川财证券：研究所晨报-20241009

Core Views - The report highlights that the economic fundamentals in China remain unchanged, with significant market potential and strong economic resilience [3][7] - It suggests focusing on sectors such as autonomous driving, electronics, and non-bank financial services [3][7] Daily Market Highlights - The three major indices strengthened, with total trading volume exceeding 3 trillion yuan [5] - The market's expectation for the Federal Reserve to cut interest rates by 50 basis points in November and December has decreased due to recent U.S. non-farm employment data [5] - The ten-year U.S. Treasury yield has risen above 4% [5] Policy Developments - The People's Bank of China (PBOC) announced a reduction in the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [4][8] - The average reduction in existing mortgage rates is about 0.5 percentage points, aimed at alleviating the pressure on borrowers and boosting market confidence [4][8] - New monetary policy tools are being created to support the stability of the stock market [8] Infrastructure Investment - The National Development and Reform Commission (NDRC) is prioritizing support for urban renewal projects, particularly underground pipeline construction, with an estimated total investment demand of 4 trillion yuan over the next five years [5][9] - The NDRC plans to expedite the implementation of policies to boost the capital market and facilitate the entry of long-term funds [5][9] Sector-Specific Insights - The solid-state battery industry is experiencing rapid development, with predictions that global shipments will reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [7] - The report emphasizes the importance of solid-state batteries in enhancing energy density and safety, which could position them as a key technology in the lithium battery sector [7]