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[Inventory of important news].

A-shares are expected to welcome hundreds of billions of incremental funds, and the two innovative monetary policy tools are accelerating

After the implementation of the two innovative monetary policy tools, all parties in the market have accelerated their participation and promoted related matters. On the 18th, the People's Bank of China announced that it officially launched SFISF, and the first phase of the swap facility operation scale is 500 billion yuan, and the central bank will carry out operations in stages according to the needs of participating institutions. There are 20 securities and fund companies approved to participate in the first batch, and the first batch of applications has exceeded 200 billion yuan. After that, the institution responded quickly and actively promoted the implementation of SFISF business. Since Monday (21st) this week, CICC and Guotai Junan have frequently reported new developments.

Comments: On the evening of the 20th, the list of the first batch of 23 A-share listed companies participating in the repurchase and refinancing was released one after another, involving Sinopec, Sungrow, China Merchants Shekou, etc., with a total capital of more than 10 billion yuan. On the evening of the 22nd, 6 new listed companies were added, of which 5 were private enterprises.

European and American stocks and bonds were killed, Tesla rose more than 9% after hours, silver fell 4%, and the dollar was the highest in nearly three months

This week, some European and American central bank officials called for cautious interest rate cuts, U.S. bond yields went high-pressure and low-risk assets, the Dow index fell about 1% and fell for three consecutive days, Nvidia once fell more than 4%, Kering Group's U.S. stocks with profit warning fell nearly 3%, and the China Concept Index turned down, but Li Auto rose nearly 4%. The yield on the 10-year Treasury note rose above 4.26% to a three-month high, and the yen fell below 153 for the first time in three months. Oil prices fell more than 1%, spot gold fell more than 1% after hitting a new high of $2,760, and silver fell 4% at one point. [The Federal Reserve failed to "save" U.S. stocks! The Beige Book sends a dovish signal that many officials support gradual, slow interest rate cuts

Comment: U.S. sector ETFs closed mostly lower. Utilities ETFs rose nearly 1%, while global airline ETFs rose less than 0.5%. Consumer Discretionary ETFs, Internet Stock Index ETFs and Global Technology ETFs all fell more than 1.5%, while Technology ETFs, Biotech Index ETFs and Semiconductor ETFs fell at least 1% each, while Energy ETFs and Healthcare ETFs fell about 0.5% each.

The first batch of active equity funds released their third quarterly reports, and fund managers sharply adjusted their positions to seek "offense".

The third quarter report of the public fund in 2024 kicked off. Since September 24, a package of incremental policies has been intensively introduced, market confidence has been significantly boosted, the A-share market has rebounded sharply, and the operation of fund managers in the third quarter has attracted much attention from the market. As of October 23, UBS SDIC Fund, Wanjia Fund, Taixin Fund, CICC and Hive Fund have successively announced the third quarter reports of their funds in 2024. Judging from the data of the fund's top ten heavy stocks, fund managers carried out a relatively large rebalancing and stock swap in the third quarter, seeking more aggressiveness through asset reallocation.

Comments: The end of the third quarter is a critical moment for the A-share market to recover sharply, and the disclosed third quarterly report of the fund shows that many fund managers have made significant adjustments to their positions.

The Ministry of Industry and Information Technology talks about the focus of the next stage! It involves the listing and financing of car companies going overseas and technology-based enterprises

The relevant person in charge of the Ministry of Industry and Information Technology said that on the whole, in the first three quarters, the industrial and information economy operated smoothly, the industrial structure continued to be optimized, the development of new quality productivity was accelerated, a number of new achievements were made in innovation in key areas, and high-quality development was solidly promoted. In the first three quarters, the added value of industrial enterprises above designated size increased by 5.8 percent year-on-year, contributing nearly 40 percent to macroeconomic growth. Industrial investment increased by 12.3% year-on-year, maintaining double-digit growth for eight consecutive months. In the first three quarters, the added value of the automobile industry increased by 7.9% y/y, with production and sales of 21.47 million units and 21.571 million units, up 1.9% and 2.4% y/y, respectively. In the past three months, the sales of new energy passenger vehicles accounted for more than 50%, achieving a new breakthrough.

Comments: The Ministry of Industry and Information Technology, together with financial institutions, has built a roadshow docking platform for 260 projects in the fields of new generation information technology, equipment manufacturing, aerospace information, artificial intelligence, biomedicine, etc., with an equity financing amount of more than 10 billion yuan, and nearly 20% of the company's valuation has doubled, and is actively planning for the initial listing.

Leveraged funds continued to enter the market, and the balance of the two financial institutions increased for 7 consecutive trading days

Leveraged funds continue to increase their positions and enter the market. The latest balance of the two financial institutions in the market was 1,642.948 billion yuan, increasing for 7 consecutive trading days, setting a record for the longest consecutive rise in 7 months, of which the financing balance increased by more than 60 billion yuan. During the period when the financing balance continued to rise, the financing balance of sixty percent of the underlying shares increased. According to the data, as of October 22, the balance of the three major exchanges in Shanghai, Shenzhen and North was 1,642.948 billion yuan, an increase of 8.639 billion yuan from the previous trading day. Among them, the financing balance was 1,633.493 billion yuan, an increase of 8.581 billion yuan from the previous trading day. This has been the 7th consecutive trading day of the balance of the two financial institutions has continued to increase, during which the total balance of the two financial institutions increased by 62.867 billion yuan, and the total financing balance increased by 61.894 billion yuan.

Comments: In terms of markets, the financing balance of the Beijing Stock Exchange increased the most. The latest financing balance of the Shanghai Stock Exchange was 851.496 billion yuan, an increase of 0.54% from the previous trading day; The latest financing balance of the Shenzhen Stock Exchange was 779.623 billion yuan, an increase of 0.51% from the previous trading day. The latest financing balance of the Beijing Stock Exchange was 2.373 billion yuan, an increase of 5.07% from the previous trading day.

Banks issue mortgages at a loss? The lowest is 2.65%, many banks have lowered the mortgage interest rate, and the commercial loan provident fund interest rate has been inverted

"The interest rate of the new first home loan for second-hand housing can currently reach 2.65%, and there is no notice of adjustment of the increase for the time being, and now you can apply according to LPR minus 95BP." On October 23, Xiao Li, the personal loan manager of China Merchants Bank in Guangzhou, told reporters. On October 21, the latest loan prime rate (LPR) was announced, and the LPR of 1 year and more than 5 years both fell by 25BP, which is the largest decline in LPR this year. Banks have adjusted mortgage interest rates, and the interest rate on new first home loans in some areas has dropped to "2".

Comments: The floating mortgage interest rate consists of two parts: LPR and markup. A decrease in the LPR does not necessarily mean that the interest rate on new loans will necessarily fall, because banks can adjust the extent of the markup on new loans. However, for existing loans, since the increase is unchanged, the decline in LPR will be directly reflected in the mortgage interest rate.

[Industry hot spots].

QFII heavy stocks were exposed in the third quarter, and three major industries were favored

The allocation of stocks under the swap facility leads to conjecture that institutions expect high-dividend assets to become the first choice

The

industrialization process of perovskite cells has accelerated, and many companies have increased their layout

The tide of mergers and acquisitions in the semiconductor field has accelerated the pace of industrial chain integration

[Market dynamics].

A-shares: On October 23, the major A-share stock indexes diverged. The food and beverage and financial sectors strengthened, driving the Shanghai Composite Index to 3,300 points; Semiconductors, artificial intelligence and other technology themes have adjusted, dragging down the GEM index. As of the close, the Shanghai Composite Index was reported at 3302.80 points, up 0.52%; The Shenzhen Component Index was reported at 10,576.41 points, up 0.16%; The GEM index was reported at 2205.30 points, down 0.53%. The total turnover of the Shanghai and Shenzhen markets was 1,926.9 billion yuan, basically the same as the previous day. Judging from the recent market performance, the volatility of the index has eased from late September to early October. Some institutions said that the main feature of the market in the early stage is the impulse entry of personal account funds, and after the follow-up policies take effect and the fundamentals are stabilized, institutional funds may usher in a positive entry opportunity. CITIC Securities said that judging from the characteristics of the impulsive market in the early stage, the market is in the game trading stage dominated by active funds, and institutional funds have not entered the market on a large scale.

Hong Kong stocks: On October 23, the three major indexes of Hong Kong stocks rose collectively, the Hang Seng Technology Index once soared to 3.3% in the afternoon, and finally closed up 1.86%, the Hang Seng Index and the China Index rose 1.27% and 1.56% respectively, and the market was active in bullish sentiment. On the disk, as a market vane, large technology stocks rose across the board, the United States or part of the revocation of the photovoltaic industry anti-dumping, countervailing duty orders, photovoltaic stocks rose sharply, Camtec solar once rose more than 42%; Auto stocks continued to be active, and most of the weights of large financial stocks (insurance, banks, brokerages) and Chinese top stocks strengthened. Nuclear power stocks, which soared sharply yesterday, performed sluggishly, semiconductor stocks continued to fall in the afternoon, and home appliance stocks, coal stocks, and education stocks generally fell.

U.S. stocks: This week, some European and American central bank officials called for cautious interest rate cuts, U.S. bond yields went high-pressure and low-risk assets, the Dow index fell about 1% and fell for three consecutive days, Nvidia once fell more than 4%, Kering Group's U.S. stocks with profit warning fell nearly 3%, and the China Concept Index turned down, but Li Auto rose nearly 4%. The yield on the 10-year Treasury note rose above 4.26% to a three-month high, and the yen fell below 153 for the first time in three months. Oil prices fell more than 1%, spot gold fell more than 1% after hitting a new high of $2,760, and silver fell 4% at one point.

European stocks: Euro Stoxx 50 fell 0.43%, Germany's DAX fell 0.26%, United Kingdom's FTSE 100 fell 0.17%, and France's CAC 40 fell 0.56%.

Institutional Strategy

Judging from the recent market performance, the volatility of the index has eased from late September to early October. Some institutions said that the main feature of the market in the early stage is the impulse entry of personal account funds, and after the follow-up policies take effect and the fundamentals are stabilized, institutional funds may usher in a positive entry opportunity.

CITIC Securities said that judging from the characteristics of the impulsive market in the early stage, the market is in the game trading stage dominated by active funds, and institutional funds have not entered the market on a large scale.

CITIC Securities judges that the current market is in the transition process from the expected inflection point to the market inflection point. The initial stage of the market is driven by expectations and funds, and active funds are the main body of pricing. As the follow-up policy signals continue to be positive, the expected major inflection point continues to be confirmed, and institutional funds may follow the fundamental clues to gradually promote the market relay upward. In terms of allocation, there is transaction value in the technology sector in the early stage of the market, and after the relay of institutional funds enters the market, the varieties of high-performance growth and domestic demand may prevail.

[Topic Company].

The amount involved is 1.007 billion yuan! The two power battery giants reappeared in the patent battle

The two giants of the power battery industry have reappeared in the patent battle. A few days ago, China Innovation Airlines (HK03931, stock price of HK$11.92, market value of HK$21.126 billion) announced that it had filed four lawsuits against CATL and related companies for infringement of its patent rights, with a total claim amount of 1.007 billion yuan. It is reported that this is the first time that China Innovation Airlines has sued CATL for patents, but it is not the first time that the two have "fought" over patent issues. On the same day, China Innovation Airlines also disclosed an announcement, saying that in a patent lawsuit for "power battery packaging components", CATL lost the first instance.

5.04 billion yuan share repurchase dispute! Suning and Wanda have their own opinions

Regarding the dispute over the 5.04 billion yuan share repurchase between Suning and Wanda, a new response is coming. On October 23, a person close to Wanda said that Suning had no relevant basis for asking Wanda to buy back shares, and Wanda was not obligated to do so. In fact, according to the investment agreement previously signed by the two parties, Suning's reason for requesting Wanda to repurchase shares is not valid, and Wanda does not have the so-called breach of contract, the person said. Moreover, the shares of Dalian Wanda Commercial Management held by Suning have been seized and frozen by the public security organs, and objectively they do not have the operability to repurchase. According to people familiar with the matter, Wanda is actively safeguarding its legitimate rights and interests through legal procedures.

[IPO dynamics].

Today, 2 new stocks were listed: Suzhou Tianmai and 6912 on the GEM

Suzhou Tianmai issued a total of 28.92 million shares, 12.58 million shares were issued online, the IPO issue price was 21.23 yuan per share, and the issue price-earnings ratio was 16.31 times. 6912 issued a total of 17.5 million shares, 17.5 million shares online, the IPO issue price of 29.49 yuan per share, the issue price-earnings ratio of 22.66 times, the company is mainly engaged in military training equipment and special military equipment research and development, production and sales.

Announcement Reminder

[Suspension].

688656 Ho Obo

[Resumption].

603991 Zhizheng shares

[Product].

[Product].

Nuotai Biotech: Received the notice of filing a case from the China Securities Regulatory Commission

Nuotai Biotech (688076) announced that Zhao Dezhong, one of the company and one of the actual controllers, received the "Notice of Case Filing" from the China Securities Regulatory Commission, and the China Securities Regulatory Commission decided to file a case due to suspected violations of information disclosure laws and regulations. According to the company's self-inspection, this case may involve matters related to the company's technology transfer in 2021. At present, the company has not received the final investigation conclusion of the China Securities Regulatory Commission, and the business situation is normal.

3. Tahoe Intelligent: Sunshine New Energy confirmed that there is no plan to change the company's main business in the next 12 months

Tahoe Intelligent (603656) announced that the company paid attention to the relevant reports such as "a premium of 101% into Tahoe Intelligent, and what capital planning is hidden behind Sungrow's shell purchase", and verified with Sunshine New Energy, which confirmed that there is no plan to change the company's main business in the next 12 months and then lead to fundamental changes in the company's main business.

Guangfeng Technology: Become a supplier of on-board optical solutions for an OEM

Guangfeng Technology (688007) announced that the company recently received a development designation notice issued by an OEM, and the company became a vehicle optical solution supplier of an OEM to supply intelligent cockpit display products. The designated project is expected to be mass-produced and supplied in 2025.

Jilin Expressway: Changchun Ring Expressway terminates the differentiated toll policy

Jilin Expressway (601518) announced that in August 2023, in accordance with the requirements of relevant documents, the company will implement the point-to-point differentiated toll policy of Changchun Ring Expressway. With the approval of the provincial government, from 0:00 on November 1, 2024, the Changchun Ring Expressway will terminate the differentiated charging policy for a class of passenger cars, and the preferential toll policy for a class of passenger cars will no longer be implemented, and the original charging standards will be restored.

Nanxin Pharmaceutical: Pre-listed transfer of 100% equity of Changde Zhencheng, a wholly-owned subsidiary

Nanxin Pharmaceutical (688189) announced that the company intends to pre-list and transfer 100% of the equity of Changde Zhencheng Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Changde Zhencheng"), a wholly-owned subsidiary of the company, through Hunan United Equity Exchange Co., Ltd. The business scope of Changde Zhencheng includes the wholesale of chemical raw materials and their preparations, antibiotic raw materials and their preparations, and biochemical drugs.

[Performance].

Jiansheng Group: net profit in the first three quarters was 263 million yuan, a year-on-year increase of 31.22

Jiansheng Group (603558) disclosed its third quarterly report, the company's operating income in the third quarter of 2024 was 755 million yuan, a year-on-year increase of 37.01%, and its net profit was 97.4879 million yuan, a year-on-year increase of 27.03%. During the reporting period, the cotton socks business grew steadily and the seamless business grew rapidly. In the first three quarters of 2024, the net profit was 263 million yuan, a year-on-year increase of 31.22%; Basic earnings per share was 0.72 yuan.

Zhiou Technology: Net profit in the first three quarters fell by 3.11% year-on-year to 10 distributions of 1 yuan

Zhiou Technology (301376) disclosed its third quarterly report, and in the third quarter of 2024, the company achieved operating income of 2.007 billion yuan, a year-on-year increase of 34.49%; net profit was 106 million yuan, a year-on-year increase of 5.44%. In the first three quarters of 2024, the revenue will be 5.728 billion yuan, an increase of 38.49% year-on-year; net profit was 278 million yuan, down 3.11% year-on-year. The profit distribution plan for the first three quarters of 2024 is: cash dividend of 1 yuan (tax included) for every 10 shares.

Ganbao Pet: Net profit in the first three quarters increased by 49.64% year-on-year to 10 distributions of 2.5 yuan

Ganbao Pet (301498) disclosed the third quarter report that the company achieved operating income of 3.671 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.96%; net profit was 470 million yuan, a year-on-year increase of 49.64%; Basic earnings per share was 1.18 yuan. Among them, the company achieved a net profit of 162 million yuan in the third quarter, a year-on-year increase of 49.11%. At the same time, the company disclosed the profit distribution plan for the first three quarters of 2024: it is proposed to distribute a dividend of 2.5 yuan (tax included) for every 10 shares.

Hengdian Film and Television: Net profit in the first three quarters fell by 92.63% year-on-year

Hengdian Film and Television (603103) released a report for the third quarter of 2024, and the company's operating income in the first three quarters was 1.616 billion yuan, a year-on-year decrease of 17.27%; The net profit attributable to shareholders of listed companies was 17.387 million yuan, a year-on-year decrease of 92.63%. Among them, the operating income in the third quarter was 450 million yuan, a year-on-year decrease of 42.39%; net profit attributable to shareholders of listed companies -71.0429 million yuan, down 157.75% year-on-year.

[Increase or decrease in holdings].

China Security Branch: Some directors and senior executives plan to increase their holdings by 3 million to 6 million yuan

China Security Branch (600654) announced that some directors and senior managers of the company plan to increase their holdings of the company's shares through centralized bidding in the secondary market within 6 months from October 24, 2024, with an increase of no less than 50% of their total pre-tax remuneration in 2024, with a total increase of not less than RMB 3 million and no more than RMB 6 million.

[Do a repurchase].

Zhendong Pharmaceutical: It is planned to repurchase the company's shares for 50 million yuan to 100 million yuan

Zhendong Pharmaceutical (300158) announced that the company intends to repurchase part of the company's shares with 50 million yuan to 100 million yuan, and the repurchased shares are intended to be used to cancel and reduce the company's registered capital, and the repurchase price does not exceed 6 yuan per share. Zhendong Pharmaceutical also disclosed the third quarterly report, the company achieved a net profit of 40.1233 million yuan in the first three quarters, and a loss of 874,200 yuan in the same period last year.

Zhongke Weizhi: It is proposed to raise the upper limit of the repurchase price to 44.23 yuan per share

In order 688211 to ensure the smooth implementation of the share repurchase plan, the company intends to adjust the upper limit of the repurchase price from 27.74 yuan / share (inclusive) to 44.23 yuan / share (inclusive). As of October 21, the company has repurchased 356,700 shares of the company through centralized bidding transactions, accounting for 0.27% of the company's total share capital, and the total amount of funds paid is 8.7202 million yuan (excluding transaction costs).