川财证券：研究所晨报-20241017

Core Insights - The report highlights the need for increased counter-cyclical adjustments to promote economic development, particularly through supporting local governments in managing debt risks and enhancing fiscal resources for infrastructure and public services [4][10] - It emphasizes the importance of stabilizing the real estate market, with measures such as supporting special bonds for idle land recovery and adjusting tax policies to facilitate market recovery [4][10] - The report suggests a focus on sectors such as military industry, gold, and computing power, especially in the context of the strategic shift of industries from eastern to central and western regions of China [3][5] Market Highlights - The report notes a mixed performance in the stock market, with total trading volume reaching 1.3754 trillion yuan, and the RMB exchange rate falling to around 7.12 due to reduced expectations of further interest rate cuts by the Federal Reserve [3][5] - It mentions the disappointing third-quarter orders from ASML, a major global lithography machine manufacturer, which were 2.6 billion euros, significantly below market expectations of 5.4 billion euros, raising concerns about global chip oversupply [5][8] - The report indicates that local stocks in Sichuan have strengthened due to the region's strategic importance in China's western development initiative [3][5] Policy Developments - The People's Bank of China and the Ministry of Science and Technology have issued a notice to enhance financial services for key regions focused on technology innovation, aiming to build a financial system that supports technological advancements [6] - Hong Kong has announced the establishment of a 10 billion HKD innovation and technology industry guidance fund to attract investments in strategic emerging industries [6] - The National Healthcare Security Administration is conducting a special governance initiative on the use of external prescriptions in medical insurance, targeting high-risk areas for fraud [6]