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this week, the federal reserve cut interest rates, which exceeded expectations, boosted global asset prices, and the three major a-share indices turned positive on a weekly basis. institutions believe that the current bottoming process of a-shares is expected to accelerate, and the rebound of hong kong stocks is expected to continue to become a monthly level repair markethowever, the market performance still depends on the implementation of stable growth policies, and the effectiveness of policy implementation will be the focus of future attention.

in terms of specific configuration, the institution believes that hong kong stocks are more cost-effective at present, and recommend new energy vehicle power batteries, power grid equipment, wind power, innovative drugs, insurance, etc. dividend sectors with low valuations and higher dividend yields are still worth configuring.

major events that will affect future investment

the china securities regulatory commission issued the "regulations on the calculation standards of risk control indicators for securities companies"

according to the news from the china securities regulatory commission on september 20, the china securities regulatory commission recently issued the revised "regulations on the calculation standards of risk control indicators for securities companies", which optimized and improved the calculation standards of risk control indicators for securities companies investing in stocks and conducting market making and other businesses, and supported high-quality securities companies to moderately expand capital space. industry insiders believe that this revision will enhance the initiative and effectiveness of comprehensive risk management, lay a good foundation for enhancing the service capabilities of investment banks, and at the same time strengthen capital constraints on key businesses, reflect the orientation of strict supervision, and keep the bottom line of no systemic risks.

public security organs crack down on capital market "small essay"

according to the official account of the "cyber ​​security bureau of the ministry of public security" on september 21, the ministry of public security, relying on the "net clean 2024" special operation, organized public security organs across the country to continue to carry out special operations to combat and rectify online rumors, and resolutely rectify the behavior of self-media operators who maliciously fabricate online rumors to attract fans, illegally profit, and disrupt social order. the public security organs call on the majority of netizens to remain calm and rational, beware of "traffic harvesting", and jointly maintain a clear cyberspace. at the same time, the public security organs hereby warn lawbreakers that the internet is not a place outside the law, and the public security organs will investigate and deal with the behavior of maliciously fabricating and spreading rumors to disrupt social order in accordance with the law.

a new round of deposit rate cuts continues

recently, many small and medium-sized banks, including xinjiang bank, nanning wuming lijiang village bank, and longde liupanshan village bank, have issued announcements that they will reduce deposit interest rates in the near future. industry insiders analyzed that the recent reduction in deposit interest rates by small and medium-sized banks is still a continuation of the new round of deposit interest rate cuts on july 25. against the backdrop of a downward trend in bank loan interest rates, in order to reduce the pressure on liability costs and enhance the sustainability of financial services to the real economy, there is still room for deposit interest rates to be reduced in the future.

institutional investment views in the future

citic securities: hong kong stocks are expected to recover at the monthly level

after the "risk management" interest rate cut, the us dollar has entered a rate cut cycle. the first rate cut of 50 basis points was slightly higher than expected. while improving the expectations of the rmb exchange rate, it also increased the flexibility of domestic monetary policy. it is expected that the incremental policy will be increased. the current bottoming process of a-shares with improved pricing efficiency is expected to accelerate. the hong kong stock market, whose prices have fully reflected the pessimistic expectations, is expected to continue its rebound and become a monthly level repair market. in terms of allocation, it is still recommended to focus on the two main lines of dividends and going overseas as the bottom position, and then turn to the main lines of high-performance growth and domestic demand after the market inflection point appears.

shenwan hongyuan: hong kong stocks benefit more from the fed's rate cut

the logic of short-term rebound is more likely to be triggered by the denominator logic. the policy of stabilizing capital market expectations is also needed to form resonance between domestic monetary and fiscal easing. the necessity of loose money and lowering the interest rate of existing mortgage loans is self-evident. hong kong stocks benefit more from the fed's interest rate cut. the cost-effectiveness and capital supply and demand advantages of hong kong stocks are concentrated in the short term. the judgment that the callback configuration of high dividends is the preferred relative return is being verified. in terms of configuration, new energy vehicle power batteries, power grid equipment, wind power, innovative drugs, and insurance are recommended.

boc securities: further focus on the implementation of policies to stabilize growth

with the implementation of the fed's interest rate cut, the impact of monetary easing on a-shares may weaken. whether the subsequent demand of the domestic economy can stabilize depends more on the promotion of fiscal policy. considering the time required for the stable growth policy to take effect, the window period for policy adjustment may be from september to october. we still need to pay further attention to the implementation of the domestic stable growth policy; the time window for hong kong stocks to continue to dominate over a-shares is still there, and a-shares are expected to converge with hong kong stocks after the window period.

debon fund: subsequent economic policies may boost market sentiment

the market rebound requires the resonance of sentiment and funds, and the policy strength largely determines the height of the rebound. after the fed's unexpected interest rate cut, the domestic lpr did not lower the interest rate, and the market feedback has obviously cooled down, so the market rebound may lack momentum. from the perspective of macroeconomic indicators, strong economic policies are urgently needed to reverse the current market expectations and boost market sentiment, and it is necessary to continue to observe the introduction of subsequent policies.

huaan fund: a "dumbbell-shaped" investment strategy can be adopted during the interest rate cut cycle

against the backdrop of the fed's rate cuts, the rmb exchange rate is relatively strong, which is expected to attract foreign capital to rebalance its allocation in the global market and increase investment in a-shares. the current a-share market valuation is already in a relatively low range, and positive factors are gradually accumulating. it is currently suitable to adopt a "dumbbell-type" investment strategy: on the one hand, focus on the dividend sector with low valuation and high dividend yield; on the other hand, pay attention to the technology growth sector that is more affected by the fed's rate cuts, especially those companies that benefit from the transmission effect of the overseas industrial chain and the trend of domestic substitution.

western profit fund: focus on technology growth, export chain, and real estate chain

in the future market, we will focus on several types of investment opportunities: first, the direction of technological growth. due to the release of mid-year report risks, the federal reserve’s interest rate cuts and other favorable factors, as well as the previous oversold factors in the direction of technological growth, it is expected to rebound in the future as risk appetite increases; second, pay attention to the impact of changes in the international situation on the export chain and related sectors; third, pay attention to the impact of marginal changes in real estate policies on pro-cyclical directions such as the real estate chain.