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this morning, a-shares fluctuated. as of the morning close, the shanghai composite index fell 0.05%, hitting an intraday low of 2700.78 points; the shenzhen component index fell 0.55%; and the chinext index fell 0.39%.

after many days, the market reappeared the "19 market", with nearly 4,600 stocks falling in the morning. among the top 20 a-share stocks by total market value, only kweichow moutai fell, while the rest all rose. kweichow moutai fell 2.06% in the morning, with a total market value of 1.6 trillion yuan.

the csi 300etf collectively increased in volume in the morning. among them, the transaction amounts of e fund csi 300etf (510310) and hua xia csi 300etf (510330) both exceeded the whole day of the previous trading day. the lithography machine sector set off a daily limit surge in the morning, and stocks such as tongfei shares and wavelength optoelectronics welcomed a 20% daily limit. the insurance and overseas chain sectors performed actively, and china life insurance hit a new high this year.

overseas chains are getting stronger

the market expects the federal reserve to cut interest rates soon. affected by this, the overseas chain performed actively this morning, with yutong bus, deye holdings, fuyao glass and other stocks leading the gains.

the overseas chain mainly includes the following sub-sectors: special equipment represented by liugong, xcmg machinery, etc., power equipment, small household appliances, household light industry and other sectors.

the export of power equipment is a sector that has received much attention in the market. my country's export of power equipment is mainly based on primary equipment (transformers, switches, etc.) and smart meters, and mainly adopts two modes: following epc (engineering, procurement and construction) general contractors and exporting directly overseas.

benefiting from the rapid growth in usage brought about by industrialization, urbanization, and technological revolution, energy transformation, and the renewal of old power grid equipment in developed economies, global power grid investment has increased significantly. according to statistics from institutions, global grid investment is expected to reach $600 billion by 2030. against the backdrop of accelerated global grid investment, european and american markets have strong demand and large market capacity. among them, the european power grid is the world's largest interconnected synchronous grid. the european power system covers more than 600 million people in more than 40 countries and is composed of dozens of transmission operators and thousands of distribution operators.

guojin securities said that the three major types of demand, namely, electricity consumption, power generation and grid, are driving the acceleration of european grid investment. specifically, the electricity consumption is expected to increase by 80% between 2020 and 2050, and the peak load will increase by 60%, mainly due to the increase in electricity consumption of existing power users and the electrification of transportation, industry and building heating; the power generation is driven by: there are large differences between the current grid construction plans of many european countries and the clean energy installation targets, and at least 10 countries have grid capacity plans that are lower than the corresponding wind and solar construction targets; the grid is driven by: the average design life of grid equipment and materials is generally more than 30 years, but the current european grid is seriously aging, with more than 30% of them having an average service life of more than 40 years.

the agency said that the european power grid investment is booming driven by electricity consumption, power generation, and grid demand, the overseas supply chain is under great pressure to deliver, a number of transmission and distribution operators have raised capital expenditures, and overseas leading companies have increased investment, which supports the high demand in the industry. it is optimistic about the leading power equipment export companies with leading production capacity and channel layout in the european market, customer base, and competitive advantages.

insurance sector rises

this morning, the insurance sector rose, with china life leading the gains.

the state council recently issued the "several opinions on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" (the new "ten national opinions"), which provides a comprehensive plan for the development of the insurance industry in the next 5 to 10 years, emphasizing the three core tasks of strict supervision, risk prevention and high-quality development. the new "ten national opinions" proposes the goal of forming a sound framework for high-quality development of the insurance industry by 2029 and forming a new pattern of internationally competitive insurance industry by 2035.

in addition, the new "ten national policies" also encourage the insurance industry to serve technological innovation and the construction of a modern industrial system, give full play to the long-term investment advantages of insurance funds, and deepen reform and opening up and enhance sustainable development capabilities.

china cinda securities said that the release of the new "ten national policies" has repositioned the functions of the insurance industry. the cross-cycle nature of insurance funds is also conducive to cultivating patient capital and smoothing economic cycle fluctuations.

cicc stated that the development of health insurance and third-pillar pension insurance, strengthening the linkage between assets and liabilities, improving the accuracy of product pricing, and developing floating-yield insurance mentioned in the new "ten national policies" are all expected to become a powerful driving force for the high-quality development of the insurance industry in the future.under the guidance of the new "ten national policies", my country's insurance industry will open a new chapter of high-quality development, and the competitive advantages of leading insurance companies are expected to be further highlighted.

consumer electronics sector plummets

this morning, the consumer electronics sector led the decline, with stocks such as dongshan precision and pengding holdings plummeting.

on the news front, some analysts said that the biggest reason for the poor sales of iphone 16 series phones this year is that the demand for the iphone 16 pro series is lower than expected, and the delivery time of this phone is also significantly lower than last year's iphone 15 pro series.

but,overall, institutions remain optimistic about the apple supply chain.galaxy securities said that driven by the three factors of "mobile phone function innovation + appearance upgrade + replacement cycle", apple mobile phones are expected to usher in a new replacement cycle. combined with apple's ai ecological layout, apple's industry chain is expected to continue to exceed expectations in the next three years.