Xinhua Finance, Beijing, September 6 (Luo Hao) - The main stock indices of the Shanghai and Shenzhen markets opened with mixed performances on the 6th, with the Shanghai Composite Index and the Shenzhen Component Index opening slightly higher, while the ChiNext Index opened slightly lower. The Shanghai Composite Index initially fluctuated and rose without filling the gap with the previous trading day, increasing by about 0.55% before starting to narrow the gain and turning to a decline before the midday break; the Shenzhen Component Index and the ChiNext Index quickly dived at the start, rebounded to near the flat position, and then began to fluctuate downwards, showing a significant decline by the midday close.

In terms of sectors, securities stocks generally opened higher, with the sector index initially diving and then experiencing a surge upwards, after which the gains gradually narrowed; Public Transportation opened at the daily limit, and Jin Jiang Online opened higher and quickly hit the daily limit, leading the ride-hailing sector to fluctuate upwards at the start, but also experienced a decline before the midday close; on the day, sectors such as automobiles, insurance, and banking also saw significant increases. Stocks related to the photovoltaic industry chain performed weakly, with photovoltaic equipment, BC batteries, and HJT batteries and other sub-sectors showing significant declines. Stocks in the consumer electronics sector also saw adjustments, with sub-sectors such as folding screens, MicroLED, PCB concepts, and glass substrates significantly declining.

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By the midday close, the Shanghai Composite Index was at 2,782.00 points, down 0.23%, with a turnover of about 148.9 billion yuan; the Shenzhen Component Index was at 8,166.30 points, down 1.01%, with a turnover of about 201.3 billion yuan; the ChiNext Index was at 1,544.46 points, down 1.29%, with a turnover of about 94.75 billion yuan.

Hot sectors:

Among industry sectors, automobiles, securities, and public transportation were at the forefront of gains, while photovoltaic equipment, components, and household goods were at the forefront of declines; among concept sectors, ride-hailing, internet insurance, and Hainan Free Trade Zone were at the forefront of gains, while BC batteries, MicroLED, and high-speed copper cable connections were at the forefront of declines.

Institutional views:

CITIC Securities: The merger and acquisition of Guojun Haitong is the first top institution M&A case of this cycle and also the first listed securities company M&A case in the industry. It responds to the national macro direction of building first-class investment banks and promoting high-quality development of the industry. In the long term, it is expected to significantly change the competitive landscape of the industry and open up space for subsequent M&A and restructuring in the securities industry. It is recommended to focus on securities companies that belong to the same actual controller and those with a higher possibility of market-oriented M&A.

Dongwu Securities: Entering September, on the one hand, the mid-year report performance has been realized, and the risk of performance uncertainty has been released in a phased manner. On the other hand, the window for U.S. interest rate cuts is about to open, and the global capital rebalancing is conducive to the repair of growth direction valuations. At the same time, strong industry trend branches such as AI terminals and low-altitude economy will usher in a dense event catalyst in September, and the growth sector of A-shares has entered a time for active layout. It is recommended to select investment opportunities based on four perspectives: Perspective one: high prosperity direction; Perspective two: areas where stock prices have been oversold and the fundamentals/basic expectations have improved marginally; Perspective three: sectors where industry trends/industry policy expectations are strengthened; Perspective four: assets sensitive to U.S. dollar interest rates.

Tianfeng Securities: In the first half of 2024, the income of home appliances grew steadily, profitability continued to improve, and the resilience of leading companies' performance was highlighted. Recently, the central government's policy of replacing old appliances with new ones has been implemented, with subsidy strength comparable to the "home appliance to the countryside" campaign. The domestic sales are in the midst of a major renewal cycle, and the policy is expected to be fulfilled with elasticity, and domestic sales expectations may be reversed. Coupled with export prosperity and low valuation high dividend, the industry maintains a "stronger than the market" rating.

In terms of news:

(Note: The original text ends here, and the translation is complete up to this point.)Guotai Junan plans to absorb and merge Haitong Securities

Guotai Junan Securities Co., Ltd. and Haitong Securities Co., Ltd. both issued suspension announcements on the evening of the 5th, planning a major asset restructuring, and the stocks will be suspended from the 6th. After this merger and reorganization, a carrier-level securities company will be created. This merger between Guotai Junan and Haitong Securities is the first case of merger and reorganization of leading securities firms since the implementation of the new "Nine National Conditions," and it is also the largest A+H dual-market absorption and merger, and the largest integration case of listed securities firms in the history of China's capital market, involving multiple business licenses and several domestic and foreign listed subsidiaries, and is a significant innovative matter without precedent.

Tesla expects to launch Full Self-Driving (FSD) system in China and Europe next year

Tesla's artificial intelligence team posted on social platforms that it expects to launch the Full Self-Driving (FSD) system in China and Europe in the first quarter of 2025, but it is still subject to regulatory approval. In June 2024, the Lingang New Area in Shanghai began to promote the pilot implementation of Tesla's FSD, with 10 Tesla vehicles conducting road tests in Shanghai. Previously, there was news that Tesla planned to unveil its much-anticipated self-driving taxi service, Robotaxi, on October 10th at the Warner Bros. Studio in California.