Introduction: ①The new energy track direction has seen a collective rebound, and its sustainability is still the focus of the recent market; ②It was learned from the China Securities Regulatory Commission that under the support of multiple policies, China's capital market mergers and reorganizations are entering an 'active period', and it is expected that the direction of state-owned enterprise reform will remain active in the future; ③The Huawei Full Connection Conference held from September 19th to 21st, the market still has the expectation of a game of anticipation for the Huawei chain.

Yesterday, the market continued to show a differentiated trend. Benefiting from the collective rebound of the new energy track, the CHINEXT price index rose by more than 1%, while the Shanghai Composite Index hit a new low. Although the direction of the dividend-weighted stocks has recently encountered a clear sell-off, the previous strong stock corrections are often a common signal of the market's adjustment period, in fact many stocks are no longer following the downward trend of the SSE Composite Index. Combined with the recent abnormal volume of the GEM ETF and the China Southern CSI 1000 ETF, the market's style may gradually transition to the GEM and small-cap stocks in the future.

Returning to the market, the new energy track direction has seen a collective rebound. Among them, the lithium ore and lithium battery sectors have led the gains. In terms of news, it was reported during the trading day yesterday that Contemporary Amperex Technology Co., Ltd. (CATL) Yichun Jianxi Xiaowo Mine has stopped production, and after the market closed, CATL responded, 'Based on the recent lithium carbonate market conditions, the company plans to adjust the production arrangement of Yichun lithium carbonate.' In addition, Jiangxi lithium ore's other major factory Jueling Lithium also issued an announcement of production stoppage for maintenance. However, it is worth noting that the reduction in lithium ore production is more of a short-term boost to lithium carbonate prices, with relatively limited support for the medium-term supply and demand fundamentals. Therefore, it will take some time for the lithium ore industry to truly reach a turning point in the cycle.

In terms of the market's performance, although the new energy direction surged across the board yesterday, individual stocks continued to decline more than rise, and trading volume also decreased. Just judging from yesterday's market performance, the new energy track did not resonate with the indexes. However, it is important to note that with the substantial volume surge of some high-profile lithium battery and photovoltaic weighted stocks, the traces of capital re-entering the market are quite evident, and there may be a trend of upward oscillation in the future.

In addition to the new energy track, state-owned enterprise reform continues to be a focal point of attention. Data shows that since May 2024, A-share listed companies have disclosed a total of 46 major asset restructuring projects, with 7 submitting registration for share-based restructuring at the China Securities Regulatory Commission. The relevant departments of the CSRC stated that China's capital market mergers and reorganizations are entering an 'active period'. Therefore, the speculative anticipation in this direction will continue to fluctuate. However, the specific volatility of individual stocks remains relatively high. Baoding Tianwei Baobian Electric Co., Ltd. (TBEA) staged a 'ground-sky board' performance yesterday, but Shanghai Join Buy Co., Ltd. (SJB) previously had three consecutive limit-downs. So, the state-owned enterprise reform direction continues to support the previous view that considering it as a thematic bonus item may have a higher success rate.

In addition, the Huawei industry chain is also worth continuous tracking, and the next focus will be on the Huawei Full Connection Conference held from September 19th to 21st. With the expectation game, there may be an expectation of renewed activity over the next two trading days, and it is worth paying attention to the possibility of the Huawei theme transitioning from previous hardware to subsequent software speculation.