhonghao Xinying's existing capital securitization path is not related to the acquisition of the listed company. Looking ahead, BOC International believes that under the Fed's rate cut cycle, A-shares are showing a structural bull market with a focus on small-cap growth stocks, and technology stocks are expected to benefit from the revaluation of Renminbi assets in this weak US dollar cycle. Hot sectors: 1. Siasun Robot & Automation concept stocks continue to be strong Siasun Robot & Automation concept stocks continued to be strong, with Ningbo Joyson Electronic Corp. and Zhejiang Jingxing Paper Joint Stock both hitting the limit for the third consecutive trading day, and Shenzhen Lihexing, Kunshan Kersen Science & Technology, and Wanxiang Qianchao following suit. Point of view: On the news front, Musk announced plans to conduct a technical review of Tesla's AI5 chip design this Saturday, and a related meeting on Siasun Robot & Automation next week. Minsheng Securities analysis stated that the Siasun Robot & Automation sector will encounter heavyweight catalysts in the fourth quarter, with T-chain becoming a core theme. In terms of capital, Yushu Technology will submit IPO application materials in the fourth quarter of this year, Zhiyuan Siasun Robot & Automation acquired Swancor Advanced Materials Co., Ltd., Leju Siasun Robot & Automation completed the share reform, and the securitization process of leading domestic humanoid host factories continues to accelerate, becoming a new catalyst for the sector sentiment. 2. Semiconductor chip stocks strengthen Semiconductor chip stocks strengthened, with Guangdong Leadyo Ic Testing Co., Ltd., Union Semiconductor, and Shanghai New Vision Microelectronics all rising by over 10%, with Rockchip Electronics, Shanghai V-Test Semiconductor Tech., Loongson Technology Corporation, and Aojie Technology following suit. Point of view: China Securities Co., Ltd. research report pointed out that AI technology is rapidly integrating into various industries, with increasing demand for computing power for large-scale AI models and Beijing Vastdata Technology. The development of new application scenarios is accelerating, further driving the explosive demand for computing power, and the AI chip market is expected to experience explosive growth. The semiconductor industry is a battleground for the new technological revolution, and semiconductor equipment is the key support for the semiconductor industry and the focus of the technology war. The intensifying US-China tech war is expected to accelerate domestic substitution, with significant room for substitution in sectors with low domestication rates. Institutional views: 1. Orient: Market high-level volatility, technology trends remain strong Since the end of August, the market has experienced high-level volatility, with reduced trading volume, but many sectors remain structurally active, with liquidity support and confidence recovery driving the strong performance of the technology sector. The recent market disturbances are mostly caused by sector trading and emotional disturbances, and have not changed the pattern of upward volatility in the market. In terms of sector allocation, continue to focus on short-term capital-intensive industries such as semiconductors, Siasun Robot & Automation, but be mindful of high and low timing. 2. CICC: Short-term boost from liquidity, small-cap and growth may have the upper hand How will the Fed rate cut impact the Chinese market? CICC analysis suggests that in the short term, there may be an advantage for small-cap and growth stocks due to a boost in liquidity; if domestic policies do not support this performance, it is important to focus on the structure supported by fundamentals and opportunities reflecting the US-China relationship. In the current optimistic sentiment, one can pay attention to: 1) the US-China relationship, such as the computing power in technology, Siasun Robot & Automation and Fruit Chain, as well as tools, home decoration, home appliances, machinery, and non-ferrous metals related to the US rate cut; 2) sectors with improved fundamentals, including the Internet, technology hardware, consumer electronics, innovative drugs, non-ferrous metals, and non-bank sectors. 3. Goldman Sachs: Maintains overweight rating on A-shares and H-shares, A-share "slow bull" pattern seems more stable than before Goldman Sachs maintains an overweight rating on A-shares and H-shares, recommending buying on dips and being bullish on leading private enterprises, artificial intelligence, anti-internal exhaustion, and shareholder returns. Analyst Kinger Lau and others stated in their report that while profitability is necessary for the market's continued performance, liquidity is also a necessary condition, and the current "slow bull" pattern in A-shares seems more solid than before. 4. BOC International: Technology stocks expected to benefit from Fed rate cut cycle BOC International believes that under the Fed rate cut cycle, Hong Kong stocks will benefit in the short term from the shift in global liquidity and the domestic profit turning point, with scarce technology assets and high dividend state-owned enterprises becoming the main sectors for investment. Under the rate cut cycle, A-shares are showing a structural bull market with a focus on small-cap growth stocks, and technology stocks are expected to benefit from the revaluation of Renminbi assets in this weak US dollar cycle. This article is a repost from Tencent Stock Selection, GMTEight Editor: Li Fo.