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recently, the market has been caught in a tug-of-war between bank stocks and non-bank stocks.

from last wednesday to last friday, the banking sector continued to fall, but the number of stocks rising in the entire market gradually increased. yesterday, the banking sector rebounded, and individual stocks fell. this morning, the banking sector fell sharply, and individual stocks ushered in a general rise in intraday trading, with more than 4,700 stocks rising at most.

this morning, in the banking sector, agricultural bank of china fell 4.69%, bank of china and bank of communications fell more than 3%, and industrial and commercial bank of china, china construction bank and other stocks fell more than 2%.

in addition to bank stocks, high-dividend assets such as the "three oil giants", china shenhua, china yangtze power, and china general nuclear power also fell significantly in the morning.

a-shares showed differentiated trends in the morning. as of midday close, the shanghai composite index fell 0.52%, falling below 2,800 points to 2,796.48 points; the shenzhen component index rose 0.82%; and the chinext index rose 0.9%.

shengneng group plummets

this morning, hong kong-listed sunenergy group continued to fall, and just after 11 o'clock, the decline reached 99%. this means that after opening, it took about 90 minutes for the stock price to almost "fall away"! as of the morning close, the stock fell 98.07%. from may to august this year, the stock rose by more than 400%.

according to the latest announcement from shengneng group, the hong kong securities regulatory commission recently conducted an inquiry into the company's equity distribution. the results showed that as of august 19 this year, the company had 25 shareholders holding a total of 279 million shares, equivalent to 27.65% of the issued share capital. together with 582.5 million shares held by a controlling shareholder (accounting for 57.67% of the issued share capital), and approximately 49.3095 million shares (accounting for 4.88% of the issued share capital) that are not deposited in the central clearing and settlement system or registered in the hong kong shareholder register, the total is equivalent to 90.2% of shengneng group's issued share capital. therefore, the company only has 98.9416 million shares (accounting for 9.80% of the issued share capital) held by other shareholders.

there were similar incidents this year. on june 20, changjiu shares fell by more than 65% after the hong kong securities and futures commission warned that the company's equity was highly concentrated. since its listing on january 9, as of june 19, the stock has accumulated a gain of more than 1,600%.

according to the website of shengneng group, the company is a manufacturer of ultra-high power graphite electrodes and graphite negative electrode materials, providing services for the low-carbon transformation of the steel industry and the energy industry.

e-cigarette sector surges

this morning, the e-cigarette sector exploded, triggering a surge in daily limit prices.

on september 2, the state tobacco monopoly administration issued the revised "electronic cigarette transaction management rules" (hereinafter referred to as the "rules"). the rules mentioned that the market should be adhered to in determining prices, and a price formation mechanism for electronic cigarette products that is mainly regulated by the market should be established and improved. at the same time, the ex-factory price and recommended retail price of domestic electronic cigarette products are determined independently by electronic cigarette product manufacturers and electronic cigarette brand holders, and the wholesale price is reasonably determined by electronic cigarette wholesale enterprises based on the ex-factory price in combination with operating and management costs, national tax policies and other factors.

industry insiders said that the domestic e-cigarette regulatory details are gradually being improved, promoting the orderly and standardized development of the market. in the long run, non-compliant products will be gradually eliminated, and the market share is expected to be further concentrated, which is beneficial to leading companies in various links such as production and branding.

electronic cigarettes are divided into atomizing electronic cigarettes and heat-not-burn electronic cigarettes according to their working principles. from the upstream raw material level, they can be divided into battery raw material suppliers (batteries, battery cells, control circuits), atomizer raw material suppliers (plastics, glass, hardware, heating resistors) and e-liquid raw material suppliers. the midstream production and manufacturing link is the core part of the electronic cigarette industry chain. at present, most domestic electronic cigarette manufacturers adopt the oem and odm business models, and the average design and production cycle of an electronic cigarette product in the industry is 3 to 5 months.

downstream mainly refers to sales channels. my country's e-cigarettes are mainly exported. tianfeng securities said that in july 2024, china's e-cigarette exports exceeded us$1 billion, and emerging markets grew significantly. in terms of regions, the top five export destinations (the united states, the united kingdom, russia, germany, and south korea) accounted for 62.9% of the total export value, and the united states remained the largest market.

at the same time, with the advancement of technology and consumers' pursuit of experience, "with screen" is becoming a trend and fashion in the e-cigarette industry. since elfbar launched the funky republic ti7000 disposable e-cigarette with a hydroelectric display screen, e-cigarette brands such as rab beats, hqd, and fresor have followed suit. according to vape sourcing data, the top two best-selling disposable e-cigarette products are both equipped with display screens and are priced at around us$15. there are currently more than 300 products with screens, with a penetration rate of over 30%. as the penetration rate continues to increase, the relevant industry chain is expected to benefit.

cssc system explodes

this morning, the china shipbuilding corporation exploded, with stocks such as kunming shipbuilding intelligent, china shipbuilding hanguang, and china shipbuilding technology surging.

on the evening of september 2, china shipbuilding and china heavy industry both issued announcements on the suspension of trading due to the planning of major asset reorganization. china shipbuilding and china heavy industry are planning to merge china heavy industry by issuing a shares to all shareholders of china heavy industry in exchange for shares, so as to further focus on the country's major strategies and the main responsibilities and businesses of strengthening the military, accelerate the high-quality development of ship assembly business, standardize competition among peers, and improve the operating quality of listed companies.

ship assembly is the core business of china shipbuilding group's military and civilian ship business, and is mainly undertaken by china shipbuilding and china heavy industry, which are listed companies belonging to the two original groups. after years of development and cultivation, china shipbuilding and china heavy industry have formed a full industrial chain production and manufacturing system covering shipbuilding, ship maintenance, electromechanical equipment, etc., and continue to launch world-leading military and civilian products for strategic tasks such as marine safety, deep-sea scientific research and resource development.

(the market pictures in this article are from tonghuashun)