Source: Securities Times, partially compiled from CCTV News and China Securities Brokerage

On October 2, FTSE China A50 Index Futures soared in early trading, up more than 5%, to 14,595 points.

On the same day, Hong Kong stocks continued to surge. The Hang Seng Index opened 0.74% higher, while the Hang Seng Tech Index opened 1.86% higher. After the opening, both indexes continued to rise. As of the time of publication, the Hang Seng Index rose by over 4%, and the Hang Seng Tech Index rose by over 6%, returning above 5000 points.

China-affiliated brokerage stocks continued to rise relentlessly during the trading session. CITIC Securities surged over 26%, GF Securities nearly 21%, China Galaxy, and China International Capital Corporation rose by over 18%.

On the news front, on the first day of the National Day holiday, reporters from Securities Times and China Securities Brokerage randomly visited several brokerage branch offices and found that they were operating as usual. They arranged for staff to be on duty, actively helping new clients to open accounts and enter the market, while also assisting existing clients in timely activating margin trading privileges, etc.

At the same time, reporters noted that it has almost become a standard practice for brokerages not to close during the National Day holiday. In addition to the normal operation of online branch offices, the online review of new account openings and new authorization approvals for clients continued uninterrupted. Many brokerages also arranged a seven-day live broadcast roadshow jointly by brokerage investment advisers and research institutes during the National Day holiday to serve online clients.

Furthermore, LI Auto Inc shares surged over 8%. On October 1, LI Auto Inc announced the delivery data for September 2024. In September 2024, LI Auto Inc delivered 53,709 new vehicles, a year-on-year increase of 48.9%. In the third quarter of 2024, LI Auto Inc delivered 152,831 vehicles, a year-on-year increase of 45.4%. As of September 30, 2024, LI Auto Inc delivered a total of 341,812 vehicles in 2024, with a cumulative delivery volume of 975,176 vehicles.

Chairman and CEO of LI Auto Inc, Li Xiang, stated that as the penetration rate of new energy vehicles gradually exceeds 50%, the brand's top effect becomes more prominent. Since the third quarter, in the market for new energy vehicles priced above 0.2 million RMB, the concentration of the TOP 3 brands has reached 50%. LI Auto Inc holds a market share of over 17%, ranking first in China's automobile brand sales. Orders for LI ONE and LI MEGA remain steadily growing, with September deliveries reaching a historic high, surpassing luxury brands Mercedes-Benz, BMW, and Audi simultaneously for the first time in a single week.

Last night, the US stocks closed with china concept stocks all rising, with the nasdaq china golden dragon index surging by 5.48%. Bilibili rose over 14%, Li Auto Inc rose over 11%, Fangdd Network rose over 9%, and PDD Holdings rose over 8%.

It is understood that Blackrock has upgraded its rating on China stocks from neutral to overweight. Blackrock Investment Research Institute stated that given the discount of Chinese stocks compared to developed markets stocks reaching record levels, and the potential catalyst that might stimulate investors to re-enter the market, there is still room for moderately increasing shareholding of Chinese stocks in the short term.

Editor/Corrine