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NetEase Finance reported on August 9 The Shanghai Composite Index opened up 0.35% at 2879.87 points.Shenzhen Component IndexUp 0.48% to 8486.42 points,GEMThe Shenzhen Stock Exchange rose 0.64% to 1621.84 points, and the Science and Technology Innovation 50 Index rose 1.16% to 717.14 points. The total turnover of the Shanghai and Shenzhen stock markets was 6.394 billion yuan.

Semiconductor chips,Vitamins、orthopedicsThe material and other sectors indexes rose the most. Guolian Securities rose 7.43%, and the company's draft for acquiring 99.26% of Minsheng Securities was released. Sinopharm shares opened lower and fell 0.88%. The company clarified that there was no business dealings or any relationship between the company and Shanxi Aorui Biomaterials Co., Ltd.

News Review

1. Artificial bone repair materials have become the mainstream of the industry, and domestic varieties are developing iteratively

On August 8, news about Shanxi Aorui Biomaterials Co., Ltd.'s suspected illegal production of "allogeneic bone implant materials" appeared on the Internet, which aroused widespread social concern. Experts said that allogeneic bone is a type of bone repair material, and artificial bone is the mainstream of medical and aesthetic applications. New artificial bone technologies are rapidly iterating, and listed companies such as Aojin Medical, Zhenghai Biotechnology, and Huadong Medicine are developing rapidly and catching up with foreign companies.

2. Sinopharm shares clarified: there is no business dealings or any relationship with Shanxi Aorui Biomaterials Co., Ltd.

Sinopharm announced in the morning of August 9 that its main business is pharmaceutical wholesale, mainly drug operation. Sinopharm has no business dealings or any relationship with Shanxi Aorui Biomaterials Co., Ltd.

3. The yield of medium and long-term bond funds has fallen precisely

At the close of August 8, 2 government bonds 30ETFThe decline was the largest, falling by 0.69% and 0.64% respectively. Wind data shows that among the 3,219 medium- and long-term pure bond funds in the market (A and C shares are calculated separately), 2,521 funds saw a decline in net value on that day, accounting for nearly 80%; only 471 funds saw an increase in net value, accounting for less than 15%. The Securities Dealers Association issued notices for two consecutive days, targeting violations of government bond transactions; some people believe that the current cost-effectiveness of participating in the long-term bond game is not high.

4. The State Council Information Office press conference will introduce relevant information on promoting consumption

The State Council Information Office will hold a press conference at 10 a.m. on Friday, August 9, 2024, inviting Assistant Minister of Commerce Tang Wenhong and relevant officials from the National Development and Reform Commission, the Ministry of Civil Affairs, and the Ministry of Culture and Tourism to introduce the "Opinions on Promoting the High-Quality Development of Service Consumption" and answer questions from reporters. Chu Min of Kaiyuan Securities pointed out that with the release of positive signals for expanding domestic demand in the second half of the year, measures such as targeted issuance of consumer vouchers, holiday system reform, tax reduction and exemption, and reduction of social insurance premiums in the service consumption field are expected to be introduced and implemented, bringing incremental stimulus to service consumption. Focusing on the tourism consumption field, supporting the integration of "tourism +" and the opening of cross-border tourism, we look forward to the continued implementation of supporting policies.

5. Domestic retail penetration rate of new energy vehicles exceeds 50% for the first time

According to the China Passenger Car Association, domestic retail sales of new energy passenger vehicles reached 878,000 units in July, up 36.9% year-on-year. The domestic retail penetration rate of new energy vehicles in July was 51.1%, exceeding 50% for the first time, an increase of 15 percentage points from the 36.1% penetration rate in the same period last year.

6. The integration of vehicle, road and cloud will be accelerated again. Shanghai’s buses and taxis will be fully powered by new energy by the end of 2027

The Shanghai Municipal Transportation Commission and five other departments jointly issued the "Special Work Plan for Large-Scale Facility and Equipment Update in Shanghai's Transportation Sector (2024-2027)". It is planned that by the end of 2027, Shanghai's buses and taxis will be fully renewable energy, with a total of 6,200 buses and 11,000 taxis updated. In terms of promoting the digital transformation of transportation infrastructure, the plan proposes to accelerate the digital transformation of road and waterway transportation infrastructure, build a digital perception network, intelligent management and control system, and network service system; promote vehicle-road-cloud integration, transform ETC gantry system RSU and other equipment, and realize information interaction and coordination with vehicles.

7. Guolian Minsheng's integration and restructuring is accelerated

On August 8, just two and a half months after the release of the major asset restructuring plan, Guolian Securities released the "Guolian Securities Co., Ltd.'s Issuance of Shares to Purchase Assets and Raise Supporting Funds and Related Transactions Report (Draft)" in the evening, stating that the listed company intends to issue shares to purchase assets and raise matching funds.A sharesBy purchasing 99.26% of the shares of Minsheng Securities held by 45 transaction counterparties including Guolian Group and Fengquanyu in the form of shares, and raising matching funds, the integration and restructuring of Guolian and Minsheng was accelerated.

The issue price was adjusted from 11.31 yuan per share to 11.17 yuan per share due to dividends. The number of shares issued was 264,026,910 shares, accounting for 48.25% of the total share capital of the listed company after the issuance (excluding supporting financing). The total transaction price reached 29.492 billion yuan. If the transaction is successfully completed, it will hopefully become the first securities company M&A case approved after the Central Financial Work Conference and a model case for the integration of the Yangtze River Delta.

Institutional Views

Everbright Securities: The style of hot spot differentiation and rotation may continue

The wait-and-see sentiment in the market is still heavy, and the overall situation is in a state of stock game. The index is likely to continue to fluctuate and bottom out, and the style of hot spot differentiation and rotation may continue.

Huawei nova Flip will go on sale at 10:08 on August 9. The attribute of "the same small folding model as Yi Yangqianxi" has made the market full of expectations for Huawei nova Flip. Its basalt water drop hinge is the world's first to pass the Swiss SGS 1.2 million folding certification, with excellent reliability. The launch of Huawei nova Flip may stimulate the hype of the folding screen concept.

CITIC Construction Investment: The short-term market is likely to be a process of shock bottoming out

The market is still in a wait-and-see mood. On the one hand, the market is waiting for the latest economic data to be released. After the shoe is released, funds may participate in the game again; on the other hand, geopolitical conflicts are escalating, and the market is worried about the "Black Swan Event”。

Recently, the semiconductor, AI and Apple chains reflected by the U.S. stock market have undergone major adjustments, but as the U.S. stock market begins to recover, the sentiment of A-shares is also expected to improve, and the oversold direction may have an opportunity to rebound, which is also in line with the market's rotation rhythm under the game of existing funds, but the sustainability and space of the rebound remain to be seen.

In terms of macro data, following the previous PMI and export data, the National Bureau of Statistics will release the latest inflation data for July today, and next week there will be financial data and a series of core economic indicators such as industrial added value, investment, and consumption. In terms of the overall market, the market is still mainly concerned about the subsequent stable growth, especially whether there are incremental policies in the consumption and real estate sectors, and the effectiveness of the policies. The main shackles of the market are currently lack of confidence. Considering that whether it is the introduction of policies, the effectiveness, or the recovery of confidence, it may take a certain amount of time, the short-term market is likely to be a process of shock bottoming out, and investors can be more patient.

TF Securities: Monopoly and scarce high-dividend assets are expected to be revalued

First, the A-share market since August has shown the market's high sensitivity to expectations of domestic demand policies: 1) In the draft of the Political Bureau meeting on July 30, the statement on boosting consumption was at the top of the subdivided policies in various fields, proposing to "use service consumption as an important means to expand and upgrade consumption, and support cultural tourism, elderly care, childcare, housekeeping and other consumption." 2) On July 25, the "Several Measures on Further Supporting Large-Scale Equipment Renewal and Consumer Goods Trade-in" clearly made arrangements for the 150 billion yuan of funds involved in the fields and the central and local funding sharing of domestic demand support policies.

Second, the domestic consumption sector may have an advantage over the overseas chain in the recession transactions + US election transactions that may be repeated in 24H2.

Third, currently, active equity-oriented public funds have been redeemed for five consecutive quarters, while the latest 24Q2 data shows that there has been a lot of active reduction in holdings in the consumer sector, and the crowding has been significantly alleviated.

In the long run, there are two types of conditions for high dividend excess reversal: one is that the central long-term treasury bond interest rate no longer declines, and the other is that the dividend rate of the high dividend sector is blocked from further increasing. Long-term style switching requires patience to wait for more right-side signals, and high dividend assets with monopoly and scarcity are expected to be revalued.

Caixin Securities: It is recommended to focus on stability and seize structural opportunities when the market is low

Affected by factors such as external markets, geopolitics and recent economic data, the current A-share market sentiment is still relatively cautious. Against the backdrop of insufficient volume, the market may continue to fluctuate, and the new market theme is still unclear. It is recommended to remain cautious in the short term and focus on defensive sectors.

In the third quarter of 2024, the domestic macro-economy will be in the recovery stage of the Merrill Lynch clock, with a moderate economic recovery, low prices, and a relatively loose monetary environment. It is suitable for allocating equity assets. It is recommended to focus on stability and seize structural opportunities when prices fall.