Market Overview - On September 4, major A-share indices experienced significant declines, with the ChiNext Index dropping by 4.25% and the Sci-Tech 50 Index falling over 6%, indicating a sharp market correction in the tech sector [1] - The decline in high-valuation growth sectors, such as optical modules, optical chips, and optical communications, contrasts with gains in retail, banking, and coal sectors, reflecting a shift in market sentiment towards defensive investments [1] Market Sentiment and Trends - The market downturn was attributed to a broad sell-off in technology stocks, particularly due to the sharp declines in CPO and semiconductor sectors, which triggered panic selling across the market [1] - Profit-taking by investors following previous gains contributed to the market's decline, alongside a weakening money-making effect, with small-cap stocks significantly underperforming compared to large-cap stocks [1] - The influx of leveraged funds and abundant market liquidity previously drove the market upward, but recent high-frequency data indicates a weakening in exports and sectors like real estate and consumption [1] Long-term Investment Outlook - Despite current macroeconomic pressures, the company remains optimistic about long-term investment opportunities, focusing on three key areas: overseas expansion, new productivity, and cost-effective consumption [2] - The belief in China's manufacturing competitiveness on a global scale persists, with a focus on the comparative advantages in manufacturing factors and management, despite risks from trade wars and de-globalization [2] - The company sees technology, particularly artificial intelligence, as a core driver for future economic growth, with ongoing advancements expected to permeate various sectors [3] - A shift in consumer preferences towards cost-effective consumption is anticipated, as consumers become more selective in their spending habits post-economic transition [3] - The period from 2021 to 2025 is viewed as a transformative phase for the economy, with traditional industries gradually losing their dominance, while new investment opportunities in new productivity, new consumption, and overseas expansion are expected to emerge [3]

Group 1 - The STAR Market continues to adjust, with significant declines in AI hardware sectors such as CPO, semiconductors, and PCBs, while new energy sectors like batteries and photovoltaic equipment show resilience [1] - The STAR 100 Index fell by 5.1%, the STAR Composite Index decreased by 5.2%, the STAR 50 Component Index dropped by 6.1%, and the STAR Growth Index declined by 7.9% [1] Group 2 - The STAR 50 ETF tracks the STAR 50 Component Index, which consists of 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" leaders, with over 60% in semiconductors and more than 75% combined with medical devices and software development [3] - The STAR 100 ETF follows the STAR 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on small innovative enterprises [4] - The STAR Composite Index ETF covers the entire STAR Market, encompassing all 17 primary industries, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [6]

Market Overview - The market experienced a significant decline, with the ChiNext Index leading the drop and the STAR 50 Index falling over 6% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion, an increase of 180.2 billion compared to the previous trading day [1] - Most stocks declined, with nearly 3,000 stocks falling, while consumer stocks showed resilience, with several stocks like Bubugao hitting the daily limit [1] Sector Performance - The banking sector saw a rebound, with Agricultural Bank of China reaching a historical high [1] - Photovoltaic and energy storage concept stocks initially surged, with An Cai Gao Ke hitting the daily limit [1] - On the downside, computing hardware and chip stocks collectively plummeted, with stocks like Xin Yi Sheng dropping over 10% [1] - Retail, food, paper, and photovoltaic sectors led the gains, while CPO, semiconductors, components, and military industries faced the largest declines [1] Institutional Activity - Institutional participation slightly increased compared to the previous day, with 26 stocks having a net buy/sell amount exceeding 10 million [2] - Among these, Tianfu Communication saw a net purchase of 623 million, while Xin Yi Sheng had a net purchase of 409 million [2] - Conversely, Data Port experienced a net sell of 176 million, and Hu Dian Co. had a net sell of 129 million [2]

Market Overview - Major A-share indices collectively declined, with the Shanghai Composite Index falling by 1.25% to 3765 points, the Shenzhen Component down 2.83%, the ChiNext Index down 4.25%, and the STAR Market 50 Index down 6.08% [1][2] - The total trading volume for the day reached 2.58 trillion yuan, an increase of 186.2 billion yuan compared to the previous trading day [1] Sector Performance - The CPO concept stocks experienced significant declines, with companies like Tianfu Communication, Taicheng Light, and Xinyi Sheng dropping over 10% [3] - The semiconductor and memory chip sectors also faced substantial losses, with stocks such as Cambrian and Huagong Information falling more than 10% [3] - The communication equipment sector weakened, highlighted by Cambridge Technology hitting the daily limit down [3] - Other sectors like PCB and electronic components saw multiple stocks, including Dongshan Precision and Hudian Co., hit the daily limit down [3] - Conversely, the commercial retail and tax refund store sectors showed strength, with stocks like Guoguang Chain and Baida Group reaching the daily limit up [3] - Consumer stocks, particularly in dairy, prepared dishes, and food and beverage sectors, led the gains, with companies like Huanlejia and Anji Food hitting the daily limit up [3] - The banking sector showed a slight upward trend, with Agricultural Bank reaching a new high [3] - The pet economy sector saw a rise, with Yiyi Co. hitting the daily limit up [3] - Outdoor camping, supply cooperative concepts, and tourism hotel sectors also performed well [3]

格隆汇9月4日｜A股主要指数深度回调，其中，创业板指跌超5%，深成指跌超3.6%，沪指跌近2%。 CPO、光刻机、半导体板块跌幅居前。沪深京三市下跌个股近4000只，近160股跌超9%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Market Performance - The ChiNext Index fell over 5% [1] - The Shenzhen Component Index declined over 3.6% [1] - The Shanghai Composite Index dropped nearly 2% [1] Sector Performance - CPO, photolithography machines, and semiconductor sectors experienced the largest declines [1]

Market Overview - The Shanghai and Shenzhen stock indices showed mixed performance on September 4, with the Shanghai Composite Index down 0.15%, while the Shenzhen Component Index and the ChiNext Index rose by 0.44% and 1.18% respectively [1] - By midday, the Shanghai Composite Index fell by 1.97% to 3738.32 points, with a trading volume of approximately 689.5 billion yuan, while the Shenzhen Component Index dropped 2.37% to 12176.90 points, with a trading volume of about 905.6 billion yuan [1] Sector Performance - CPO, innovative pharmaceuticals, and electrical equipment sectors led the gains at the opening, while sectors like BC batteries, copper cable connections, and solid-state batteries showed strong performance initially [1] - By midday, tourism, battery, and duty-free shop sectors were among the top gainers, while sectors such as CPO, semiconductors, and components faced significant declines [1] Battery Industry Insights - According to CITIC Securities, leading battery manufacturers are experiencing full orders and capacity shortages, with some companies nearing full order capacity for energy storage batteries by 2026 [2] - The domestic energy storage market is entering a price turning point, with expectations for battery manufacturers and leading integrators to gain incremental profits starting in 2025 [2] Lithium Battery Supply Chain - Huatai Securities reported that the lithium battery supply chain is seeing an increase in production, with battery production up 7.4% month-on-month to 124.8 GWh, driven by rising demand from commercial electric vehicles and energy storage [2] - The overall industry outlook remains positive, with limited room for price reductions in battery and material segments, and improved profitability expected in Q3 [2] Renewable Energy Policy - The National Energy Administration is actively promoting the development of emerging industries such as offshore wind power and solar thermal power, emphasizing the need for market-oriented reforms and competitive energy enterprises [4] - Key areas of focus include accelerating the implementation of renewable energy pricing reforms and fostering innovative energy business models [4] Index Adjustments - The STAR Market series indices will undergo quarterly adjustments on September 12, with a 10% weight limit for individual stocks to ensure balanced representation [5][6]

另外，CPO概念高开低走，长飞光纤(601869)、华工科技(000988)、东山精密(002384)跌停；半导体股大 幅回调，寒武纪、东芯股份跌约12%，通富微电(002156)、兆易创新(603986)跌停；有色金属股普跌， 洛阳钼业(603993)、白银有色(601212)一度触及跌停，华钰矿业(601020)跌超9%。(格隆汇) (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月4日｜A股三大指数早盘集体下跌，截至午盘，沪指跌1.97%报3738.32点，深成指跌2.37%， 创业板指跌3.2%，科创50指数跌5.38%。沪深京三市半日成交额16187亿元，较上日放量1465亿元。全 市场超2600只个股下跌。 盘面上，大消费板块逆势上涨，旅游、零售、食品乳业方向涨幅靠前，岭南控股(000524)、国芳集团 (601086)、安记食品(603696)涨停；光 ...

Market Overview - The three major stock indices experienced declines, with the Shenzhen Component Index dropping over 2%, the ChiNext Index falling more than 3%, and the Sci-Tech Innovation 50 Index decreasing over 5% [1] - As of the midday close, the Shanghai Composite Index was at 3738.32 points, down 1.97%; the Shenzhen Component Index was at 12176.90 points, down 2.37%; and the ChiNext Index was at 2806.63 points, down 3.20% [1] Sector Performance - The retail sector showed strength in the morning, with stocks such as Huijia Times, Guofang Group, and Eurasia Group hitting the daily limit [1] - The photovoltaic equipment sector was active, led by Shangneng Electric, with Tongrun Equipment and An彩高科 also reaching the daily limit [1] - The tourism and hotel sector saw gains, with Lingnan Holdings hitting the daily limit [1] - Conversely, the CPO concept experienced a pullback, with Yuanjie Technology leading the declines [1] - The military industry sector continued to adjust, with multiple stocks like Great Wall Military Industry and Construction Industry hitting the daily limit down [1] - The semiconductor sector weakened, with Cambrian Technology dropping over 10% and Zhaoyi Innovation hitting the daily limit down [1] Overall Market Sentiment - The overall market sentiment was mixed, with over 2500 stocks declining [1] - The tourism and hotel, ice and snow industry, and duty-free shop sectors had the highest gains, while the CPO concept, semiconductors, and China AI 50 sectors faced the largest declines [1]

Market Overview - A-shares indices weakened, with the ChiNext Index dropping over 2% and the Shanghai Composite Index down 1.18% [1] - Nearly 1,900 stocks declined across the Shanghai, Shenzhen, and Beijing markets [1] Index Performance - Shanghai Composite Index closed at 3,768.57, down 1.18%, with 1,245 gainers and 982 losers [2] - Shenzhen Component Index closed at 12,289.86, down 1.46%, with 1,982 gainers and 849 losers [2] - ChiNext Index closed at 2,834.16, down 2.25%, with 958 gainers and 405 losers [2] - North Star 50 Index increased by 1.22% to 1,570.39, with 236 gainers and 34 losers [2] Sector Performance - CPO concept stocks collectively plummeted, with Yuanjie Technology falling over 10% and several others, including Taicheng Light, Tianfu Communication, and others, dropping over 5% [2] - Chip stocks also saw a significant decline, with companies like Cambricon, Tongfu Microelectronics, and others falling over 5% [3]