万联证券：万联晨会-20241018

Core Views - The A-share market experienced a decline on Thursday, with the Shanghai Composite Index falling by 1.05%, the Shenzhen Component Index down by 0.74%, and the ChiNext Index decreasing by 0.32%. The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.5193 trillion yuan, an increase of 129.7 billion yuan compared to the previous day. Sectors such as data security, Sora concept, and copper cable high-speed connection saw significant gains, while real estate, liquor, and underground pipeline sectors declined [2][6]. Important News - The People's Bank of China announced that most existing mortgage rates will be adjusted downwards by an average of 0.5 percentage points, expected to save approximately 150 billion yuan in interest payments, benefiting 50 million households and 150 million residents. The adjustment is anticipated to be completed by October 31 [2][6]. - The Ministry of Housing and Urban-Rural Development plans to increase the credit scale for "white list" projects to 4 trillion yuan by the end of the year, aiming to ensure that all qualified real estate projects are included in the "white list" for financing [2][6]. Industry Insights - In the robotics sector, Tesla held the WeRobot conference, showcasing advancements in its humanoid robot, Optimus, and introducing the Cybercab, a new autonomous taxi model. The Cybercab is designed without a steering wheel or pedals, relying entirely on Tesla's Full Self-Driving system, with an expected production cost below $30,000 and operational costs significantly lower than traditional public transport [5][6]. - The humanoid robot industry is projected to accelerate in 2024, driven by increasing demand due to aging populations and rising labor costs. The report suggests monitoring potential core companies in the supply chain benefiting from the large-scale application of humanoid robots [7]. Electronic Industry Developments - Recent policies from the People's Bank of China and the Ministry of Science and Technology aim to enhance technology finance services in key regions like Beijing and the Greater Bay Area. These initiatives are expected to improve the financing channels for tech enterprises and support the development of emerging industries [8][9]. Real Estate Sector Analysis - The real estate market is showing signs of stabilization after three years of adjustment, with supportive policies being implemented to promote recovery. The report emphasizes the importance of monitoring housing prices and transaction volumes, as well as focusing on fundamentally sound companies and those with potential for recovery [10][11].