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as of today's close, the shanghai composite index fell 1.10%, the shenzhen component index fell 2.11%, and the chinext index fell 2.75%. the turnover exceeded 700 billion yuan. shipbuilding, semiconductors, brewing, aerospace, pharmaceuticals, and securities sectors led the decline, while the insurance sector rose against the trend.

in terms of hot stocks, shenzhen huaqiang hit the daily limit again today, marking the 12th daily limit in 13 days. recently, the consumer electronics sector related to huawei has been a hot topic in the market.shenzhen huaqiang's main business is the authorized distribution of electronic components. the cooperation with huawei hisilicon is the direct reason for the continued rise in its stock price. on the news front, huawei hisilicon will hold the 2024 hisilicon full connect conference in shenzhen on september 9, which is also the first hisilicon full connect conference. in addition, the folding screen concept that rose today is also related to huawei's new product launch conference.

there was a decline in the late trading

after 2 p.m., the three major a-share indices fell. what exactly happened?

first, in terms of news,a piece of news about mortgage transfer policy on friday became a hot topic in the market over the weekend, and also ignited the real estate and consumer sectors on friday, with bank stocks experiencing a pullback on the same day.

this morning, wang liang, president of china merchants bank, said at the bank's 2024 mid-term performance exchange meeting that the people's bank of china and the financial regulatory commission have not yet received any opinions on the mortgage transfer policy, nor have they sought the opinions of commercial banks. "if the mortgage transfer policy is introduced, it will have a certain negative impact on the existing mortgage interest rates in the banking industry. the macro-management department will do a full demonstration and research before introducing relevant policies."

bank stocks rose in the morning, while real estate and consumer stocks that surged on friday fell, affecting market sentiment.

second, against the backdrop of a weak market, the broad-based etfs that had been active in the previous period did not see significant volume growth in the afternoon.

third, concept stocks with chinese characters in their names fluctuated downward today, affecting the trend of the broader market, which may be related to a market rumor.

fourth, the relevant data that the market paid attention to over the weekend performed generally.

fivedomestic commodity futures closed lower across the board, with container shipping to europe falling by more than 11%, triggering market concerns about the global economy.from a fundamental perspective, overseas demand has continued to weaken recently. economic data from europe and the united states in july weakened across the board beyond expectations, and the momentum for global inventory replenishment continued to weaken.

insurance stocks surge

today, insurance stocks ranked first on the list of gainers, with tianmao group rising for two consecutive days.

the insurance sector surged, with the following catalytic factors.

first, good news came from the insurance industry after the market closed on friday.the state council executive meeting held on august 30 discussed several opinions on promoting the high-quality development of the insurance industry. the meeting pointed out that the insurance industry plays an important role in protecting and improving people's livelihood, preventing disasters and reducing losses, and serving the real economy. it is necessary to consolidate the institutional foundation for the high-quality development of the insurance industry, firmly establish the concept of service priority, give full play to the role of market mechanisms such as commercial insurance, and vigorously improve the insurance industry's protection capabilities and service levels.

in fact, in terms of policies, documents promoting high-quality development of the insurance industry have been issued recently. in july and august alone, the "notice on strengthening and improving the supervision of internet property insurance business", "implementation opinions on accelerating the construction of shanghai international reinsurance center", and "anti-insurance fraud measures" were issued. in addition, the financial supervision administration also publicly solicited opinions on the "insurance asset risk classification measures (draft for comments)".

second, the insurance industry’s semi-annual report showed impressive performance, exceeding expectations.the five major insurance companies achieved a total net profit attributable to the parent company of 171.799 billion yuan in the first half of the year, an increase of 12.55% year-on-year. dongguan securities said that under the background of low long-term interest rates and stock market fluctuations in the first half of the year, insurance companies actively increased their allocation of long-term interest-bearing bonds and equity assets, and increased their allocation of high-dividend assets. under the low base effect, the bull market of bonds and the outstanding performance of high-dividend sectors drove the high growth of insurance companies' investment income. the insurance sector has shown a valuation repair trajectory, and the core is still focused on the repair and growth potential of the asset side, with a focus on the recovery of long-term interest rates and equity markets.

folding screen concept stocks rose in the afternoon

the folding screen concept was locally active, with aux holdings, kosen technology, guanshi technology, and guofeng new materials all hitting their daily limit.

on the news front, on september 2, the official weibo account of "huawei terminal" announced that the huawei extraordinary brand ceremony and hongmeng intelligent driving new product launch conference will be held at 14:30 on september 10. huawei's executive director, chairman of the terminal bg, and chairman of the intelligent automotive solutions bu, yu chengdong, reposted on weibo, saying: "huawei's most leading, innovative, and disruptive product is here! this is an epoch-making product that others have thought of but cannot do. after 5 years of persistence and investment, we have turned science fiction into reality. huawei's pinnacle work, so stay tuned!"

netizens speculated about the release of new products. in august this year, a video of yu chengdong operating a three-folding screen mobile phone in the cabin was leaked, and the concept of folding screen attracted market attention.

sales of foldable screen mobile phones have soared. idc data shows that in the four quarters from the third quarter of 2023 to the second quarter of 2024, the year-on-year growth rates of china's foldable screen mobile phone market sales were 90%, 150%, 83% and 105% respectively, maintaining a high growth trend.

in addition, according to data disclosed by idc and trendforce, shipments of foldable screen mobile phones have maintained a high growth rate for a long time, and the penetration rate is expected to continue to increase, and the penetration rate is expected to reach 4.8% in 2028.

(the market pictures in this article are from tonghuashun)