Core Viewpoints - The A-share market experienced a collective decline last Friday, with the Shanghai Composite Index closing down 2.55% at 3,217.74 points, the Shenzhen Component Index down 3.92%, and the ChiNext Index down 5.06%. The total trading volume across both markets was 15,872 billion [2][5] - All sectors fell, with defense, electronics, and power equipment industries leading the decline. In contrast, the concept indices related to Huijin holdings and dairy products saw gains, while high transfer, semiconductor silicon wafers, and third-generation semiconductors faced significant losses [2][5] - In the international markets, U.S. indices collectively rose, European indices mostly increased, while Asia-Pacific indices showed mixed results [2][5] Economic Indicators - In September, China's Consumer Price Index (CPI) and Producer Price Index (PPI) were reported at 0.4% and -2.8% year-on-year, respectively. The CPI remained stable month-on-month, while the PPI decreased due to fluctuations in international commodity prices and insufficient domestic demand [2][5] - The Ministry of Industry and Information Technology and the Qinghai Provincial Government held a meeting to discuss the establishment of a world-class salt lake industry base, emphasizing sustainable development and the expansion of lithium and potassium resources [2][5] Fiscal Policy Insights - The fiscal policy is expected to support economic recovery, with a focus on increasing infrastructure spending in the fourth quarter. The government plans to utilize existing policies and implement comprehensive measures to address economic gaps [5][6] - A significant increase in special bond issuance for debt replacement is anticipated, with a total of 1.2 trillion allocated for debt resolution in 2024, including 800 billion in new special bonds [5][6] - Special treasury bonds will be used to support state-owned banks in replenishing their core capital, enhancing risk management capabilities [5][6] Real Estate Market Support - The government is implementing various measures, including special bonds and tax policies, to stabilize the real estate market and accelerate the acquisition of affordable housing [6] - Demand-side policies are being strengthened to support key demographics, with a focus on enhancing grassroots social security spending [6] - The upcoming approval from the Standing Committee of the National People's Congress is crucial for determining the scale and direction of fiscal policies [6]
万联证券:万联晨会-20241014
Wanlian Securities·2024-10-14 01:05