A-shares closing review | Shanghai Composite Index closes down 0.3%, real estate sector surges, coal sector collectively strengthens during the trading day.

Today, the main A-share indexes experienced reduced trading volume and fluctuations, with scattered performance in hot concepts. On the market, Shanghai optimized and adjusted policies related to the pilot of personal housing property tax in the city, leading to a surge in real estate stocks, with Shahe Industrial hitting the limit up and China Vanke Co., Ltd., following suit. As the holidays approach, the tourism and hotel sectors continue to rise, with Guilin Tourism Corporation hitting the limit up in the afternoon. The coal sector collectively strengthened during the day, with Shan Xi Hua Yang Group New Energy hitting the limit up. The storage chip sector rose again in the afternoon, with both Shenzhen Longsys Electronics and Shenzhen Semiconductor Technology reaching new highs. In terms of declines, Siasun Robot & Automation concept stocks fell again in the afternoon, with Wolong Electric Group, Kingfa Sci. & Tech., Zhejiang XCC Group, and Wanxiang Qianchao hitting the limit down, while Zhejiang Sanhua Intelligent Controls and Zhuhai Bojay Electronics neared the limit down. The real estate and rental and sales equal rights sectors continued to adjust, with Suning Universal hitting the limit down. Trust and diversified financial concept stocks saw a widespread decline, with J-Yuan Trust falling sharply. In the spotlight, Industrial and Commercial Bank of China fell by more than 2% during trading, breaking below the 120-day moving average for the first time in nearly a year. Ningbo TIP Rubber Technology hit the limit up for the 13th consecutive trading day, following the Shanghai Stock Exchange's announcement of temporary measures taken against investors related to Ningbo TIP Rubber Technology. At the close, the Shanghai Composite Index fell by 0.30% to 3820.09 points, with a turnover of 1016.4 billion yuan; the Shenzhen Component Index fell by 0.04% to 13070.86 points, with a turnover of 1307.5 billion yuan. The ChiNext Index fell by 0.16% to 3091.00 points. Out of the 5315 stocks in the two markets, 1911 rose and 3404 fell, with 115 remaining unchanged. There were 60 stocks hitting the limit up and 27 hitting the limit down. It is worth noting that the market seems to have entered a "nervous" period recently, with the Shanghai Composite Index fluctuating around 3800 points for three consecutive weeks without effectively breaking through 3900 points, and volatility increasing in various popular sectors. When will the market see a breakthrough? Looking ahead, Guotou Securities stated that the market index will continue to maintain strong momentum in September, with further upside potential dependent on the gradual realization of the "three bulls" (liquidity bull - fundamental bull - new and old momentum transformation bull) over the next year. Capital movement Today, major funds net inflowed into the energy metal, optical optoelectronics, electronic chemicals II, engineering machinery, and film and television industries; while funds net outflowed from the semiconductor, auto parts, IT services II, general equipment, and securities II industries. News Recap 1. Shanghai: Optimizing and adjusting policies related to the pilot of personal housing property tax in the city Shanghai issued a notice on the optimization and adjustment of policies related to the pilot of personal housing property tax in the city, providing property tax preferential policies to high-level talents, key industries with urgent needs, and homebuyers who have held a residence permit in the city for 3 years and have been working and living in the city. Specific measures include: exempting the first home purchase from property tax for new families, while the second and subsequent homes purchased by the family are combined to calculate the total living area, with no more than 60 square meters per person exempt from property tax, and the excess area taxed according to the interim measures. Homebuyers who have not held a residence permit in the city for less than 3 years will be taxed according to the interim measures, and those who meet the conditions after holding a residence permit for 3 years can have the property tax refunded. The policy will be implemented from January 1, 2025. 2. Ctrip's National Day cross-provincial travel orders grew by 45% year-on-year This year's National Day holiday coincides with the Mid-Autumn Festival, sparking diverse travel demands during the eight-day "super golden week." A report by Ctrip released on September 17 showed that the platform's cross-provincial travel orders for the National Day holiday had increased by 45% year-on-year. 3. China reduced its holdings of U.S. treasury bonds by $25.7 billion in July, reaching a new low since 2009 On September 18, the U.S. Treasury Department's official website released the Treasury International Capital Data for July, showing that as of July this year, foreign investors held a total of $9.1587 trillion in U.S. treasury bonds. China's holdings of U.S. treasury bonds amounted to $730.7 billion, a significant decrease of $25.7 billion from the previous month, reaching a new low since 2009. 4. Taobao Flash Buy and Ele.me develop group purchases to compete with Gaode It is reported that after Gaode released its street scanning list, Taobao Flash Buy and Ele.me will launch in-store business group purchases, focusing primarily on restaurant group purchases. On September 20, Taobao Flash Buy's group purchase business will first launch a pilot in several core commercial districts in Shanghai, Shenzhen, and Jiaxing, followed by other first and second-tier cities nationwide. This Saturday is the peak day of orders for Taobao Flash Buy's same-day delivery service, coinciding with the peak traffic of the National Day holiday, allowing for competition with Meituan and Dianping in the group purchasing market. Future Market Assessment 1. Guotou Securities: The market index will continue to maintain strong momentum in September Regarding the market index, we acknowledge on the one hand that the "bull market is not over," and the market index will continue to maintain strong momentum in September; on the other hand, crossing 3800 points has basically met our psychological expectations for this round of liquidity bull market. The current "bull" market is experiencing a "tail flick" phase, and while there may be further upside potential, it is difficult to reasonably estimate the further upward space for the short-term market index. We still emphasize that: 1. It is not advisable to turn a slow bull into a fast bull or even a crazy bull; 2. Further opening up of the upside space relies on the gradual realization of the "three bulls" (from liquidity bull - fundamental bull - new and old momentum transformation bull) in the future. 2. Dongguan Securities: Short-term volatility and adjustment pressure remain, avoid blindly chasing high Dongguan Securities stated that the recent rate cut by the Fed further alleviated the pressure on the renminbi exchange rate and domestic liquidity constraints; at the same time, the marginal slowdown trend of the economy in August is continuing, and market expectations for the accelerated implementation of growth stabilizing policies are increasing. Both of these factors are expected to provide more momentum for A-shares. However, with the main indices operating at high levels, increased fund divergence, and short-term volatility and adjustment pressure, it is advisable for investors to flexibly control their positions, avoid blindly chasing high, and actively optimize their portfolio structure based on business conditions and valuations. 3. Orient: The technology sector remains relatively advantageous The recent strong core technology leaders have shown a trend of convergence in the main upward trend, shifting to fluctuations, providing space for other theme stocks, especially low-price restructuring stocks, to perform. As a result, the stock indices lack momentum to go up, but the market remains active; for indices supported by technology stocks, such as the Shenzhen Component Index, ChiNext Index, and the Science and Technology Innovation 50, even with upper shadow lines, the overall trend remains upward, accumulating momentum for new highs in the future. In terms of industry allocation, the technology sector remains relatively advantageous, especially as the recent pullback provides buying opportunities for investors; additionally, industries and individual stocks with improved fundamentals and high industry trends, such as TMT, media, and innovative pharmaceuticals, are also worth considering. 4. Li Xunlei: There are still many policy tools, remain cautiously optimistic about the market On September 17, Li Xunlei, Chief Economist of Zhongtai International, stated that this round of market trends should not be too extreme. This is because the current situation is different from 10 or 20 years ago - 10 years ago, it was a real estate upsurge, with the household sector expanding its balance sheet, while now it is in a contraction phase, so the market will not produce too much bubble. We can remain cautiously optimistic about the market. As for policies, it is now September. Last year's market rise mainly due to pre-imposed policies before "924". So, are there any policies for the fourth quarter or next year? Next year is the first year of the "Fifteenth Five-Year Plan," and we still have many tools in our policy toolbox, so I remain quite confident about the market and maintain rationality. This article is reprinted from "Tencent Picks Stocks", GMTEight Editor: Liu Jiayin.