Guoxin Securities·2025-10-20 01:20Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]