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in the morning trading today, a-shares continued to fluctuate slightly, and important stock indices such as the shenzhen component index, chinext index, and csi 300 all hit new lows. small-cap growth stocks rebounded across the board, with more stocks rising than falling, and indices such as the csi 500 and csi 1000 rose slightly.

on the market, st, daily chemical products, duty-free concepts, humanoid robots and other sectors led the gains, while brewing, public transportation, cloud games, banks and other sectors led the losses.the leader *st jingfeng continued to hit the daily limit, with 37 daily limits in the past 41 trading days. nearly 30 stocks including st lingda and *st furun also hit the daily limit or rose by more than 5%.

in the hong kong stock market, technology stocks plummeted. as of press time, the hang seng technology index opened lower and fell throughout the day, falling more than 2% during the session. zhongan online plunged more than 18% in large volume, hitting a record low. tencent holdings, alibaba, gds, sensetime, etc. also weakened.

tax-free concept welcomes favorable policies

duty-free concepts opened sharply higher in the morning with large volume, and the sector index rose by more than 3% at one point during the session. in less than an hour after opening, trading exceeded yesterday's full-day trading.many stocks such as zhongbai group and dongbai group opened at the daily limit, and stocks such as youhao group also opened sharply higher and then closed the limit in seconds. the leading stock china duty free group once surged by more than 4% during the session.

on the news front, the ministry of finance and five other departments issued the "notice on improving the policy on city duty free shops" (hereinafter referred to as the "notice"), which clearly stated that from october 1, 2024, the management of city duty-free shops will be standardized in accordance with the "interim measures for the management of city duty free shops" (hereinafter referred to as the "measures") to promote the healthy and orderly development of city duty-free shops.

according to the notice, the existing six city duty-free shops in beijing, shanghai, qingdao, dalian, xiamen and sanya will be subject to the measures from the date of implementation of the notice; the existing 13 foreign exchange commodity duty-free shops in beijing, shanghai and harbin will be transformed into city duty-free shops within three months from the date of implementation of the notice and start business after passing the customs inspection. at the same time, one city duty-free shop will be set up in each of the eight cities of guangzhou, chengdu, shenzhen, tianjin, wuhan, xi'an, changsha and fuzhou.

according to the arrangements in the "notice", if 13 foreign exchange commodity duty-free shops can be successfully transformed upon expiration and 8 cities can be successfully established, the number of duty-free shops in my country's cities will expand from the current 6 to 27.

listed companies are optimistic about the implementation of the measures. wangfujing said on the interactive platform that, given that duty-free business is a special business under government supervision, the company is closely following the policy adjustments and implementation dynamics of duty-free shops in the city, and will fully promote the relevant work of the city's duty-free projects after the policy of duty-free shops in the city becomes clear.

china duty free group said that the company is actively looking forward to and embracing the launch and implementation of the new-type downtown store policy. regarding the future development prospects of the new-type downtown stores, the company has also had a lot of discussions with brand partners and other participants. the company has conducted in-depth research and preparation on the new-type downtown store operation strategy, differentiated operations, and coordinated development.

huaxi securities believes that considering only the shopping needs of chinese people going abroad, the domestic city store market (excluding offshore islands) is expected to reach 48 billion yuan in the future. at the same time, with the rapid rise of inbound tourism, the incremental potential of inbound tourists' duty-free shopping needs is also worth looking forward to. in the future, my country's city duty-free stores have broad space and are expected to become an important new growth market.

st stocks continue to rebound

st stocks continued to open higher and move higher in the morning, with the sector index rising by more than 2% on a large scale. this is the third consecutive day that the index opened higher and moved higher. individual stocks continued to rise by the daily limit, with the leader *st jingfeng continuing to rise by the daily limit, with 37 daily limits in the past 41 trading days, a cumulative surge of 451%. nearly 30 stocks including st lingda and *st furun also rose by the daily limit or more than 5%.

the biggest reason for the recent continuous strength of st stocks may be the oversold rebound. even after a sharp rebound, among the a-shares traded, 8 of the top 10 stocks with the largest declines this year are st stocks. as of today's midday closing, st baili, *st renle, *st longjin, st yuancheng and others have all fallen by nearly 80% this year.

overall, the st sector index fell 36.17% this year, and the median decline of the 121 st stocks was about 45%, which far exceeded the decline of other industry sector indices.

in order to avoid delisting, st companies have launched buybacks, increased holdings, restructuring and other favorable measures to save the market.

in addition, the fundamentals of some st stocks have also begun to improve. st gongzhi released its 2024 semi-annual report today, achieving a net profit of 4.7591 million yuan in the first half of the year, a year-on-year increase of 48.24%. in the morning, st gongzhi rose to the daily limit, closing at 2.14 yuan, more than double the low of 0.94 yuan in june.

st haoyuan also released its semi-annual performance report today. its operating income in the first half of 2024 was about 323 million yuan, a year-on-year increase of 6.62%; its net profit was about 51.71 million yuan, a year-on-year increase of 16.76%. st haoyuan is the st stock with the largest increase this year, with a cumulative increase of more than 100% so far this year.

*st bugao's losses were significantly reduced in the first half of 2024, with a net loss of about 77.863 million yuan in the first half of the year, compared with a loss of about 449 million yuan in the same period last year, a year-on-year reduction of 82.68%. *st bugao opened higher in the morning and once hit the daily limit.

however, investors should also note that although the fundamentals of some st stocks have improved, most of them are still mired in losses. given the heavy risks faced by the companies, the sustainability of the continuous surge in st companies' stock prices remains to be seen. investors need to choose stocks carefully to avoid the risk of blind speculation.