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the three major a-share indexes continued their sluggish trend today, with the shanghai composite index barely holding at 2,700 points, hitting a new low. by the close, the shanghai composite index fell 0.48%, the shenzhen component index fell 0.88%, and the chinext index fell 1.07%. the turnover of the shanghai and shenzhen stock markets exceeded 520 billion yuan, slightly higher than yesterday, and the number of stocks that fell exceeded 4,000.

most industry sectors fell rather than rose, with insurance, precious metals, real estate development, and real estate services sectors leading the gains, while energy metals, batteries, power equipment, photovoltaic equipment, electronic chemicals, and medical services sectors leading the declines.

【organization views】

citic securities: driven by policies, technology and market forces, the scale and commercialization of vehicle-network interaction is expected

citic securities research report pointed out that at the current point in time, driven by the joint efforts of policies, technology and market, the profit model of vehicle-grid interaction is becoming increasingly clear, and the future scale and commercial development path is clear, which will bring a large market space for related charging equipment companies and resource aggregators. investment logic: 1) from the perspective of load aggregation, we recommend charging operation leaders with significant advantages in vehicle-grid interaction qualifications, resources and operations, which are also natural load aggregators; 2) from the perspective of charging equipment, the development of vehicle-grid interaction brings about the upgrade and iteration needs of related charging equipment, and we recommend charging equipment manufacturers that plan v2g in a forward-looking manner.

guojin securities: the new "ten national policies" will help the insurance industry develop in a long-term and healthy manner, and the industry concentration is expected to increase

guotai junan securities pointed out that on september 11, the state council issued the "several opinions on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" (referred to as the new "national ten articles"). the new "national ten articles" propose that the long-term goal is to basically form a new insurance industry with strong international competitiveness by 2035, and further clarify the risk disposal plans for small and medium-sized insurance companies in the high-quality development measures, and strengthen hierarchical and classified supervision based on "high-risk and high-intensity supervision, low-risk and low-intensity supervision". it is expected that the competitive landscape of large insurance companies with strong capital strength, stable and compliant operations, and better risk management capabilities and levels will be further improved, and the industry concentration is expected to increase, which will be beneficial in the long run.

industrial securities: aluminum industry profits continue to rise, optimistic about the valuation recovery of electrolytic aluminum

industrial securities pointed out that there is an expectation of improvement in demand during the peak season of september and october, the supply side remains stable, and aluminum prices may rise again, and electrolytic aluminum profits are expected to improve. at the same time, the supply of upstream bauxite continues to be tight, and the inventory of alumina is at a low level. the spot price of alumina is firm, and aluminum companies with integrated layout of the aluminum industry chain may continue to benefit. in the long run, the increase in electrolytic aluminum production capacity is limited, and structural upgrades drive steady growth in demand. in the future, high profits of related companies are expected to continue, and as the balance sheet is further repaired, aluminum plants may continue to increase dividends.

citic construction investment: green certificate issuance and trading rules released, accelerating the realization of green power environmental value

citic securities said that recently, the national energy administration issued the "rules for issuance and trading of renewable energy green electricity certificates", which clearly put forward the general principles for the issuance and trading of green certificates: "unified issuance, open trading, market competition, information transparency, and full traceability". specifically, in terms of the issuance of green certificates, the national energy administration will automatically issue green certificates in batches on a monthly basis based on the electricity data provided by power grid companies and power trading institutions; in terms of trading methods, there are mainly three methods: listing and trading, bilateral negotiation, and centralized bidding; in terms of the term of green certificates, the "rules" clearly state that the green certificate is valid for 2 years, starting from the natural month (inclusive) of electricity production, and set a transition period. for renewable energy power generation projects before january 1, 2024 (excluding), the corresponding green certificate validity period will be extended to the end of 2025. overall, the construction of my country's green certificate market continues to advance, the environmental value of green electricity is accelerated, and the profit pressure of new energy power generation projects is expected to improve marginally.

guotai junan: the characteristics of "de-dependence on real estate" and "de-luxury" in liquor consumption will continue to stand out

guotai junan said that in the peak season of autumn 2024, except for moutai and wuliangye, the sales level of liquor companies generally relaxed the price system and increased the cost. looking ahead, it is speculated that the characteristics of "de-real estate dependence" and "de-luxury" in liquor consumption will continue to be highlighted. in this dimension, "share is brand", and companies can play their own product structure advantages, using strong channels, big brands and large production capacity, with the help of appropriate price band layout, to form a continuous squeeze on competing products. the dominant contradiction in subsequent investment in the liquor sector is the rebalancing of supply and demand and the reconstruction of industry growth expectations, in this dimension. the market is more concerned about the development of destocking and the new equilibrium of high-end liquor wholesale prices. the subsequent dynamic sales performance of core products will match the apparent growth rate. the wholesale prices of high-end liquors such as moutai will reach a new steady state after the peak season, which will support the valuation of the sector. it is urgent for enterprises to make choices about the direction of their business strategies. except for a few brands such as moutai, the enterprises that are less obsessed with price and product structure will have competitive advantages in the future. enterprises need to establish a share strategy suitable for themselves according to local conditions and observe the strategic flexibility of the enterprises.