万联证券：万联晨会-20241016

Core Viewpoints - The A-share market experienced a decline on Tuesday, with the Shanghai Composite Index falling by 2.53%, the Shenzhen Component Index also down by 2.53%, and the ChiNext Index dropping by 3.22%. The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.6515 trillion yuan, an increase of 2.5 billion yuan compared to the previous day. Over 4,400 stocks in the market declined, while sectors such as internet e-commerce, gaming, and military equipment saw significant gains, contrasting with declines in oil and gas, coal, and securities sectors [1][5]. Important News - The People's Bank of China reported that as of the end of September, the balance of RMB loans reached 253.61 trillion yuan, reflecting a year-on-year growth of 8.1%. The M2 money supply increased by 6.8% year-on-year, showing a recovery in growth rate compared to the previous month. The total social financing stock surpassed 400 trillion yuan for the first time, with a year-on-year growth of 8%, indicating strong support for the real economy [2][6]. - A meeting held by the Financial Regulatory Bureau and the National Development and Reform Commission focused on establishing mechanisms to support small and micro enterprises in financing. The Chongqing Financial Regulatory Bureau announced the establishment of a coordination mechanism to address financing bottlenecks for small enterprises, aiming to optimize the business environment [2][6]. Fixed Income and Banking Sector Analysis - The report indicates a weak performance in credit and social financing, with the social financing stock growth rate declining from 8.1% to 8.0% in September. New social financing amounted to 3.76 trillion yuan, with new RMB loans at 1.59 trillion yuan, a year-on-year decrease of 72 billion yuan. The M2 growth rate increased from 6.3% to 6.8%, while M1 fell from -7.3% to -7.4% [7][10]. - The report highlights that the government bond issuance continues to support social financing, with net financing from government bonds reaching 1.54 trillion yuan in September, an increase of 543.7 billion yuan year-on-year. However, corporate bond financing has decreased, and the issuance of local government bonds remains tight [8][10]. Computer Industry Insights - The report emphasizes the government's commitment to supporting specialized and innovative small and medium-sized enterprises (SMEs) to enhance their innovation capabilities and professional levels. This initiative aims to foster the development of emerging industries and future industries, providing quality investment targets for the capital market [12][13]. - Financial products are being innovated to alleviate financing difficulties for technology enterprises, with a focus on enhancing the accessibility and convenience of financing for small and micro enterprises through mechanisms based on their technological capabilities and quality qualifications [12][13]. - The report also discusses the importance of digital transformation for SMEs, with the government providing one-stop services to help reduce costs, increase efficiency, and improve quality, thereby enhancing their market competitiveness [12][13].