A-share opening express | Shanghai index opens 0.42% lower, oil, gas and coal bucked the trend, and non-ferrous electronics led the decline

The Zhitong Finance App learned that on September 2, the Shanghai Index opened 0.42% lower to 3963.07 points, the Shenzhen Index opened 1.01% lower to 13732.18 points, the GEM Index opened 1.35% lower to 3347.68 points, and the Science and Innovation 50 opened 1.46% lower to 1623.53 points. As of 9:31, a total of 744 companies in the two markets and the Beijing Stock Exchange had risen, 4668 were down, and 142 were flat. The increase was highest: ground armaments, coke, oil service engineering, gas, coal mining, etc.; the decline was highest: non-ferrous metals, communications, electronics, power equipment, mechanical equipment, etc.

Market conditions

On the previous trading day (September 1), the three major A-share indices collectively closed down. Among them, the Shanghai Index fell 0.16% and the GEM Index fell 1.32%. Today's opening continued to be adjusted. The four major indices opened lower across the board. The Shanghai Index opened 0.42% lower, and the Shenzhen Index, GEM Index, and Science and Technology Innovation 50 all opened more than 1% lower. There was a general decline at the individual stock level. The number of rising companies accounted for only about 13%, rising and stopping 12 and 1. On the market, the escalation of the US-Iran conflict overnight boosted international oil prices. Defense and procyclical sectors such as oil and gas, coal, and banking bucked the trend; overnight, the Philadelphia Semiconductor Index fell 2.14%, leading the decline in non-ferrous metals, communications, electronics, and power equipment sectors.

Overnight quick facts

US stocks surged three times in a row: the US-Iran conflict escalated, the US military launched a new round of attacks on Iran's Revolutionary Guard Corps targets, and an oil tanker in the Strait of Hormuz was attacked. On September 1, WTI crude oil futures rose 5.20% to 90.22 US dollars/barrel, and Brent rose 4.60% to 94.65 US dollars/barrel. The three major US stock indices collectively closed down. The Dow fell 0.79% to 52766.88 points, and the NASDAQ fell 1.03%.

The central bank's net return battery consumption tax was implemented: According to the central bank's announcement, the 7-day reverse repurchase operation volume was zero on September 2. The reverse repurchase of 598.5 billion yuan expired on the same day, and the net return of 598.5 billion yuan was returned in a single day. Three departments, including the Ministry of Finance, levied 2% consumption tax on lithium-ion batteries on September 1. Sodium batteries, solid state batteries, and perovskite batteries were exempted, and a number of new regulations came into effect during the same period.

Huahong Hongli's capital increase and production expansion lead intensive repurchases: Huahong Hongli and its subsidiaries plan to invest more than 2.1 billion US dollars to increase the capital of Huahong Hongli Phase III in Wuxi to build a 12-inch specialty process wafer foundry production line with a monthly production capacity of about 55,000 pieces. Zhongji Xuchuang repurchased 318 million yuan for the first time, and GigaYi Innovation repurchased a total of 654 million yuan. In August, BYD sold 443,300 new energy vehicles.

Trend analysis

Today, the four major A-share indices collectively opened low. Individual stocks generally fell, accounting for only about 13% of the increase. Overnight, the escalation of the US-Iran conflict boosted oil prices and US stocks three times in a row. Combined with CME interest rate futures, the market implied that the probability of the Fed's interest rate hike in September rose to about 68%, suppressing risk appetite. The non-ferrous, electronics and other sectors led the decline, and oil and gas, coal, and banks bucked the trend.

Institutional consensus is biased towards rectification of shocks and structural opportunities: there are opinions that A-shares are likely to continue to fluctuate and rise, but attention should be paid to the risk of short-term fluctuations; there are also opinions that suggest that the popularity of new consumer electronics products is expected to heat up, and MLCC and PCB price increases bring about end-side catalysis. Overall, under overseas interest rates and geographical disturbances, the market may be dominated by shocks in the short term, and the energy chain and dividend direction are relatively dominant.