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yesterday, a-shares surged across the board, with the shanghai composite index and shenzhen component index up more than 4%, and the chinext index up more than 5%; the turnover of the two markets approached the trillion mark, and more than 5,100 stocks on the market were in the red. as of the close, the shanghai composite index rose 4.15% to 2863.13 points, the shenzhen component index rose 4.36% to 8435.7 points, the chinext index rose 5.54% to 1615.32 points, and the shanghai 50 index rose 4.87%; the total turnover of the two markets was 971.3 billion yuan, an increase of about 420 billion yuan from the previous day. in terms of industry, diversified financial concepts broke out, insurance, securities, brewing, and banking sectors rose collectively, and steel, coal, semiconductors, food and beverage, and retail sectors all strengthened.

citic securities said that yesterday the central bank, hkma and csrc announced a number of support policies. in terms of monetary policy, the central bank announced a 20bps interest rate cut for reverse repurchase, which exceeded market expectations in terms of timing and magnitude. the 50bps reserve requirement cut was basically in line with expectations. the policy combination fully reflects the central bank's supportive monetary policy stance and orientation. in terms of capital market policies, wu qing, chairman of the csrc, clearly stated at the press conference that the csrc will release three key policies: medium- and long-term funds entering the market, measures to promote mergers and acquisitions, and guidelines for market value management of listed companies. the central bank will provide liquidity support for non-bank institutions, listed companies and major shareholders to participate in the stock market. in terms of stock strategy, the policy signals are clear and boost market confidence.

analysis of today's investment opportunities

the interest rate cut for existing mortgage loans has been implemented

pan gongsheng, governor of the people's bank of china, said at a press conference on the 24th that in terms of housing loans, the interest rates of existing housing loans will be lowered and the minimum down payment ratio for housing loans will be unified. specifically, commercial banks will be guided to lower the interest rates of existing housing loans to near the interest rates of new housing loans, with an average drop of about 0.5 percentage points. the minimum down payment ratio for second-home mortgages at the national level will be lowered from 25% to 15%, and the minimum down payment ratio for first and second-home mortgages will be unified.

kaiyuan securities pointed out that this combination of policies for real estate has released positive signals and provided full support for both home buyers and enterprises. the down payment ratio of mortgage loans has dropped to a historical low. the reduction in the interest rate of existing mortgage loans can reduce the debt pressure of residents, stimulate consumption and investment, reduce the pressure of early repayment of loans, stabilize housing consumption expectations, and boost confidence in buying houses. the reduction in policy interest rates also indicates that the central bank of subsequent mortgage interest rates will move further downward. in the future, with the support of loose monetary policies, the economy will maintain steady growth, the confidence in buying houses will be restored and stabilized, and the market sales data is expected to bottom out, promoting the stable and healthy development of the real estate industry. we continue to be optimistic about strong credit real estate companies with high investment intensity, excellent regional layout, and market-oriented mechanisms.

new real estate finance policy released, real estate-related companies expect positive growth

on the 24th, pan gongsheng, governor of the people's bank of china, announced at a press conference held by the state council information office that new real estate financial policies would be introduced, including guiding the lpr downward, lowering interest rates on existing mortgage loans, reducing the proportion of second mortgage loans, increasing central funds to support re-lending of affordable housing, and supporting the acquisition of existing land by real estate companies.

citic securities pointed out that at the state council information office press conference, pan gongsheng also stated that the central bank will optimize the policy of affordable housing refinancing, and the proportion of central bank funds in the 300 billion yuan affordable housing refinancing will be increased from 60% to 100%. it may be expected to increase the enthusiasm of commercial banks to issue affordable housing loans, and affordable housing construction will be more easily supported by funds. engineering companies are also expected to participate more actively and accelerate the construction of affordable housing. at the same time, pan gongsheng said that the central bank will support the acquisition of real estate companies' existing land. on the basis of using some local government special bonds for land reserves, it will study allowing policy banks and commercial banks to lend to support qualified companies to acquire real estate companies' land in a market-oriented manner, revitalize existing land, and alleviate the financial pressure of real estate companies. since last year, national policies have continued to work hard to stabilize the development of the real estate industry and provide support at the financial level. with multiple supports, if the real estate industry can stabilize in the future, the benefits are expected to be transmitted to housing-related construction projects and building materials companies.

capital market support policies have been implemented in batches, and non-bank sectors are welcoming positive news

on the 24th, pan gongsheng, governor of the people's bank of china, li yunze, director of the financial regulatory administration, and wu qing, chairman of the china securities regulatory commission, announced at a press conference a number of major policies that will be introduced soon, including lowering the reserve requirement ratio and policy interest rate, lowering the interest rate on existing mortgage loans, creating new monetary policy tools, supporting the stable development of the stock market, and taking multiple measures to activate the m&a and restructuring market.

ping an securities pointed out that this press conference is expected to bring more liquidity support to the market, and the policy combination of deepening capital market reform is also expected to help the high-quality development of securities and insurance businesses, which is conducive to the repair of the fundamentals and investment sentiment of the non-bank sector. in the securities sector, the introduction of a series of monetary policy tools is expected to support the abundant liquidity of the capital market and the active market trading sentiment. at the same time, the deepening of the reform of the capital market on the investment and asset sides will be conducive to the healthy development of the securities industry in the long run. policies such as the six measures for active mergers and acquisitions and restructuring are also expected to bring new opportunities for investment banks and other businesses, which is beneficial to the repair of the fundamentals of securities companies. at present, the valuation and holdings of the securities sector are at historical lows, with high cost-effectiveness and safety margins. pay attention to the valuation repair of the sector brought by the beta attribute. in the insurance sector, the optimization of real estate policies such as the reduction of existing mortgage interest rates, the promotion of long-term investment reforms of insurance funds, and the improvement of risk preferences in the capital market are all conducive to the asset side repair of insurance companies. since the beginning of this year, the liability side of listed insurance companies has improved well, and the valuation and holdings of the insurance sector are still at the bottom. we are optimistic about the long-term allocation value of the industry.

other news that affected the market

ministry of human resources and social security: improve the system of maintaining and increasing the value of social security funds

li zhong, vice minister of the ministry of human resources and social security, said at a series of themed press conferences on "promoting high-quality development" held by the state council information office on the 24th that the third plenary session of the 20th cpc central committee made important arrangements for improving the social security system. the ministry of human resources and social security will continue to deepen reforms in accordance with the requirements of system integration, coordination and efficiency, promote high-quality and sustainable development of the social security system, and provide the people with more adequate, more reliable and more equitable social security.

talking about specific measures, li zhong introduced that they will enhance sustainability and consolidate the institutional foundation for stable operation. further improve the national coordination of basic pension insurance for enterprise employees, study policy measures to expand the coverage of the annuity system, promote the individual pension system across the country, expand the scale of market-oriented investment and operation of funds, and improve the system for maintaining and increasing the value of social security funds.

ministry of civil affairs: we will speed up the formulation of institutional documents to deepen the reform and development of elderly care services

minister of civil affairs lu zhiyuan introduced at the press conference on the 24th that the ministry of civil affairs will focus on strengthening the construction of inclusive, basic and bottom-line livelihood. in terms of service objects, it will adapt to the people's yearning for a better life, adhere to doing its best and doing what it can, and gradually change the protection objects from specific groups to more groups in need of help; in terms of service content, it will change the past way of focusing on financial and material security for special groups in difficulties, and gradually change to giving equal importance to funds and services, and taking into account both material and spiritual assistance. at the same time, it will study and formulate the "15th five-year plan" civil affairs development plan, make up for the shortcomings of civil affairs service facilities, activate existing resources, and optimize the allocation of service resources.

lu zhiyuan said that the ministry of civil affairs will speed up the formulation of institutional documents to deepen the reform and development of elderly care services, promote high-quality development of charity, strengthen and improve the management of funeral services, strengthen the welfare protection of children in difficult circumstances, improve the top-level design in these areas, and promote the acceleration of legislation in the fields of social assistance, elderly care services, funeral services, etc.

new rules on market value management of listed companies solicit opinions

according to the news from the china securities regulatory commission on the 24th, the china securities regulatory commission has drafted the "guidelines for the supervision of listed companies no. 10 - market value management (draft for comments)" and solicited public opinions. the "guidelines" require listed companies to improve the quality of listed companies, improve operating efficiency and profitability, and use mergers and acquisitions, equity incentives, cash dividends, investor relations management, information disclosure, share repurchases and other methods in accordance with the law and in compliance with the actual situation to promote the investment value of listed companies. the "guidelines" clarify the responsibilities of the board of directors, directors and senior management, controlling shareholders and other relevant parties of listed companies, and make special requirements for major index component companies to disclose market value management systems and long-term net-breaking companies to disclose valuation improvement plans. at the same time, the "guidelines" clearly state that controlling shareholders can boost market confidence by increasing their holdings and other means if they meet the conditions. listed companies are prohibited from committing illegal and irregular acts in the name of market value management.

multiple products unveiled at huawei's autumn conference

on september 24, huawei held an autumn all-scenario new product launch conference in shanghai. at the conference, new all-scenario products such as the new generation flagship smartwatch huawei watch gt5 series and the new hongmeng zhixing product zhijie r7 were released, and it was also announced that harmony os next will officially start public testing on october 8.

the agency believes that huawei's innovation in the wearable business can be seen as a judgment of the industry's leaders on the future direction. in the future, with the continuous upgrading and innovation of product forms, interaction modes and technical routes, and with the support of ai technology, consumer demand for wearable devices is expected to increase further, thereby enhancing the market's sustainable development capabilities.

uhv construction is accelerating

according to the state grid, the datong-tianjin south 1,000 kv uhv ac project has recently been approved by the national development and reform commission. this is one of the "three ac and nine dc" inter-provincial power transmission projects in the country's "14th five-year plan" power development plan. a total of three 1,000 kv substations and one 1,000 kv switch station, 6×3,000 mva main transformers, and about 770 kilometers of 1,000 kv uhv lines will be built. the total investment in the project is about 22.5 billion yuan.