Indices fluctuated within a narrow range in the morning before collectively surging before noon, with the ChiNext up nearly 2%. Heavyweight stock Contemporary Amperex Technology Co., Limited (CATL) A-shares expanded gains to 6.48%, with stock price reaching new highs again. H-shares broke through HK$500, also setting historical records. As of midday close, the Shanghai Composite rose 0.41%, Shenzhen Component gained 1.02%, and ChiNext advanced 1.74%. The combined turnover of Shanghai and Shenzhen markets reached 1.54 trillion yuan in the half day, up 62.8 billion yuan from the previous trading session.

Specifically, multiple positive catalysts drove CATL's stock price breakthrough: First, intensive policy rollouts became important drivers for the stock price breakout. On September 12, the "Large-scale Construction Action Plan for New Energy Storage" clarified lithium battery energy storage installation targets for 2027, combined with Fujian's green transformation policy implementation, directly benefiting energy storage leader CATL. Second, institutional rating upgrades further ignited market sentiment. JPMorgan upgraded H-shares rating to "Overweight" on September 14, believing the company's energy storage business demand exceeded expectations, raising 2025 profit forecast by 10%. Foreign institutions' recognition of valuation attractiveness promoted accelerated inflow of northbound funds, with single-day net main fund inflow reaching 545 million yuan (as of September 17). Third, significant industrial chain resonance effects. The company's 2026 capacity guidance of 1100GWh drove second-tier battery manufacturers higher, with the SW Battery Index surging over 8% intraday on September 15. This sector linkage effect attracted incremental funds, with power equipment sector turnover exceeding 100 billion yuan that day.

On the market front, semiconductor chip stocks led gains strongly, with lithography equipment and National IC Fund holdings concepts rising prominently. Wavelength Opto-Electronic and Camce rising by daily limit. Large financials moved up anomalously, with Jianyuan Trust hitting daily limit. Optical modules and copper cable high-speed connection concepts strengthened again, with Huilv Ecological hitting daily limit. Energy storage sector rose intraday, with CATL gaining over 6% to refresh historical highs. Consumer electronics concepts rose collectively, with Keyuan Photoelectric and others hitting daily limits. Robotics and automotive industry chains continued large gains, with Joyson Electronics hitting daily limit.

On the decline side, film and media, tourism, and pork consumption concepts fell, with China Film and Sanjiang Shopping leading declines. Logistics and unified market concepts retreated, with Huaguang Yuanhai falling over 7%.

Looking ahead, Everbright Securities stated that currently, the logic supporting stock market gains has not changed. Additionally, some new positive factors are emerging, such as the potential start of the Federal Reserve's interest rate cut cycle and warming public fund issuance. Overall, the market is still expected to continue rising in the medium to long term.

**Hot Sectors**

**1. Semiconductor Chip Stocks Lead Gains Strongly** Semiconductor chip stocks led gains strongly, with lithography equipment and National IC Fund holdings concepts rising prominently. SMIC rose 6.59%, with stock price hitting historical highs intraday. Wavelength Opto-Electronic and Camce hit daily limits.

**2. Robot Concept Stocks Maintain Heat** Robot concept stocks continued strengthening, with Lihexing hitting 20CM daily limit, Wanxiang Qianchao achieving 3 consecutive limits, and Joyson Electronics 2 consecutive limits.

Commentary: On the news front, Musk increased holdings of common stock worth about $1 billion. Additionally, the "trillion-dollar compensation plan" requires Musk to achieve goals including delivering 1 million Optimus humanoid robots within the next decade. Cinda Securities pointed out that some factory application scenario humanoid robots are expected to be finalized by the end of 2025, and the industry is expected to enter a sales growth period. As supply chain maturity improves, humanoid robot prices are expected to gradually decline, and the industry supply chain may become concentrated, with sector structure certainty expected to improve.

**3. Foldable Screen Concepts Rise with Fluctuations** Foldable screen concepts rose with fluctuations, with Keyuan Photoelectric achieving 2 consecutive limits and Hongli Zhihui rising over 13%.

Commentary: On the news front, market research firm Canalys predicts global foldable smartphone shipments will maintain around 15.2 million units in 2025, but 2026 will see explosive growth, with expected shipment growth of 51% year-over-year in 2026.

**4. Tourism Sector Strengthens** Tourism sector strengthened, with Yunnan Tourism hitting limit-up, and Lijiang Co., Tibet Tourism, Xi'an Tourism, Santesuo, and Guilin Tourism opening higher.

Commentary: On the news front, the Ministry of Commerce and 9 other departments released "Several Policy Measures on Expanding Service Consumption." Additionally, according to media reports, on September 16, train tickets for the day before National Day (September 30) went on sale, with multiple popular routes "sold out instantly." Century Securities stated that the 8-day National Day and Mid-Autumn Festival holiday continues to drive growth in the "Golden Week" tourism market.

**Institutional Views**

**1. Everbright Securities: Market Expected to Continue Rising** Currently, the logic supporting stock market gains has not changed, and market valuations are relatively reasonable without obvious overdraft. Additionally, some new positive factors are emerging, such as the potential start of the Federal Reserve's interest rate cut cycle and warming public fund issuance. Overall, the market is still expected to continue rising in the medium to long term. For September sector allocation, focus on power equipment, telecommunications, computers, electronics, automobiles, and media.

**2. Huatai Securities: A-Share Trading Funds Remain Active** A-shares fluctuated with reduced volume before closing higher last week, reaching new highs since 2024. The market is concerned about current fund trading activity levels. We observed that the number of investors participating in trading last week fell back to levels around late July. Structurally, trading funds remain active while allocation-type funds show declining market entry willingness. Specifically: 1) Margin trading activity marginally rose to 11.6%, reaching new highs since 2016, with dragon-tiger list buy-sell amounts remaining at high levels since 2025; 2) Existing public fund positions declined last week, with allocation-type foreign capital turning to net outflows according to EPFR statistics. However, highlights include active allocation-type foreign capital continuing net inflows for four consecutive weeks, with newly issued equity fund shares maintaining rising momentum, and investor long-term holding willingness potentially improving under optimized public fund fee reform policies.

**3. Industrial Securities: Learning from History, How Do Major Asset Classes Perform After Fed Rate Cuts?** The Federal Reserve is about to hold its September FOMC meeting, with current market expectations of three cumulative rate cuts this year, with 95% expecting September's cut to be 25bp "preemptive rate cut." Historically, the Fed's "preemptive rate cuts" and "recessionary rate cuts" provide different guidance for major asset class prices. After preemptive rate cuts, A-shares benefit from liquidity easing and risk appetite enhancement, with TMT technology sectors and core consumption assets like food and beverage, social services, beauty care, and pharmaceuticals outperforming at the industry level. Hong Kong stocks are more sensitive to external liquidity easing compared to A-shares, so short-term Hong Kong stocks rise overall due to pricing in liquidity easing, with consumer staples & discretionary, industrials, and technology performing better after preemptive rate cuts. For gold, after preemptive rate cuts, prices are initially boosted by liquidity easing, but subsequently may turn downward as economic expectations improve and the dollar and Treasury yields rise.

**4. Huatai Securities: Aviation Summer Transport Volume Up, Prices Down, Industry Expected to Improve from Bottom** In August's peak season, airlines saw steady growth in both supply and demand, with load factors surging. The big three carriers plus Spring Airlines and Juneyao's ASK/RPK rose 5.0%/5.8% respectively, driving load factors up 0.6ppt year-over-year to 86.8%. Meanwhile, summer transport ticket prices remained relatively weak overall. According to Flight Butler data, from weeks 27-35 (June 30-August 31), domestic route fuel-inclusive ticket prices fell 6.5% year-over-year. However, September business travel demand may recover with declining base effects, potentially improving airline ticket price data. Week 37 (September 8-14) domestic route fuel-inclusive ticket prices turned positive year-over-year, up 2.5%. Looking ahead, supply growth will maintain relatively low levels. If demand improves, combined with revenue management optimization and lower base effects, we recommend positioning in the aviation sector where industry conditions are expected to improve from the bottom.