Today's Important News Review | Dolphin Investment Research
0930 Dolphin's Focus
🐬 Macro/Industry
1. Over the weekend, the People's Bank of China and the Hong Kong Monetary Authority issued four new policies, including improving the pricing mechanism for commercial individual housing loans, optimizing the minimum down payment ratio for individual housing loans, optimizing the refinancing of affordable housing, and extending the deadline for some real estate financial policies. With multiple positive news, both the Hong Kong and A-share markets welcomed a long-awaited surge. As analyzed in last night's strategic weekly report " Crazy Chinese Concepts: How Long Can the 'Chicken Blood' Last?" by Dolphin, there may indeed be some concerns about the market's overly excited reaction. To play the short-term market, it may still depend on the consumption situation during the National Day holiday and whether there will be substantial fiscal policies announced at the October meeting. For some high-quality assets in China, even if they experience a temporary decline after a sharp rise due to lackluster National Day consumption data, with valuations still relatively low and fiscal policies brewing, there is still room for upside.
2. In September, Caixin China Manufacturing PMI fell to 49.3, returning below the boom-bust line, down 1.1 percentage points from August, marking the lowest since August 2023. Dragged down by the simultaneous decline in the prosperity of two major industries, the Caixin China Composite PMI for the month fell by 0.9 percentage points to 50.3, the lowest in 11 months.
🐬 Leading Sectors
SH/SZ: Financial exchanges and data, data processing and outsourcing services, medical institutions;
HK: Forest products, asset management and custodian banks, pharmaceutical retailers;
US: Shipping ports-operators, pharmaceutical retailers, tires and rubber.
🐬 Focus Tomorrow
1. October 1st (Tuesday) is the National Day holiday, with the Hong Kong stock market closed for a day while the US stock market operates as usual.
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