Xinhua Finance, Beijing, September 4 (Wang Yuanyuan) - On Wednesday, the three major A-share indexes opened lower collectively, and then the market underwent a full-day of fluctuating adjustments. The Shanghai Composite Index lost the 2,800 point mark, setting a new low for the phase, while the ChiNext Index was relatively stronger. By the close, the Shanghai Composite Index fell 0.67%, to 2,784.28 points, the Shenzhen Component Index fell 0.51%, to 8,226.24 points, and the ChiNext Index fell 0.11%, to 1,554.64 points. The turnover of the Shanghai, Shenzhen, and Beijing markets was 561.7 billion yuan, with a decrease in turnover compared to the previous trading day. Nearly 3,900 stocks fell across the market.

In terms of sector themes, the pharmaceutical commerce, solid-state battery, insurance, and education sectors led the gains, while the ST sector and consumer electronics concept led the declines.

Hot sectors

On the market, the pharmaceutical commerce concept took the lead, with Shuyu Pingmin, Renmin Tongtai, and Laobaixing hitting the daily limit. The solid-state battery concept remained active, with KeSen Technology achieving an 8-day streak, Nandu Power achieving a 3-day streak, and Del Shares, Dongfeng Group, Fengyuan Shares, and Huafeng Shares hitting the daily limit. The photoresist concept was among the top gainers, with Hua Mao Technology hitting the daily limit, and Baoli Di and Geleida seeing their daily limit breakouts. The consumer electronics concept led the declines, with Jinlong Electromechanical falling more than 10%, and Jingyan Technology, Lingyi Intelligent Manufacturing, and Jie Rong Technology, among others, falling more than 5%. In addition, Shenzhen Huaqiang once again hit the daily limit, recording 14 out of 15 days with a daily limit.

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Institutional views

Jufeng Investment Consulting: On Wednesday, the market fluctuated, with the pharmaceutical commerce sector leading the gains. The short-term market is mainly influenced by the fluctuations in the global market, the volatility of the RMB exchange rate, and geopolitical factors. Under the expectation of economic recovery, A-shares are expected to enter a medium to long-term bull market. Currently, A-shares are in a bottoming phase, and after the end of the semi-annual reports, the market may see a valuation repair. In terms of specific directions, short-term attention can be paid to high dividend, gold, consumer, and pharmaceutical, and other safe-haven assets; in the medium term, attention can be paid to new quality productivity, focusing on semiconductors and other hard technology sectors.

CITIC Construction Investment: At present, against the backdrop of the performance window period and domestic economic data still showing fundamental pressure, policies are expected to continue to exert force, which is expected to restrain the market's downward space; in addition, the convening of various technology industry conferences this month may drive related thematic investment opportunities, thereby helping to enhance the interpretation of structured markets. In the long term, A-shares below 3,000 points still have valuation advantages, and the configuration value is prominent, and it is still a good choice to layout at low levels.

Tianfeng Securities: The application of new energy and autonomous driving technology will significantly reduce energy and labor costs. The gradual expiration of highway tolls will also reduce tolls, and the overall cost of highway transportation is expected to decrease significantly, with the expected increase in traffic share. In the passenger transport field, ride-hailing and carpooling are gradually diverting the traditional taxi and high-speed rail markets; in the freight field, environmentally friendly models such as natural gas trucks will divert railway freight. The promotion of intelligent driving policies will also increase traffic flow and capacity, and related companies such as Didi, DiDi, and ZTO Express will significantly benefit.

In terms of news

European major stock indexes opened down collectively, with the Stoxx 50 index down 1.48%.European major stock indices opened lower across the board, with the Euro Stoxx 50 index down 1.48%, the German DAX index down 1.35%, the UK FTSE 100 index down 1.02%, and the French CAC 40 index down 0.94%.

Nikkei 225 index closed down 4.24%

The Nikkei 225 index closed down 4.24%, at 37,047 points, marking the largest single-day drop since the plunge on August 5th. Chip stocks were hit hard, with Renesas Electronics and Tokyo Electron falling more than 8%.

Canalys: Global smartphone shipments forecast for 2024 revised upward to 1.2 billion units

Canalys' latest report indicates that in the second quarter of 2024, the global smartphone market continues to show an upward trend. Despite better-than-expected growth, the forecast for global smartphone shipments in 2024 has been slightly revised upward to 1.2 billion units, a 5% increase year-on-year. In the long term, the annual growth rate of the smartphone market is expected to gradually enter a plateau phase after a strong rebound this year, with a moderate compound annual growth rate of 2% from 2024 to 2028.

Nearly 100,000 new accounts in half a year, private banking customers of the five major state-owned banks exceed one million for the first time, reaching 1.055 million

With the disclosure of the semi-annual reports of listed banks completed, a reporter from Caixin found that in the first half of this year, the total number of private banking customers of the five major state-owned banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications—reached 1.055 million, breaking through the one million mark for the first time. In comparison, this figure was 957,000 at the end of 2023. This means that in the first half of 2024, the five major state-owned banks added nearly 100,000 private banking customers, equivalent to the annual increase in 2023. Data shows that at the end of 2022, the total number of private banking customers of the five major state-owned banks was 856,300.