中泰证券：【中泰研究丨晨会聚焦】固收肖雨：十一假期要闻与市场梳理-20241008

Group 1: Macroeconomic Insights - The report highlights the expectation of fiscal policy initiatives to stimulate consumption through measures such as issuing government bonds, optimizing fiscal expenditure, and activating fiscal deposits [2][3][5] - The manufacturing PMI for September shows a seasonal recovery, with a reading of 49.8%, indicating improved economic activity compared to previous months [4][5][6] - The report notes that the high-tech manufacturing and equipment manufacturing sectors continue to lead, with PMIs of 53.0% and 52.0% respectively, reflecting strong performance in these areas [4][6][7] Group 2: Fixed Income Market Analysis - The report discusses the impact of recent monetary policy adjustments, including a reduction in reserve requirements, which is expected to release significant liquidity into the market [6] - It mentions that the government bond issuance has accelerated, with net financing progress significantly higher than in previous years, indicating a proactive approach to managing liquidity [5][6] - The report anticipates a static funding gap of approximately 600 billion yuan for October, primarily due to seasonal increases in fiscal deposits [6][7] Group 3: Industry Developments - The collaboration between SAIC General Motors and CATL to launch a 6C ultra-fast charging lithium iron phosphate battery is noted, which is expected to enhance the electric vehicle market [4][7] - The report indicates that the renewable energy sector, particularly in wind and solar, is experiencing growth, with significant project developments and government support [4][7] - The introduction of "old-for-new" policies in various cities is driving demand in the consumer goods and automotive sectors, contributing to a recovery in these industries [7]