东兴证券：东兴晨报-20240926

Core Insights - The report highlights a significant acceleration in policy implementation aimed at stabilizing the stock market, with innovative tools exceeding market expectations [1][7] - The combination of monetary policy adjustments, including interest rate cuts and new liquidity support measures, is expected to improve market liquidity and investor confidence [1][9] - The overall valuation of the A-share market is at historically low levels, suggesting potential for recovery as liquidity improves [1][2] Policy Measures - The People's Bank of China (PBOC) plans to lower the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the financial market [7][8] - A reduction in existing mortgage rates and a unified minimum down payment ratio of 15% for first and second homes is expected to enhance consumer purchasing power [7][11] - New monetary policy tools have been introduced to support stock market stability, including liquidity provisions for securities, fund, and insurance companies through asset pledges [7][11] Market Outlook - The report anticipates that the combination of policy support and improved liquidity will create conditions for a market bottom to form, with a potential recovery in the fourth quarter [1][2] - The focus on non-bank financial institutions, particularly brokerages and insurance companies, is emphasized as primary beneficiaries of the liquidity improvements [2][9] - Consumer sectors, especially those with historically low valuations like liquor and daily consumer goods, are expected to see a rebound as market sentiment improves [2][9] Investment Recommendations - The report suggests prioritizing investments in sectors benefiting from liquidity improvements, such as non-bank financials, followed by consumer goods and cyclical sectors like automotive and home appliances [2][9] - High-dividend stocks and companies engaging in stock buybacks are highlighted as new investment opportunities under the current policy environment [2][9] - The anticipated acceleration of mergers and acquisitions is expected to enhance the competitive landscape within the securities and insurance industries [9]