国泰海通晨报-20251014

Fixed Income Research - The convertible bond market has limited downside potential, and sharp declines may present investment opportunities, with a focus on three structural opportunities [1][3] - It is recommended to maintain a balanced layout to address potential differentiation in the market [3] Oil and Chemical Research - Trade frictions are impacting oil prices, with Brent crude oil prices at $62.09 as of October 10 [5] - OPEC+ has agreed to maintain production cuts, which may support oil prices in the short term [6] - The geopolitical situation in the Middle East has temporarily eased, reducing risk premiums in the oil market [6][7] - Investment recommendations include focusing on companies benefiting from downstream demand recovery and low-cost upstream players [7] Transportation Research - The aviation sector is experiencing strong demand during the National Day holiday, with ticket prices rising and Q3 earnings expected to grow against the trend [8][9] - The oil shipping market saw a temporary drop in rates during the holiday but is expected to rebound post-holiday [9] - The impact of China's countermeasures against the US 301 investigation is anticipated to lessen the effects on Chinese shipping companies [10] Cultural and Media Research - The gaming market remains robust, with notable performances from titles like "Delta Action" and strong revenue from mobile games [11][12] - The film market had a lackluster performance during the National Day holiday, with total box office revenue down 13% year-on-year [14]