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in today's morning session, a-shares rose and then fell, the shanghai composite index lost 2,800 points, the shenzhen component index and the chinext index fell by more than 1%, and more than 4,300 stocks in the two markets fell.

on the market, financial stocks strengthened across the board, with securities, banks, diversified finance, insurance and other sectors leading the gains. the automobile industry was also strong overall, with active performances in sectors such as vehicle manufacturing, vehicle disassembly, unmanned driving, and new energy vehicles.

brokerage stocks open higher as m&a expectations surge

brokerage stocks opened higher in the morning with large volume, and the sector index rose by nearly 3% at one point, hitting a one-month high. within half an hour of opening, the trading volume exceeded the whole day's trading volume yesterday. guohai securities opened with a daily limit, and jinlong shares, tianfeng securities, and china galaxy securities also hit the daily limit.

late yesterday night, guotai junan securities and haitong securities both issued "suspension announcement for planning major asset restructuring". the two parties are planning to have guotai junan issue a shares to all a-share exchange shareholders of haitong securities and to issue h shares to all h-share exchange shareholders of haitong securities, in order to absorb and merge haitong securities and issue a shares to raise matching funds.

the two companies will begin to suspend trading from the opening of the market on september 6, 2024, and the suspension is expected to last no more than 25 trading days.

this is not the first case of securities firm merger and reorganization in recent times. just one day ago, guosen securities (002736) released an acquisition plan, and the company planned to purchase 96.08% of wanhe securities by issuing shares.

on the same day, guolian securities issued an announcement showing that the company held its first extraordinary general meeting of shareholders in 2024, and reviewed and passed with a high vote relevant proposals such as guolian securities' acquisition of minsheng securities.

the continuous announcement of mergers and acquisitions and restructuring by securities firms has opened up market expectations for the restructuring of other securities firms.

for example, guohai securities, which hit the daily limit today, had an investor joking online, "will guotai junan merge with haitong securities and be called guohai securities? guohai securities hit the daily limit."

in fact, the market is not aimless. the semi-annual report shows that as of june 30, 2024, guotai junan held 90.62 million shares of guohai securities, accounting for 1.42% of the total share capital, making it the eighth largest shareholder.

in addition, citic construction investment and citic securities, as well as china galaxy, cicc and shenwan hongyuan, which belong to the "huijin group"; guotai junan and orient securities, which belong to shanghai state-owned assets; and zheshang securities and caitong securities, which belong to zhejiang state-owned assets, all have merger expectations.

huachuang securities clearly pointed out that if the merger between guotai junan securities and haitong securities goes smoothly, the potential for mergers between top quality securities firms such as cicc and china galaxy securities, citic construction investment and citic securities is expected to be further opened up.

huatai securities said that this integration may accelerate the supply-side reform of the industry and is expected to usher in a new round of mergers and acquisitions and restructuring, and the trend of survival of the fittest is becoming more and more obvious. overall, this integration may effectively catalyze short-term market sentiment and future expectations of mergers and acquisitions in the sector.

subsidies doubled, cars are stepping on the accelerator and rushing forward

auto stocks collectively strengthened in the morning, and the sector index rose for the fourth consecutive day, reaching a one-month high. new stock fute technology, which was listed just three days ago, rose more than 22% during the day. power new technology, changchun yido, xiangyang bearing, etc. all showed abnormal movement and rose, and the vertical limit was closed.

sectors such as automobile dismantling, unmanned driving, and new energy vehicles also followed suit and strengthened, with lianchuang electronics, kaizhong precision, king long automobile, and jinjiang online all hitting their daily limit.

the latest preliminary statistics from the china passenger car association show that in august, the new energy vehicle market sold 1.015 million vehicles, a year-on-year increase of 42% and a month-on-month increase of 16%. the cumulative retail sales so far this year have reached 6.004 million vehicles, a year-on-year increase of 35%.

in addition, with the arrival of the "golden september and silver october" sales season, many places have recently upgraded automobile consumption subsidies.

the shanxi provincial department of commerce and seven other departments recently issued a new notice on the province's car trade-in program, which clearly raised the subsidy standard for scrapping and updating cars. the subsidy for scrapping and updating fuel vehicles has been increased from 7,000 yuan to 15,000 yuan, and the subsidy for scrapping and updating new energy vehicles has been increased from 10,000 yuan to 20,000 yuan. the policy also includes measures such as raising the subsidy standard for car replacement and updating, increasing financial support, and optimizing the review of old-for-new exchanges. consumers who have received relevant subsidies will receive the difference according to the new standard.

the general office of the shenzhen municipal people's government also issued the "implementation plan for shenzhen's ultra-long-term special government bond funds to increase support for consumer goods trade-in". for vehicles with a purchase price of rmb 70,000 (inclusive) to rmb 150,000 (excluding), the subsidies for fuel vehicles and new energy vehicles are rmb 8,000/vehicle and rmb 9,000/vehicle respectively; for vehicles with a purchase price of rmb 150,000 (inclusive) to rmb 250,000 (excluding), the subsidies for fuel vehicles and new energy vehicles are rmb 12,000/vehicle and rmb 13,000/vehicle respectively; for vehicles with a purchase price of rmb 250,000 (inclusive) or more, the subsidies for fuel vehicles and new energy vehicles are rmb 15,000/vehicle and rmb 16,000/vehicle respectively.

according to incomplete statistics from wind data, as of september 5, the maximum subsidy amount for car trade-in subsidies in beijing, guangdong, zhejiang, sichuan and other places can reach 20,000 yuan.

everbright securities said that it is paying attention to the automobile sector. in the past 11 days, more than ten provinces and regions have issued upgraded automobile trade-in policies, with the common feature of doubling the subsidy standards for new energy vehicles and fuel vehicles. september and october are regarded as the "golden september and silver october" for auto sales, and coupled with the increasing promotion efforts of auto companies themselves, auto sales in september and october are expected to see both year-on-year and month-on-month growth. in particular, new energy vehicles with greater subsidies are expected to expand their growth advantages and bring opportunities for sector valuation repair.