The A-share market experienced a rise and then a retreat, with the Shanghai Composite Index turning red before noon, and the ChiNext Index falling by more than 1%. As of the midday closing, the main market indices all turned green collectively; a total of 4,466 individual stocks declined, 176 remained unchanged, and only 702 individual stocks increased; the half-day transaction volume was 351.73 billion yuan, slightly reduced compared to the previous period.

On the market, in the morning, sectors such as home furnishings, education, coal, daily chemical products, and photovoltaics successively declined, with high-speed copper connections, radio frequency and antennas, and CRO concepts leading the decline; the big finance sector collectively protected the market, the Shanghai state-owned capital concept turned red, and automotive stocks rose during the trading day.

Due to weather conditions, the Hong Kong stock market was suspended today. The Hong Kong Observatory stated on September 6th that due to the No. 8 gale or storm signal being maintained until at least noon that day, the Hong Kong Exchanges and Clearing securities market and derivative markets were suspended for the entire day on the 6th.

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The expectation of a merger between giants led securities stocks to rise against the market trend

On September 6th, the big finance sector in the A-share market performed well, with securities stocks rising against the market trend. As of the midday closing, Jinlong Shares and Guohai Securities still maintained a state of daily limit increase. In the morning, Tianfeng Securities and China Galaxy both touched the daily limit, and CICC nearly increased by 8% during the trading day.

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Late last night, Guotai Junan and Haitong Securities both released major news, planning a significant asset restructuring. Guotai Junan, by issuing A-shares to all A-share shareholders of Haitong Securities and issuing H-shares to all H-share shareholders of Haitong Securities, merged Haitong Securities through share exchange and issued A-shares to raise supporting funds.

The news shocked the market, and the name of the merged "giant" company also sparked heated discussions. Although both parties involved in the companies were suspended, Guohai Securities strongly maintained a daily limit increase in the morning and was jokingly referred to by investors as having a "good name." As of the midday closing, Guohai Securities had more than 1.52 million buy orders at the top.

Minsheng Securities' research report believes that under the background of supply-side reform, mergers and acquisitions, and business transformation are expected to become the main trading line in the next stage. The trend of leading securities companies achieving the construction of first-class investment banks and investment institutions through mergers and acquisitions, organizational innovation, etc., is expected to accelerate. It is recommended to continue to focus on securities companies that benefit more from supply-side reform, have a sound corporate governance system, and have the advantages of high dividends and low valuations.

In addition, the banking sector performed well in the morning, showing a relatively strong overall performance. Postal Savings Bank increased by more than 2%, and Pufa Bank, Bank of Beijing, and Bank of China all maintained a slight increase.Automotive Stocks Rally on Autonomous Driving Concepts Heating Up

On the morning of September 6th, the A-share automotive sector saw a surge during trading, with stocks such as Lian Chuang Electronics, Dong Li Xin Ke, Jin Jiang Online, Jiang Huai Automobile, Kai Zhong Precision, and Jin Long Automobile reaching their upper limits intraday. However, the market declined before noon, with stocks like Jiao Yun Shares, Jin Long Automobile, and Jiang Huai Automobile experiencing a drop from their peaks.

In terms of news, Tesla's AI team recently announced on social media the current progress and near-term development goals of FSD (Full Self-Driving technology): FSD V12.5.2 is scheduled to be released in September this year, with a threefold improvement in takeover rates and the introduction of true Smart Summon; in October, FSD's parking and reversing capabilities will be delivered, with FSD V13 boasting an average sixfold improvement in takeover rates; it is expected that by the first quarter of 2025, FSD will be launched in China (subject to regulatory approval).

Additionally, according to multiple media sources citing informed individuals, Intel is considering the feasibility of selling part of its stake in the autonomous driving business MobilEye.

According to forecasts from the Forward-looking Industry Research Institute, from 2024 to 2029, China's autonomous driving car market will continue to expand, with the potential to exceed 29 billion yuan by 2029, achieving a compound annual growth rate of 17.57%. With the continuous iteration and upgrade of autonomous driving technology, the intelligent driving industry is expected to enter a golden period of development.

Consumer Electronics Continue to Adjust with Kai Sheng Technology Hitting the Daily Limit Down

On the morning of September 6th, the A-share electronics sector as a whole was on a downward trend, with concepts such as consumer electronics, AI wearables, and AI phones continuing to adjust.

In terms of individual stocks, by the midday closing, Kai Sheng Technology hit the daily limit down, with stocks like Zhuo Yi Technology, Zhong Ying Technology, and Ri Jiu Optoelectronics experiencing significant declines, and Shanghai Electric, a company with a market value of 60 billion, fell by more than 6%.

Previously, Kai Sheng Technology's stock price had been rising consecutively, with the closing price on September 2nd and 3rd increasing by a cumulative deviation of 20% over two trading days. In response, Kai Sheng Technology stated that it has recently noticed that the company has been included in the media as a folding screen concept stock. After self-inspection, the company's production of ultra-thin flexible glass (UTG) has so far generated revenue accounting for less than 3% of the total revenue, and it is expected to contribute limitedly to the company's overall business revenue in 2024.