东兴证券：东兴晨报-20241016

Group 1: Core Insights - The report emphasizes that the positive trend in the market remains unchanged, supported by the implementation of fiscal policies aimed at stabilizing growth and addressing hidden debt issues [1][6][8] - The bull market is entering a second phase characterized by strong fluctuations, with a shift from sentiment-driven to fundamentals-driven market dynamics [1][2] - The focus is shifting towards the upcoming quarterly reports, with companies showing solid fundamentals and high dividend yields expected to attract market attention [1][2] Group 2: Policy and Economic Outlook - The government plans to increase fiscal policy efforts, including measures to support local governments in resolving hidden debts and enhancing the capital of state-owned banks [6][7] - The fiscal deficit is projected to be significant, with estimates suggesting a gap of 2-3 trillion yuan, necessitating various measures to bridge this gap [7] - The report anticipates that the implementation of these policies will lead to an improvement in the economic fundamentals in the fourth quarter [1][6] Group 3: Investment Recommendations - The report suggests focusing on undervalued blue-chip stocks with high dividend yields as a primary investment direction, as these are expected to benefit from the current policy environment [2][9] - It highlights the potential for banks, particularly state-owned banks, to stabilize credit growth and improve asset quality due to supportive fiscal measures [9][10] - The report also indicates a positive outlook for technology stocks, which are expected to continue their upward trajectory despite short-term market volatility [2][9]