四大证券报精华摘要：10月13日

Group 1: Cross-Border E-Commerce - Lazada, a cross-border e-commerce platform under Alibaba, has achieved its first system-level integration with Tmall, facilitating easier access for Tmall merchants to Southeast Asian markets [1] - The continuous "increase in personnel" within Chinese cross-border e-commerce platforms is aiding Chinese products in entering global markets more conveniently, thus expanding market reach and providing overseas consumers with a richer product selection [1] Group 2: A-Share Market Performance - As of October 12, 2023, 51 A-share listed companies have disclosed their Q3 performance forecasts, with 42 companies reporting positive expectations, resulting in a pre-joy ratio of 82.35% [2] - Following the release of performance forecasts, some companies have seen significant stock price increases, indicating positive market sentiment [2] Group 3: Low Altitude Economy - The second China (Xi'an) International Low Altitude Economic Development Conference showcased various new products and technologies in the low-altitude intelligent manufacturing sector, including drones and eVTOLs [3] - The Civil Aviation Administration of China predicts that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035 [3] Group 4: Customized Index Funds - Customized index funds are experiencing new opportunities for growth, with a significant increase in scale due to unique compilation and market trends [4] - Industry insiders believe that the differentiated positioning of customized index funds represents a blue ocean market, but true breakthroughs require the discovery of unique features and the ability to adapt to market trends [4] Group 5: Hong Kong Stock Market - The global liquidity easing cycle has officially begun following the Federal Reserve's interest rate cut in September, leading to a consensus among institutions to increase allocations in Hong Kong stocks [5] - Hong Kong stocks are viewed as being in an "valuation trough" and are expected to benefit from a weaker dollar and the revaluation of RMB assets, making them attractive for investment [5] - Data shows that several Hong Kong stock-related ETFs have seen significant inflows, with the Fuguo Hong Kong Stock Connect Internet ETF gaining 11.042 billion yuan in net inflows since September [5] Group 6: Didi's Entry into Low Altitude Economy - Didi has established a new company focused on low-altitude technology, signaling a significant move into the low-altitude economy by a major transportation player [6] - The large-scale application of eVTOLs is expected to follow a "to G/to B, then to C" path, with platform companies initially procuring aircraft to provide services to the public [6] Group 7: Public Fund Market - The number of newly launched public funds has significantly increased in October, with 86 products confirmed as of October 11, 2023, indicating a potential post-holiday issuance peak [8] - Equity products dominate the new fund issuance, accounting for 76.7% of the total, reflecting a renewed interest in equity assets [8] - The focus on technology innovation and high-end manufacturing sectors is evident in the new product launches, with public fund managers showing optimism towards the equity market [8] Group 8: Livestock Market Trends - The domestic pig market has not seen the expected demand surge during the recent holiday season, with prices continuing to decline [10] - As of October 10, 2023, the futures market for live pigs has dropped to 11,320 yuan per ton, down over 40% from the high of 19,010 yuan per ton in August 2022 [10] Group 9: Lithium Battery Market in Low Altitude Economy - Numerous lithium battery manufacturers are competing in the low-altitude economy battery market, recognizing the potential of the eVTOL market [11] - The collaboration between lithium battery companies and eVTOL manufacturers is entering a new phase, which may help address the power supply challenges faced by eVTOLs [11] Group 10: Universal Insurance Products - As of October 12, 2023, 269 universal insurance products have disclosed their September settlement rates, with an average rate of 2.68%, down approximately 18 basis points year-on-year [12] - The continuous decline in settlement rates is attributed to pressures on investment returns, efforts by insurance companies to reduce liability costs, and regulatory measures to mitigate risks [12] Group 11: Convertible Bond Market - The convertible bond market has seen active trading this year, with transaction volumes increasing by over 37% year-on-year, although the overall market size has contracted [13] - Experts believe that changes in supply and demand dynamics may drive further valuation increases in convertible bonds, presenting investment opportunities [13]