A-share Pre-market Briefing | PBOC fires four arrows at once, involving "rate cuts" and more; U.S. memory and optical communications stocks stage a strong rebound.

Pre-market Briefing 1. Major positive news! PBOC fires four arrows at once, involving "rate cuts," increased financial support for the "six networks," and expanded relending quotas Type: Macro Sentiment impact: Positive The People's Bank of China further adjusted and improved multiple monetary policy tools: cutting the PSL interest rate by 0.25 percentage points to 1.5%, and expanding PSL support areas to the construction of the "six networks"; increasing the relending quota for technological innovation and technological upgrading by 200 billion yuan to 1.4 trillion yuan, with the support ratio raised to 100%; increasing the relending quota for agriculture and small businesses by 500 billion yuan to 4.85 trillion yuan. Experts said the above adjustments generally send a signal that monetary policy remains moderately loose, focuses on structural precision, and emphasizes efficiency gains from existing stock. 2. First time in central finance history! First-home mortgage interest subsidies are here, saving 50,000 yuan directly on a 1 million yuan loan, interpretations are in Type: Macro Sentiment impact: Positive The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration made clear that a mortgage interest subsidy policy for residents' home purchases will be implemented starting October 1. Eligible commercial personal housing loans for first homes can enjoy an annualized interest subsidy of 1 percentage point, with a maximum subsidy period of 5 years; taking a long-term loan of 1 million yuan as an example, cumulative interest payments can be reduced by nearly 50,000 yuan at most. Some analyses said this mortgage interest subsidy policy brings more direct benefits to real estate developers whose development focus is in third- and fourth-tier cities. 3. Rate hike expectations cool, U.S. Treasury yields still rise, U.S. stocks close slightly lower, memory and optical communications stage a strong rebound Type: Market Sentiment impact: Positive Overnight, the three major U.S. stock indexes closed slightly lower, while memory concept stocks and optical communications staged a strong rebound, with Lumentum up more than 5%, Corning and Marvell Technology up more than 4%, and SK Hynix up more than 2%; in early trading today, South Korea's KOSPI index rose 1.22%, and SK Hynix rose more than 2%. New York Fed President Williams said there may be one more rate hike within the year to push inflation back to target in a more timely manner, but there is no need to act hastily for now, and market rate hike expectations have cooled. In addition, the 30-year Treasury yield rose to a new high since 2002. 4. SASAC: Further step up efforts in key areas such as artificial intelligence and new materials, and cultivate tracks such as quantum technology in advance Type: Industry Sentiment impact: Positive Cheng Fubo, Party Committee Secretary and Director of the State-owned Assets Supervision and Administration Commission of the State Council, said in a signed article published in "New Industrialization" that the country will actively cultivate and strengthen strategic emerging industries. It will continue to consolidate advantages in industries such as new energy and aerospace, further step up efforts in key areas such as artificial intelligence and new materials, cultivate frontier tracks such as quantum technology, nuclear fusion energy, and biomanufacturing in advance, and promote the development of emerging industries to "accumulate strength and gain momentum." Investment Calendar September manufacturing PMI data released Investment Tips I believe successful trades are all due to focusing on objectivity while also using subjectivity, while failed trades are often due to ignoring objectivity and focusing on subjectivity. Jerry Ma, "Futures Long-Short Logic" Institutional Views 1. Changjiang: Short-term market sentiment has reached a relatively pessimistic level and may gradually recover in the future; pay attention to the AI hardware direction. 2. Shenwan Hongyuan Group: In the short term, the market remains highly sensitive to oil prices, U.S. Treasury yields, and Federal Reserve rate hike expectations. 3. Xiangcai Securities: Pay attention to relatively stable dividend-related sectors and continue tracking the AI track where fundamentals remain highly prosperous. Positive and Negative Outlook 1. OpenAI releases AI assistant "Dot": can work autonomously and is on standby around the clock Type: Hot market discussion Guosen: The application side has begun to move from generating content to executing tasks. The expansion of inference load brought by Agent penetration is also expected to continue driving growth in demand for model services, inference computing power, and related infrastructure. 2. The strongest El Nino on record locks in for November, institutions suggest watching the second wave window Type: Hot institutional commentary Open Source Securities: The peak period is from November to February next year; watch the second wave window for El Nino. The logic behind this is that this period coincides with the Southern Hemisphere summer, a key window for grain harvests in the Southern Hemisphere. Shenzhen Agricultural Power Group should position on the left side for opportunities in palm oil, rubber, white sugar, cotton, and others. 3. U.S. telecom giant signs over $3 billion optical fiber agreement with Corning Type: Hot market discussion Hualong Securities: AI computing power construction is driving high growth in demand for optical fiber and cable, while the supply side faces rigid constraints. The expansion cycle for optical fiber preforms is as long as 1.5 to 2 years, making it difficult to quickly release capacity in the short term. The industry is entering a boom cycle of rising volumes and prices. Announcement Express Relatively positive announcements 1. Guangdong Hec Technology Holding: controlling shareholder proposes repurchasing 600 million to 1.2 billion yuan of shares 2. Shandong Gold Mining: chairman proposes repurchasing 300 million to 400 million yuan of A-shares 3. Yangtze Optical Electronic: signs a 147 million yuan polarization-maintaining optical fiber product sales order Relatively negative announcements 1. Sanbo Hospital Management: shareholders holding more than 5% cumulatively reduced holdings by 1.69% 2. ShuYu Civilian Pharmacy Corp.,Ltd.: Shuyu Jinyun cumulatively reduced holdings by 1.47% 3. Jiangsu Gian Technology: multiple shareholders collectively reduced holdings by 473,600 shares Overseas Markets Editor's note: Rate hike expectations cooled, U.S. Treasury yields still rose, and the three major indexes closed slightly lower. AI hardware stocks rose broadly, with Lumentum up more than 5%, Corning and Marvell Technology up more than 4%, ARM, Meta, and Coherent up more than 3%, and SK Hynix up more than 2%; Apple fell 2.66%, as new CEO Ternus is pushing the company to carry out comprehensive reforms. This article is reprinted from "Tencent Zixuangu." GMTEight editor: Jiang Yuanhua.