东海证券：晨会纪要-20240930

Key Recommendations - The report highlights a significant policy shift that is expected to reverse market trends, with a focus on macroeconomic adjustments and a potential for further interest rate cuts. The policies aim to stabilize the real estate market and boost capital markets, indicating a strong commitment to counter-cyclical adjustments [6][7]. - The report anticipates a recovery in profit growth for industrial enterprises in the fourth quarter, driven by a series of stabilizing policies and potential fiscal support [9][10]. Economic News - The People's Bank of China (PBOC) has announced improvements to the pricing mechanism for commercial personal housing loans, allowing borrowers to choose between fixed and floating rates [12]. - Shanghai has introduced new measures to optimize its real estate market, including adjustments to housing purchase limits and loan policies [13][14]. - A reduction in the reserve requirement ratio and interest rates has been implemented to support economic growth [12][14]. A-Share Market Commentary - The A-share market has shown strong performance, with the Shanghai Composite Index rising significantly, reflecting increased investor confidence following the announcement of supportive policies [18][19]. - The report notes that various sectors, including energy metals and consumer goods, have experienced substantial gains, indicating a broad-based market rally [19]. Market Data - As of September 29, 2024, the financing balance in the market reached 1,366.2 billion, with significant movements in various indices, including a 2.89% increase in the Shanghai Composite Index and a 10% increase in the ChiNext Index [20].