川财证券：研究所晨报-20241018

Core Insights - The report emphasizes the need for increased counter-cyclical adjustments to promote economic development and mitigate local debt risks [4][9] - It highlights the support for the real estate market to stabilize and recover, with various policies being implemented to encourage market activity [3][9] Market Daily Highlights - The Ministry of Housing and Urban-Rural Development announced five policies to support monetized resettlement housing and allow local governments to issue special bonds [2][5] - The Financial Regulatory Bureau stated that policy banks and commercial banks are permitted to issue a certain percentage of loans for the acquisition of idle land [2][5] - Shanghai adjusted its housing provident fund personal loan policy, reducing the minimum down payment ratio for second homes to 25% [2][5] Research Insights - The report notes that the three major indices fell, with a total trading volume of 1.5193 trillion yuan [3][5] - Goldman Sachs predicts that the Federal Reserve will lower interest rates by 25 basis points from November 2024 to June 2025, with a final rate range of 3.25%-3.5% [3][5] - The report suggests focusing on sectors such as computing power, low-altitude economy, and autonomous driving as potential investment directions [3][5] Industry Research - The Shanghai Municipal Development and Reform Commission issued a notice regarding the implementation of a green electricity trading plan, requiring new grid-connected green power enterprises to have energy storage capabilities starting September 2024 [7] - The report indicates a significant growth in the cybersecurity market, with a projected market size exceeding 800 billion yuan by 2025 [7] - In Chongqing, 1,192 key construction projects completed investments of 361.14 billion yuan in the first nine months of the year, achieving 79.5% of the annual planned investment [7]