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yesterday's major positive news continued to ferment. in the morning trading today, a-shares continued their strong upward momentum. the major stock indexes opened higher and went higher. the shanghai composite index stood above 2,900 points at the opening, and the shenzhen component index once rushed to 8,700 points. nearly 4,900 stocks in the two markets rose, and trading continued to show a trend of rapid expansion.

on the market, all industry sectors once again saw an across-the-board rise, with diversified finance, real estate, media and entertainment, and steel leading the gains.

against the backdrop of the violent rally of the market, the plunge of some of the previous hot stocks was particularly eye-catching. datang telecom had previously hit the daily limit for six consecutive days and opened at the daily limit again today, but then suddenly crashed to the daily limit, and the trading volume increased sharply. as of midday, it fell 7.38%, and the turnover rate was as high as 23.31%. baobian electric, shenzhen huaqiang, guohua network security and other stocks that had been on the daily limit for six consecutive days also fell sharply today.

big financial stocks continued to lead the market in the morning. after yesterday's sharp rise, diversified financial stocks opened higher again today, and once surged more than 8% during the session, reaching a new high in more than half a year. individual stocks continued to rise across the board, with minmetals capital, aijian group, xiangyi rongtong and other stocks hitting the daily limit.

on the news front, the general office of the state financial supervision and administration issued the "notice on expanding the pilot scope of equity investment in financial asset investment companies", expanding the pilot scope of equity investment in financial asset investment companies from shanghai to 18 cities including beijing, tianjin, shanghai, chongqing, nanjing, hangzhou, hefei, jinan, wuhan, changsha, guangzhou, chengdu, xi'an, ningbo, xiamen, qingdao, shenzhen, and suzhou.

western securities said that this financial policy package covers three core directions: monetary, real estate, and capital market policies. the implementation of the reserve requirement ratio and interest rate cuts, coupled with the introduction of a series of combined punches to support the real estate and stock markets, will create a good monetary and financial environment for stable economic growth and high-quality development, help improve liquidity expectations, and boost market confidence and risk appetite. the deepening of capital market reform and high-quality development of the industry are expected to promote the fundamentals and valuation repair of the non-bank sector. at present, the valuation and holdings of the non-bank sector are at the bottom of the industry. it is recommended to pay attention to the opportunities for sector repair under the improvement of market sentiment.

a-share and h-share brokerage stocks also strengthened. the a-share brokerage sector opened higher and continued to rise, rising by more than 4% during the session, also hitting a six-month high. tianfeng securities and guohai securities both hit their daily limit for the second consecutive day, and the share prices of guotou capital and pacific securities also hit their daily limit.

in the hong kong stock market, zhongtai futures, hongye futures, cicc, gf securities, and citic construction investment securities all rose strongly. as of press time, the securities company etf rose by more than 5%, ranking first in the etf growth list, and the bank of china securities 500 etf and securities etf pioneer also rose at the top.

the china securities regulatory commission issued the "opinions on deepening the reform of the listed company merger and acquisition market", which proposed to guide securities companies to increase investment in financial advisory business, give full play to the role of transaction matchmaking, and actively promote merger and acquisition transactions. regularly publish outstanding merger and acquisition cases to play a demonstration and leading role. strengthen the "baton" role of securities companies' classification evaluation, increase the evaluation weight of financial advisory business, and refine the evaluation standards. urge intermediary institutions such as financial advisors, accounting firms, law firms, and evaluation agencies to return to their positions and fulfill their responsibilities and improve the quality of their practice. support listed securities companies to enhance their core competitiveness through mergers and acquisitions and accelerate the construction of first-class investment banks.

recently, the china securities association issued the "analysis of securities companies' operations in the first half of 2024", which shows that the proprietary business of securities companies has the largest growth rate and the largest revenue contribution. in the first half of the year, the industry achieved a proprietary business revenue of 82.62 billion yuan, a year-on-year increase of 10.43%, accounting for 40.64% of the revenue.

guosen securities believes that, with a focus on the two main lines under strict supervision and management, the industry concentration will further increase, the pricing power of institutions will further deepen, the indexation of asset management will further strengthen, and the regulatory requirements will further increase. it is recommended to pay attention to high-quality securities companies with strong capital strength and strong institutional business.

in addition, sectors such as internet finance, insurance, and banking all attacked strongly, with zhidu holdings, yinzhijie, hengyin technology, and cross-border communication all hitting their daily limit.

avic securities pointed out that it analyzed the dynamics of the financial market from multiple dimensions, including macroeconomic policies, the us dollar index, the funding side, and the interest rate bond market, including the positive promotion of policy orientation and the challenges brought by market liquidity and interest rate changes. therefore, in this context, we can still pay attention to the rotation opportunities in the direction of banks, insurance, and non-bank financial institutions in the future.