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　　Reduce the social insurance rate; The newly revised regulations on the disclosure of government information will come into force on May 15th; Implement the whole kind of tube arrangement for fentanyl substances; It is more convenient to bring pets into the country; 20 third-class hospitals in Beijing implement "emergency classification"; Measures for the Administration of Prevention and Control of Marine Pollution by Ships in Hebei Province will be implemented … … In May, a batch of new laws and regulations will affect our lives.

　　National laws and regulations

　　Since May, the contribution rate of basic old-age insurance units for urban employees has decreased.

　　A few days ago, the General Office of the State Council issued the Comprehensive Plan for Reducing Social Insurance Rates, which clearly stated that from May 1, 2019, the contribution ratio of urban workers’ basic old-age insurance units will be reduced, and the provinces with unit contribution ratio higher than 16% can be reduced to 16%. At the same time, we will continue to reduce unemployment insurance and industrial injury insurance rates in stages. Since May 1, 2019, the province that implements the total unemployment insurance rate of 1% will extend the period of reducing the unemployment insurance rate in stages until April 30, 2020.

　　The "Proposal" proposes to adjust the social security payment base policy. Each province should calculate the average wage of employees in full-caliber urban units by weighting the average wage of employees in non-private units in cities and towns and the average wage of employees in private units in cities and towns in this province, check and approve the upper and lower limits of the social security individual contribution base, and reasonably reduce the social security contribution base of some insured persons and enterprises. Individual industrial and commercial households and flexible employees can voluntarily choose an appropriate payment base within a certain range to participate in the basic old-age insurance for enterprise employees.

　　The newly revised regulations on the disclosure of government information came into effect on May 15th.

　　The revised Regulations on the Openness of Government Information in People’s Republic of China (PRC) shall come into force on May 15, 2019. The revision of the regulations resolutely implements the spirit of the CPC Central Committee and the State Council to comprehensively promote the openness of government affairs, and increases the intensity of government information disclosure, which not only improves the number of publicity, but also optimizes the quality of publicity; Actively respond to the people’s demand for government information disclosure, reflect the new progress and achievements of government information disclosure in recent years, and solve outstanding problems encountered in practice.

　　The revision of the regulations mainly includes three aspects: First, insist on openness as the normal state, with non-disclosure as the exception, clarify the scope of government information disclosure, and continuously expand voluntary disclosure. The second is to improve the disclosure procedures according to the application, effectively protect the legitimate rights and interests of applicants and relevant parties, and at the same time make necessary regulations on the behavior of a few applicants who improperly exercise their application rights and affect the normal development of government information disclosure. The third is to strengthen the convenience service requirements, improve the effectiveness of government information disclosure by strengthening the use of information technology, and give full play to the service role of government information in people’s production, life and economic and social activities.

　　China will implement the whole class tube arrangement for fentanyl substances.

　　On April 1st, the Ministry of Public Security, the National Health and Wellness Commission and National Medical Products Administration jointly issued the Announcement on Adding Fentanyl Substances to the Supplementary Catalogue of Non-medicinal Narcotic Drugs and Psychotropic Substances, which will take effect on May 1st, 2019. The announcement pointed out that according to the Regulations on the Administration of Narcotic Drugs and Psychotropic Substances and the Measures for the Administration of Non-medicinal Narcotic Drugs and Psychotropic Substances, the Ministry of Public Security, the National Health and Wellness Commission and National Medical Products Administration decided to include fentanyl in the Supplementary Catalogue of Controlled Varieties of Non-medicinal Narcotic Drugs and Psychotropic Substances.

　　"Fentanyl substances" refer to substances whose chemical structure meets one or more of the following conditions compared with fentanyl: 1. Substituting other acyl groups for propionyl groups; 2. Substituting any substituted or unsubstituted monocyclic aromatic group for phenyl directly connected with nitrogen atom; 3. There are substituents such as alkyl, alkenyl, alkoxy, ester, ether, hydroxyl, halogen, haloalkyl, amino and nitro on the piperidine ring; 4. Use any other group (except hydrogen atom) to replace phenylethyl. If the substances listed above are found to have medical, industrial, scientific research or other legitimate uses, they shall be adjusted in accordance with the provisions of the second paragraph of Article 3 of the Measures for the Administration of Non-medicinal Narcotic Drugs and Psychotropic Drugs. Fentanyl substances that have been listed in the Catalogue of Varieties of Narcotic Drugs and Psychotropic Substances and the Supplementary Catalogue of Controlled Varieties of Non-medicinal Narcotic Drugs and Psychotropic Substances shall be controlled according to the original catalogue.

　　There are new rules for bringing pets into China after May Day.

　　The Announcement on Further Regulating the Supervision of Entry Quarantine of Pets will be officially implemented on May 1st. On the basis of clarifying that each person is only allowed to bring one dog or cat pet into the country at a time, the new regulations exempt three types of imported pets that have passed the on-site quarantine and have effective electronic chips from isolation and quarantine.

　　The three types of imported pets exempted from quarantine inspection include: pets from 19 designated countries or regions, namely New Zealand, Australia, Fiji, French Polynesia, Hawaii, Guam, Jamaica, Iceland, Britain, Ireland, Liechtenstein, Cyprus, Portugal, Sweden, Switzerland, Japan, Singapore, Hong Kong, China and Macau, China; Pets from other non-designated countries and regions who can provide the rabies antibody test report issued by the letter-collecting laboratory; Guide dogs, hearing dogs, search and rescue dogs and pets that can provide corresponding user certificates and professional training certificates. The rest of the pets that do not meet the requirements for exemption from quarantine inspection need to enter the country from nine designated city ports with quarantine facilities, namely Beijing Capital Airport, Beijing West Railway Station, Shanghai Hongqiao International Airport, Shanghai Pudong International Airport, Shanghai Railway Station, Shanghai International Passenger Transport Center, Wusongkou International Cruise Terminal, Urumqi Diwobao International Airport and Alashankou, and accept quarantine inspection for 30 days.

　　The residence time of individual tax residents in China has been adjusted from one year to 183 days.

　　State Taxation Administration of The People’s Republic of China recently issued the Announcement on Relevant Matters Concerning the Adjustment of China Tax Resident Identity Card. According to the announcement, since May 1st, the China tax resident identity card will be adjusted to prove relevant matters. According to the newly revised individual income tax law and its implementing regulations, the residence time of individual tax residents in China is adjusted from one year to 183 days.

　　It is reported that in combination with the reform of the national tax and local tax collection and management system and the provisions of the new individual income tax law, on the basis of the existing provisions, the following adjustments have been made: (1) adjusting the accepting and issuing organs. According to the requirements of the reform of the national tax and local tax collection and management system, the new tax authorities will inherit the duties of the original national tax and local tax authorities after listing, so the accepting and issuing authorities of the Tax Resident Certificate will be adjusted to the name of the new county tax authorities, but the procedures for accepting and applying for issuance will remain unchanged. Adjust some issues. According to the newly revised individual income tax law and its implementing regulations, the residence time of individual tax residents in China has been adjusted from one year to 183 days, so the information to be submitted when applying for issuing the Certificate of Tax Residents has been adjusted and clarified. Streamline some tax-related information. According to the newly revised individual income tax law and its implementing regulations, as well as the requirements of streamlining tax-related materials, we have streamlined the tax-related materials required to be submitted to make the tax-related materials more clear and definite. Revise and adjust the form style. According to the relevant adjustments of the announcement and institutional reform and adjustment, combined with international practice, the style of the application form and the Tax Resident Certificate will be adjusted simultaneously.

　　New local regulations:

　　Beijing: 20 3A hospitals implement "emergency classification"

　　From May 1st this year, 20 hospitals in Beijing that provide emergency services will uniformly implement emergency pre-examination, triage and grading (referred to as "emergency grading"). According to media reports, the Municipal Hospital Authority clearly pointed out that the 20 municipal 3A hospitals that provide emergency services in this city should carry out emergency pre-examination and triage in a unified way, and classify patients into "endangered, critical, emergency and non-emergency" 1-4-level hierarchical management, follow the principle of from heavy to light, from rapid change to relative stability, rationally arrange the order of patients’ visits, and give priority to treating heavier patients. Conditional hospitals should try their best to arrange the medical channels and treatment areas for patients at all levels without interference and regional management.

　　Among them, level 1 patients are in critical condition and may be life-threatening at any time, such as cardiac arrest, shock, definite myocardial infarction, status epilepticus and other symptoms, and will immediately enter the resuscitation room or rescue room for rescue; Grade 2 patients with critical or rapidly deteriorating condition and life-threatening conditions, such as severe dyspnea, lethargy, acute stroke, acute myocardial infarction indicated by ECG, active or severe blood loss, will generally enter the rescue room for treatment within 10 minutes; Grade 3 patients with acute illness and potential life threats, such as acute asthma, foreign body inhalation, dysphagia, persistent vomiting, chest and abdominal pain, mild and moderate trauma, mild and moderate bleeding, etc., will be given priority treatment before grade 4 non-emergency patients, and the waiting time is about 30 minutes; Grade 4 patients are non-emergency, and the degree of illness is general, such as mild pain without dangerous features, minor abrasions that do not need suture, follow-up visits for patients in stable recovery period, and only medical certificates are issued. Such patients will see a doctor according to the guiding order and wait for a long time.

　　Measures of Hebei Province for the Prevention and Control of Marine Pollution from Ships came into effect in May.

　　The "Measures for the Administration of Prevention and Control of Marine Environment Pollution by Ships in Hebei Province" will be implemented on May 1 this year. The measures put forward a series of management measures, such as lead seal management of ship sewage equipment, and made it clear that through establishing and improving the joint supervision system of ship pollutants receiving, transshipment and disposal, and establishing the oil spill emergency defense body and other institutional innovations, the construction of green ports will be promoted and the air pollution control in Beijing, Tianjin and Hebei will be helped.

　　It is understood that the method further clarifies the scope of application, eliminates the navigable waters of inland rivers and focuses on the ocean; The regulatory objectives extend from water to the atmosphere, covering the prevention and control of air pollution. Combined with the characteristics that Hebei sea area is located in the innermost part of Bohai Sea and the self-purification ability of seawater is weak, Hebei has incorporated the relevant requirements of lead sealing of ship sewage equipment into the measures, requiring ships sailing, berthing and operating in coastal waters of this province for more than 30 days to implement lead sealing management of sewage equipment to protect the environment of Hebei sea area to the maximum extent.

　　Nanjing: interference with bus driving can be investigated for criminal responsibility.

　　"Nanjing Road Traffic Safety Regulations" will be implemented on May 1st. The regulations stipulate that in the process of bus driving, "passengers must not abuse, beat the driver or snatch the steering wheel and other acts that hinder driving safety" and set corresponding penalties; In the process of bus driving, it interferes with traffic safety, which constitutes a violation of public security management, and shall be dealt with in accordance with the provisions of the Law of People’s Republic of China (PRC) on Public Security Management Punishment; If a crime is constituted, criminal responsibility shall be investigated according to law.

　　In addition, the regulations clarify the requirements for bus drivers to deal with unexpected situations that hinder driving safety. If passengers have behaviors that hinder driving safety, the driver shall not have a head-on collision with them, and should stop the car to a safe place in time and call the police for handling. At the same time, passengers are encouraged to participate in ensuring bus safety. "Passengers have the right to dissuade, stop and report acts that hinder bus safety."

　　"Shenyang City Motor Vehicle Parking Regulations" will be implemented in May.

　　The Regulations of Shenyang Municipality on Urban Motor Vehicle Parking will come into effect on May 1st this year. The "Regulations" clearly stipulates the shared use of parking lots and the rational use of parking resources: state organs, enterprises, institutions and social organizations with conditions can open their special parking lots for motor vehicles to the public and can use them with compensation. Residential areas in the case of meeting the parking needs of residents in the area, with the consent of the owners’ meeting and in accordance with the relevant provisions of property management, property service enterprises can open the special parking lot to the public and can implement paid use; Foreign visitors’ vehicles can be allowed to enter and park for free for a short time.

　　In order to regulate parking behavior and avoid disorderly parking, the Regulations stipulate that parking people should establish a correct parking concept: "Motor vehicle parking should comply with the provisions of laws and regulations. Parking people should establish the parking concept of parking in place, parking payment and penalty for violation of parking. " In order to solve the problem of parking resources occupied by zombie car, the Regulations clearly stipulate: "No unit or individual may park abandoned motor vehicles in urban roads, squares, public parking lots and other places. Abandoned motor vehicles parked in special parking lots shall be cleaned up by the owners themselves in time, and relevant acts in violation of the Regulations shall be punished.

　　Chengdu: The maximum fine for mixing hazardous waste with domestic garbage will be 100,000 from May.

　　The Measures for the Administration of Domestic Waste Bagging in Chengdu and the Measures for the Administration of Municipal Domestic Waste Disposal Fees in Chengdu shall come into force on May 1, 2019. According to the measures, domestic garbage generated by units and individuals should be collected by themselves, classified into garbage bags, and sent to garbage collection points according to regulations. If hazardous wastes and other wastes are mixed with domestic garbage, the maximum penalty is 100,000 yuan.

　　The method is clear, and the municipal urban management department is responsible for the supervision and management of the classified bags of domestic waste in this city. District (city) county urban management department is responsible for the supervision and management of domestic waste classification bags within its jurisdiction. Sub-district offices and town (township) people’s governments shall be specifically responsible for the management of classified bags of domestic garbage within their respective jurisdictions. In terms of supporting public construction, newly-built urban roads, residential quarters, large public buildings, bazaars, etc., the supporting domestic garbage collection and transportation facilities according to regulations should be designed, constructed and put into use at the same time as the main project. Built urban streets, residential quarters, large public buildings, bazaars and other facilities for collecting and transporting domestic garbage are not set, which shall be included in the supplementary supporting construction plan of public facilities, and shall be built by the construction, development or ownership unit within the prescribed time limit. In terms of delivery and removal, domestic garbage generated by units and individuals shall be collected by themselves, classified into garbage bags, and delivered to garbage collection points according to regulations; The domestic garbage generated by the unit shall be entrusted to a qualified environmental sanitation operation service enterprise for removal. Units with removal conditions can also organize their own removal.

　　The three major indexes of A shares fell collectively,It fell by nearly 1.4%, and the net sales of northbound funds exceeded 4 billion. On the disk, the mining industry rose sharply, and Tongyuan Petroleum, Baken Energy, Bomaike, Zhongman Petroleum and Renzhi shares rose daily. The precious metals sector strengthened, Sichuan gold rose daily, and Zhongrun resources rose by more than 8%. Diet pills, oil, gas, jewelry, aerospace and other sectors are in the forefront of the increase list. Energy metals, semiconductors, Chiplet concepts, memory chips, PVDF concepts, batteries, fluorine chemicals and passive components performed poorly, leading the market down.

　　As of the close of noon,Down 0.40% to 3075.80 points; The Shenzhen Component Index fell 0.99% to 9968.99 points; Growth enterprise market index fell 1.37% to 1969.24 points; The Science and Technology 50 Index fell 1.49% to 878.47 points. The total turnover of the two cities in half a day was 525.2 billion, and the net sales of northbound funds was 4.415 billion.

　　The closing rate of 45 shares is 67.16%.

　　In terms of daily limit stocks, as of noon closing, a total of 45 stocks had daily limit, and another 22 stocks once touched the daily limit, with a closing rate of 67.16%.

　　In terms of individual stocks, the auto sector has multiple daily limit, Shenglong shares have 15 days and 8 boards, and Jintuo shares and Beiqi Blue Valley have daily limit; Oil and gas stocks rose collectively, with daily limit of Tongyuan Oil, Beken Energy, Bomaike and Zhongman Oil. Gold stocks fluctuated and strengthened, and Sichuan gold rose daily; The concept stocks of diet pills continue to be active, and Baihua Medicine and Shuanglu Pharmaceutical have daily limit; The concept stocks of computing power fluctuated and rebounded, and Sichuan Changhong, Tongfang, and Tefa Information had daily limit; Military stocks changed in intraday trading, Morning Air rose more than 10%, and Zhongtian Rocket had a daily limit. In terms of decline, chip stocks collectively adjusted to make a good limit.

　　Northbound capital: net outflow of 4.415 billion yuan.

　　As of midday, there was a net outflow of northbound funds, of whichThe net outflow was 1.994 billion yuan, and the net outflow of Shenzhen Stock Connect was 2.421 billion yuan, totaling 4.415 billion yuan.

　　industryDirection: 370 million inflows of precious metals

　　In terms of industry funds, as of noon closing, precious metals, mining industries, etc.Ranked high, with a net inflow of precious metals of 370 million yuan.

　　In terms of net outflow, the net outflow of optical optoelectronics and semiconductors ranks high, of which the net outflow of optical optoelectronics is 3 billion yuan.

　　Transaction amount of individual stocks TOP10

　　In terms of the turnover of individual stocks, as of the close of noon, Cyrus ranked first in the two cities, with a turnover of 7.433 billion yuan; Shenzhen O-film Tech Co.,lt ranked second with a turnover of 6.678 billion yuan.

　　Today’s news

　　The adjustment and optimization of securities lending related systems is conducive to activating the market and boosting confidence.

　　On October 14th, the CSRC adjusted and optimized the system of securities lending and strategic investors’ lending of allotment shares, and tightened the securities lending and strategic investors’ lending of allotment shares in stages on the premise of keeping the system relatively stable. On the same day, the Shanghai and Shenzhen Stock Exchanges issued "On Optimizing Securities Margin Trading andThe notice on relevant arrangements for securities lending transactions further refines the relevant rules, and the increase in the margin ratio for securities lending will be implemented as of October 30, and other provisions will be implemented as of October 16. Tian Lihui, dean of the Institute of Financial Development of Nankai University, told the Securities Daily that the optimization of the securities lending system has increased the cost of securities lending, constrained the insider’s securities lending behavior, and demonstrated that the regulatory authorities are advancing with the times on the premise of respecting the market. Strengthen the responsibility and actions of "countercyclical adjustment".

　　The central bank continued to exceed 789 billion yuan, and the MLF interest rate remained stable.

　　The central bank launched a 7-day reversal of 106 billion yuanOperation and 789 billion yuan one-year MLF operation, won the bid.Both are flat, 1.8% and 2.5% respectively. Today, there are 240 billion yuan of reverse repurchase and 50 billion yuan of treasury cash deposits due.

　　40 billion! The securities industry today targeted "RRR cuts"!

　　China Securities Depository and Clearing Co., Ltd. will formally implement the arrangement of reducing the minimum settlement reserve for stock business on October 16, 2023. After the implementation, the proportion of reserve payment will be reduced from the original 16% to the expected target of 13% on average, which is nearly 40 billion yuan compared with the funds released in September.

　　Good news! ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Postal Savings Bank and Bank of Communications announced fee reduction and profit reduction.

　　In order to further guide the banking industry to support the development of the real economy and enhance people’s financial consumption experience, on October 12th, under the guidance of the regulatory authorities, China Banking Association issued the Proposal on Adjusting the Price of Some Banking Services to Improve the Quality and Efficiency of Services. Specifically, the fee reduction and profit-making projects involve bill handling fee, cost, personal deposit account statement printing fee, cost of security authentication tool, credit card transaction reminder, overpayment transfer fee, annual fee replenishment mechanism, repayment time and tolerance service mechanism, etc. As of October 13th, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, Bank of Communications, etc. have announced that they will actively respond to the initiative of China Banking Association, increase the efforts to reduce fees and make profits, and continuously optimize customers’ financial experience, but the specific implementation details and implementation time need to be announced later.

　　Pan Gongsheng, the governor of the central bank, recently voiced that monetary policy should continue to exert efforts and take advantage of the situation

　　Pan Gongsheng said that in the next step, China will pay more attention to the balance between economic growth and sustainability and actively promote high-quality and sustainable development on the basis of maintaining a reasonable growth rate. In terms of monetary policy, Pan Gongsheng said that China’s prudent monetary policy is precise and powerful, and it has intensified countercyclical adjustment, effectively responding to domestic and international risk challenges and consolidating the economic recovery. In the next step, we should continue to exert ourselves and take advantage of the situation, give full play to the dual functions of monetary policy tools, focus on expanding domestic demand, boost confidence, accelerate the virtuous circle of the economy, and provide stronger support for the real economy.

　　After the holiday, non-stop research on pharmaceutical stocks and diet pills has attracted special attention.

　　The attention of institutions to the pharmaceutical sector is increasing. In terms of funds, more than one pharmaceutical stock has boarded in the past week.Many institutions continue to increase their positions. ConggeFrom the point of view, some strategy chiefs once again listed the pharmaceutical sector as one of the key sectors in the fourth quarter. In addition, in just one week after the National Day holiday, many pharmaceutical companies have accepted dozens of well-known companies..

　　Public offering to play new music is tireless in order to enhance income.

　　Since this year, participationPublic offeringThe number of products reached 4,848, and the total amount allocated reached 46.056 billion yuan, of which 74% of equity funds in the whole market participated.. The market continues to fluctuate, and innovation is considered to be one of the important ways for Public Offering of Fund to obtain low-risk absolute returns. The data shows that dozens of small-scale funds this yearFor itContributed at least 2 percentage points of income.

　　The latest shareholding exposure of social security fund! Appeared in a number of A-share companies favor these stocks.

　　With the disclosure of the third quarterly report of listed companies in 2023,The fund’s position trend also shows the tip of the iceberg. The latest three quarterly reports that have been disclosed at present show that social security funds have appeared in the top ten of a-share listed companies in the third quarter of this year.Among them, companies with relatively stable operation and performance are generally favored.

　　Institutional point of view

　　Guosheng Securities: It is expected that the demand for home furnishing in the peak season of "Golden September and Silver 10" will continue.

　　Guosheng Securities Research Report pointed out that household consumption recovered during the 11th period, and the growth of Q4 leader is expected to accelerate. All home stores have started the "home rejuvenation consumption season" nationwide, and all regions have actively cooperated with the government to issue and undertake electronic coupons. We expect that the demand in the "Golden September and Silver 10" peak season will continue, and there is still room for improvement in the demand of first-and second-tier cities under the catalysis of policies, and the growth of home leading performance is expected to accelerate under the low Q4 base.

　　Guotai Junan: The siphon effect in the beauty industry is further enhanced.

　　Guotai Junan Research Report pointed out that the siphon effect of the beauty industry was significant in 2023, and it is expected that the growth rate of the Double Eleven will improve. Under the background of slow recovery of the consumption market, consumers tend to concentrate on buying when the big promotion discount is strong, so the siphon effect of the beauty market in 23 years has been further enhanced. Specifically, the growth rate of brands in Q1 and Q3 has dropped significantly in the off-season, but the head beauty companies in Q2 have made marginal improvements under the catalysis of 618. We expect that the beauty industry is expected to see an improvement in growth rate under the catalysis of the annual big promotion and double eleven.

　　Dongguan Securities: The pharmaceutical sector is at a relatively low valuation in the past decade, and the sentiment of the sector continues to pick up.

　　Dongguan Securities Research Report pointed out that the over-allocation rating of the pharmaceutical and biological industries should be maintained. The diet medicine industry chain has driven the plate sentiment to continue to pick up. In the sub-edition, GSK is the exclusive agent of Zhifei Bio.The heavy products of herpes zoster are good for stimulation, and the vaccine sector is among the top gainers this week. At present, the pharmaceutical sector is at a relatively low valuation in the past decade, and the sentiment of the sector continues to pick up. We can be moderately optimistic about the current position of the sector, and follow-up suggestions are to pay attention to structural opportunities such as diet pills industry chain, innovative drugs and medical services. The concerned sectors include medical equipment: Mindray Medical, UIH Medical and Australian-Chinese Endoscopy. Pharmaceutical business: Yifeng pharmacy, Dashenlin, Yinxintang. Medical beauty: Aimeike, Huadong Medicine, etc. Chinese medicine: China Resources Sanjiu, Tongrentang, Yiling Pharmaceutical; Innovative drugs: Hengrui Pharma, Huadong Medicine, etc.

　　Zheshang Securities: It is expected that monetary policy will continue to be loose.

　　Zheshang Securities Research Report pointed out that the total amount of credit was stable in September, but the resilience of the structure was relatively weak. We believe that China’s economy is still in a weak repair period, and credit data is still driven by "supply". Relevant policies are still needed to continue to pull "demand". As of September, we estimated that the excess savings balance of residents was 7.27 trillion yuan, an increase of about 93.7 billion yuan over the previous month, and continued to accumulate. In September, both the growth rates of M2 and M1 dropped, and the growth rate of M1 dropped to 2.1%, which means that the economic vitality still has room for repair. Generally speaking, we expect monetary policy to continue its loose tone, but the broad currency may converge and the focus will shift to broad credit. For large-scale assets, it is expected that China’s fundamental policies may be gradually strengthened, stocks attach importance to cyclical investment opportunities, and bonds remain volatile.

　　Ping An Securities: Structural warming characteristics are heating up.

　　Ping An Securities Research Report pointed out that A shares continued to consolidate last week, and the performance of electronics and automobile industries was relatively dominant, with obvious structural recovery characteristics. On the whole, although the short-term overseas risk disturbance still exists, the direction of marginal improvement of domestic economy and sustained efforts of policies has not changed, and the cost-effectiveness ratio of A-shares that have been adjusted to the relatively bottom area will gradually emerge in global risk assets. Structurally, it is suggested to continue to pay attention to the pro-cyclical dividend strategy, the pharmaceutical sector with a warmer market sentiment, the automobile sector with a rebound and transformation, and the TMT sector under the wave of technological trends.

　　CITIC Securities: Continue to pay attention to Huawei’s industrial chain and the "Kunpeng+Shengteng" ecology.

　　Citic Securities Research Report pointed out that overall, the global semiconductor boom has gradually bottomed out in Q2 this year. In September, the launch of Huawei+Apple’s new machine is expected to drive a new wave of rotating machines, and Q3 will start to consume electronics or enter the traditional peak season. The bottom of the memory chip cycle is clear, and DRAM/NAND welcomes the price increase; The performance of digital chips is divided, the downstream demand such as mobile phones and PCs is gradually recovering, and the demand related to AI is in an explosive growth stage; Analog chips are still waiting for the recovery of downstream demand, and the industry is under short-term pressure. Breakthroughs in core "stuck neck" links such as chips also boosted market confidence. In the short and medium term, it is suggested to continue to pay attention to Huawei’s industrial chain and the "Kunpeng+Shengteng" ecology. In the long run, the upstream high-end equipment, parts and materials will be the most direct beneficiaries of domestic alternative logic. Follow-up should continue to pay attention to Huawei’s shipments, chip yield, orders and further restrictions in the United States.

　　GF Securities: Social integration was acceptable in September, and it is expected to continue to be repaired this year.

　　GF Securities Research Report said that the current market pricing impact clues are more complicated and diversified; Objectively speaking, the social integration data in September is still relatively positive. Looking back, the total amount of social integration still has the kinetic energy to be further repaired during the year. First, the central bank’s meeting on August 18th explicitly demanded that "major financial institutions should take the initiative and increase the lending, and state-owned banks should continue to play a pillar role", which is obviously different from the "moderate total amount and steady pace" at the beginning of the year. Second, corporate bonds have a low negative feedback base in the bond market in the fourth quarter of last year; The third is the stock mortgage.After the adjustment, the early repayment behavior of residential departments may be reduced; Fourth, a new round of debt securitization may bring about some social integration increments. The social financing structure may also be optimized, and long-term loans in the enterprise sector may be affected by debt conversion, but the actual financing demand should not be too bad in the environment of profit recovery and centralized issuance of special bonds.

　　China CITIC Construction Investment Co., Ltd.: Huawei’s cross-border orders continue to exceed expectations, and related industrial chains are expected to benefit.

　　Citic Jiantou pointed out that the latest data of the Association showed that the wholesale sales volume of passenger cars in September was 2,451,700, +6.8% year-on-year and+9.6% quarter-on-quarter; Retail sales were 2,018,500 vehicles, up +5.0% year-on-year and+5.0% quarter-on-quarter; The wholesale of new energy passenger cars was 829,000, +23.0% year-on-year and +4.2% quarter-on-quarter, corresponding to the electrification penetration rate of 33.81%; On September 25-30, it retailed 128,600 vehicles, which was-5% year-on-year; Wholesale 153,500 vehicles, -6% year-on-year, and the wholesale end weakened slightly year-on-year. Recently, the new M7, Tucki G9, Zhiji LS6 and other models have been put on the market, and the price bands have dropped significantly. Among them, the new M7 car in the world of inquiry has a high degree of attention. On October 6th, the world of inquiry revealed that it had definitely exceeded 50,000 units, because its own products were strong and coincided with the high attention of Huawei’s mobile phone brand, and the M7 car in the world of inquiry spread in circles. The order of the intelligent driving version exceeded 60%, and the user’s cognition and acceptance of high-level intelligent driving was significantly improved. The automobile supply chain in Wenjie is improving its production capacity, and the parts with high value and high share are expected to benefit.

　　CICC: Focus on three main investment lines in combination with the results of the third quarterly report.

　　The research report of CICC believes that three main investment lines should be paid attention to in combination with the performance of the third quarterly report. As the profitability of listed companies is expected to improve marginally, compared with the first half of the year, it is suggested to increase the allocation weight in the fields of performance cashing and fundamental improvement. At present, high-growth areas are still relatively scarce, so it may be an important investment idea to grasp the fundamental inflection point and repair elasticity. In the stage of performance forecast and report disclosure of the third quarterly report, we should focus on: 1) the booming areas where the performance of the third quarterly report may exceed expectations or improve month on month. 2) The sub-sectors of scientific and technological growth that conform to new technologies and trends and have industrial catalysis, such as communications, semiconductors, consumer electronics, etc., which are expected to benefit from industrial autonomy and their own industrial prosperity improvement, and the pharmaceutical organisms that have been adjusted more in the early stage and have marginal mitigation expectations in industrial policies are also worthy of attention. 3) The improvement of demand, the improvement of supply pattern such as inventory and production capacity, and the areas with strong performance flexibility are worthy of attention, such as liquor, auto parts and upstream resource industries.

　　Donghai securities: All-vanadium flow battery meets the development opportunity

　　Donghai securities Research Report pointed out that the safety of energy storage power stations requires the development trend of superimposed long-term energy storage, and all-vanadium redox flow batteries meet the development opportunity. The high installed capacity of wind and solar energy has improved the demand of new power system for consumption, peak regulation and frequency modulation, superimposed with the implementation of relevant domestic storage policies, and the long-term trend of energy storage has become increasingly clear, and the long-term energy storage route such as all-vanadium redox flow battery has a good opportunity for development. At present, the life cycle cost of vanadium battery is better than that of lithium battery and sodium battery. Marginal cost decreases with the length of energy storage, and the cost advantage is prominent in the long-term energy storage market. In addition, the construction period of vanadium battery is short, the floor space is small, the site selection is not limited by natural resources, and it can flexibly adapt to all sides of the source grid load and has stronger adaptability to wind and solar installations. At present, the industrial chain of vanadium batteries has basically formed, and the market demand needs to be released urgently.

　　Hua Fu Securities: The quarter-on-quarter improvement of some tracks in the chemical industry is worth looking forward to

　　Hua Fu Securities Research Report pointed out that the third quarterly report was disclosed in October, and the quarter-on-quarter improvement of some tracks in the chemical industry is worth looking forward to. Looking to the future, it is necessary to actively grasp the profit release and high profit under the background of high prosperity of traditional energy (coal-crude oil)The high dividend effect brought by low valuation, while actively tracking the changes in the sub-track. It is suggested to pay attention to: 1) energy security: China’s special estimate, abundant cash flow & stable dividends; 2) Middle and lower reaches: refining and chemical industry, tires, chemical fiber, fluorine chemical industry, coal chemical industry, agrochemical products (leading compound fertilizer), membrane materials, real estate infrastructure materials (alkali, titanium dioxide, silicone rubber, paint, etc.), modified plastics, dyes, civil explosives and surfactants; (3) New materials: high-end polyolefins and catalysts, aerogels, high-end carbon black, OLED luminescent layer materials, semiconductor and lithium battery materials, aviation and special ship materials, sweeteners and bio-based materials.

　　Orient securities: The medical demand is rigid, and the long-term trend of the industry is improving.

　　Orient securities Research Report pointed out that in the long run, medical insurance fee control and normalized centralized purchasing will continue, and enterprises need to choose new varieties and fully grasp the clinical needs. Therefore, we are optimistic about enterprises with real innovation ability, and suggest focusing on the demand opportunities at the product end. In terms of medical devices, the conventional diagnosis and treatment continues to resume the marginal relaxation of the superposition policy, and the plate is expected to usher in Davis’ double click. It is recommended to pay attention to Mindray Medical, Sanyou Medical and Bairen Medical. In terms of innovative drugs, research and development continue to be promoted under strict review, and attention should be paid to cutting-edge clinical progress. It is suggested to pay attention to Hengrui Pharma, Jingxin Pharmaceutical and Kangchen Pharmaceutical. In terms of CXO, the industry prosperity is expected to improve marginally, which has the bottom investment value. It is suggested to pay attention to Sunshine Nuohe, Wuxi PharmaTech and Kanglong Chenghua.

　　Open source securities: coal prices fluctuated at a high level, and stable performance and high dividends made the valuation cost-effective prominent.

　　The open source securities research report pointed out that we maintain the logical recommendation of high winning rate and high margin of safety for the coal sector, and both offensive and defensive: from the perspective of high winning rate, high dividends have gradually been favored by capital market funds, and high dividends for coal enterprises have become a major trend; At present, the steady growth policy is introduced and exceeds expectations, and coal stocks will also become offensive varieties. As an upstream resource link, it will inevitably be boosted by downstream demand, reflecting the price increase. In terms of safety, we believe that the valuation of coal stocks has been at the bottom of history, PE valuation is 5-6 times of the performance in 2023, and the PB-ROE method is used to analyze that coal stocks have a high ROE, but Pb is greatly discounted, and the value of coal enterprises is underestimated. Beneficial targets with high flexibility, high dividends and growth: mountain coal international, Yankuang Energy and Shanxi Coking Coal; Beneficial targets of steady and high dividends: China Shenhua and Shaanxi Coal Industry.

　　Guohai Securities: Adhere to AIGC Main Line+Cinema Line+Low Valuation Main Line.

　　Guohai Securities Research Report pointed out that there was a temporary adjustment in September due to the poor box office performance caused by the empty window of supply and the expected landing of the interim report. The economic recovery is superimposed on the emotional recovery of watching movies, optimistic about the performance elasticity of the film and television sector; The normal distribution of the game sector and the new product cycle are expected to release profits. At the present stage, we are still optimistic about the application of AIGC in the media industry. Media companies have the advantages of users, scenarios and data. In the future, cooperation with large model manufacturers is expected to improve content production efficiency, enhance experience, accelerate industry innovation, and continue to pay attention to the application development of games, IP, marketing, e-commerce, education, film and television. At present, we adhere to the strategy of AIGC mainline+cinema line+low valuation leading stock selection. We believe that AIGC is expected to bring a new round of content productivity revolution.

　　Shanxi securities: optimistic about the performance of gold and jewelry enterprises in the third quarterly report

　　Shanxi Securities Research Report pointed out that from the report point of view, we continue to be optimistic about the performance of gold and jewelry enterprises in the third quarterly report, driven by the Qixi Festival in August and the franchisees actively stocking in September. From the perspective of follow-up demand, after a short-term rapid decline, gold prices have started to rebound, and both international gold prices and domestic gold prices have rebounded. Continue to be optimistic about the relative prosperity of the gold and jewelry industry in optional consumption. In the medium and long term, we are still optimistic that the progress of gold technology will continue to stimulate young consumers to satisfy their needs. It is suggested to pay active attention to Zhou Dasheng, Lao Fengxiang and Chao Hongji.

　　Central china securities: Pay attention to the film and television, games and advertising sectors with rising prosperity.

　　Central china securities Research Report pointed out that the overall performance of the media sector rebounded in the first half of the year, and the fundamentals showed an improvement trend. Although some sub-sectors once experienced short-term performance pressure, there is a greater possibility of improvement in the future. Q2′ s film, television, advertising and book sales have been well restored. At the same time, since the end of Q2, the market scale of film, television, advertising and games has improved, and the demand for cultural consumption and advertising has rebounded, which is expected to support the performance of Q3′ s media sector and continue into Q4. In the medium and long term, we will continue to pay attention to the new changes brought by AIGC technology to the industry, including the changes of content production mode, the innovation of commercial realization mode, the revaluation of industrial chain value and the changes of competition pattern. It is suggested to pay attention to the film and television, games, advertising and publishing sectors with strong defensive attributes, and pay attention to the performance of key companies in the third quarter recently disclosed.

　　China Post Securities: The short-term A-share environment is intertwined and will continue to fluctuate and grind the bottom.

　　China Post Securities pointed out that short-term A-shares will continue to fluctuate and grind to the bottom in the face of mixed environment. The industry configuration recommends the scientific and technological direction represented by electronics, automobiles and medical biology, and can pay attention to bank insurance in the short term. The fundamentals of the domestic economy are improving, but the trend of strong recovery has not yet been determined. We will continue to recommend the science and technology sectors with improved winning rate due to risk preference, mainly including automobiles and electronics related to Huawei’s smart driving concept, as well as medical organisms driven by the development trend of diet pills industry and key products going out to sea. Bank insurance will have a certain comparative advantage in short-term because of the public increase in Huijin’s secondary market and overseas risks. In the medium and long term, it is suggested to pay attention to three main lines. The first category is the target related to the decline in the potential growth rate of macro-economy and the decline in macro-economic capital expenditure, which mainly corresponds to high dividend assets. The second category is the science and technology sector with independent research and development as the main line, such as Huawei’s industrial chain and semiconductor equipment. The third category is the global distribution enterprises deeply involved in the global industrial division of labor, such as consumer electronics, automobiles, medicine and machinery.

On April 4th, this year, the eighth day of the third lunar month was Tomb-Sweeping Day. As far as TCM health care is concerned, Qingming Festival is an important period of health care in a year. After Tomb-Sweeping Day, everything stretches. Chinese medicine believes that people should be at four o’clock, and everything grows in spring, so does the body.

When everything grows, it is clean and bright, so it is called Qingming.The Paper reporter Wang Xiqing　

So what aspects should we pay attention to during the Qingming period? Zheng Min, deputy director of the Department of Endocrinology, Yueyang Hospital of Integrated Traditional Chinese and Western Medicine affiliated to Shanghai University of Traditional Chinese Medicine, gave detailed answers to readers from the aspects of disease prevention, diet and daily life.

[Hou] When sweeping sacrifices for an outing,

"When I was 100 questions" said: "When everything grows, it is clean and bright, so it is called Qingming." Every Qingming, the climate is warm, the sun is shining, the willow is green and pink, and the vitality is infinite. It is the most refreshing solar term among the 24 solar terms. In the south of the Yangtze River, it rains in succession during the Qingming Festival. At this time, it is cloudy and sunny, and abundant water can meet the needs of crop growth.

In the history of China, Tomb-Sweeping Day Qi has its own particularity. The Cold Food Festival and Shangsi Festival were both around the Qingming Festival, and the three festivals gradually merged into one.

Shangsi Festival, commonly known as March 3, is rich in content, with customs of cleaning yourself, spring outing in the suburbs, and love between men and women. According to legend, March 3rd is the birthday of the Yellow Emperor. In the Central Plains, there is "February 2nd, the dragon rises; On March 3, I was born in Xuanyuan. In the ancient Shangsi Festival, people feasted at the water’s edge and had a spring outing in the countryside. Shangsi Festival is also the "Valentine’s Day" in China. At this time, it is the day when "a woman is in love with her, and a lucky girl will seduce her". On this day, young men and women go for a spring outing in the suburbs, and the government even encourages men and women to have sex and regard this day as a good day for matchmaking between heaven and earth. "Zhou Li. Media’s": "The mid-spring moon makes men and women meet, so when it comes, runners can’t help it." Later, on Shangsi Festival, sacrificial feasts and meandering water were added. At the beginning of late spring, Wang Xizhi, a book sage, gathered with friends in Lanting, and wrote the preface to Lanting, the world’s first running book.

The Cold Food Festival is also a day or two before Tomb-Sweeping Day, which is a custom formed by ancient people changing fire in spring. The ancestors drilled wood for fire, and the fire was hard to come by. Every early spring, when the weather is dry, people’s saved kindling is easy to cause fire, and spring thunder is also easy to cause mountain fires. At this time, the ancients put out all the kindling handed down from the previous year, and then drilled out a new fire in a few days, which is called "changing the fire" and "inviting a new fire".

In the days without fire, people can only live on cold food, that is, cold food. In the poem of Wei Zhuang, a poet in the Tang Dynasty, the phenomenon of forbidding fire in cold food and taking fire in Qingming is: "Thousands of snows bloom in cold food, and millions of cigarettes are produced in Qingming fire."

In addition to the prohibition of cold food by fire, cold food also has the custom of sweeping graves. People regard sweeping graves on the Cold Food Festival as a festival to return to the roots and pursue the religion with caution. Because Qingming is close to the Cold Food Festival, people often postpone sweeping graves until Qingming. In the Tang Dynasty, the Cold Food Festival and Tomb-Sweeping Day became one.

This season, there is not only the feeling of pursuing the distance carefully, but also the ecstasy of where will you go, the atmosphere of enjoying spring and the vivid scene of fresh and bright. Du Muyou, a Tang Dynasty poet, said, "It rains a lot during the Qingming Festival, and pedestrians on the road want to break their souls. Ask the local people where to buy wine and worry? The shepherd boy pointed to Xinghua Village. " The Riverside Scene at Qingming Festival depicts the Qingming scene in the prosperous period of the Song Dynasty.

Step in the spring to prevent allergies

Zheng Min, deputy chief physician, reminded us that during the Qingming period, there may be cold in late spring, susceptible to cold, and at the same time, it will enter a rainy season. At this time, it is prone to dampness, and many bacteria and viruses have entered the breeding period, which is easy to spread various infectious diseases.

For the elderly and children with weak disease resistance, they should strengthen their health, benefit qi, dispel wind and dampness, strengthen their physique, pay attention to personal hygiene and environmental hygiene at the same time, wash their hands and change clothes frequently, often open windows and ventilate at home, and seldom go to public places to reduce the generation of germs, thus reducing the risk of infectious diseases.

Spring is closely related to the liver and wood in the five elements, and wood makes a fire, and fire is the heart, so this festival is easy for the heart to flourish. It is easy to induce hypertension when you are depressed and too angry. Therefore, people suffering from hypertension and other cardiovascular diseases should pay attention to control their emotions, keep their emotions comfortable and prevent blood pressure from fluctuating too much.

Liver wood hurts gold, and gold is lung, so this solar term should also pay attention to prevention of respiratory diseases. During the Qingming Festival, spring blossoms, and the excessive accumulation of oily and polysaccharide substances in pollen into the human respiratory tract causes allergies. Therefore, for friends with allergies, special attention should be paid to staying away from pollen or preparing a mask for emergencies.

Qingming is a good time to go for an outing. Under the premise of fully considering one’s own illness and combining one’s hobbies, one should do what one can and make a reasonable choice. People who are less active need to do exercise according to their abilities and should not be too big. When the elderly are active, their heart rate should be controlled within 100 beats/min, and their breathing should be controlled within 24 beats/min. Young people can relax their requirements appropriately, and it is more suitable to choose hiking and jogging.

Patients with heart disease, hypertension, acute and chronic bronchitis, emphysema, nephritis, anemia, tuberculosis, fever, acute infection, and patients in the active stage of calculus should not engage in excessive exercise such as mountaineering, swimming and running.

After Tomb-Sweeping Day, the climate becomes warmer, which makes people feel physically and mentally tired and sleepy. This is called spring sleep. Here, before getting up every morning, we can insist on sitting for a few simple actions, which will not only help us to be energetic all day, improve work efficiency, but also help us to strengthen our physical fitness.

Rub your face: after opening your eyes in the morning, rub the "Yingxiang point" next to your nostrils with your middle fingers for several times at the same time, then rub it up to your forehead, then separate it to both sides, and rub it down along your cheeks until the cheeks meet. Rubbing face for 20 times can promote facial blood circulation, and increase the effects of facial skin on resisting cold, refreshing brain and preventing colds.

Play the brain: sit on the bed and press the palms of your hands against your ears respectively. Flipping the back of the skull with the index finger, middle finger and ring finger, 3~4 times every morning, can relieve fatigue, prevent dizziness and enhance hearing.

Shepherd’s purse can benefit the liver

Zheng Min, deputy chief physician, reminded that during the Qingming period, the kidney qi is getting weaker, the heart qi is getting stronger, the liver qi is flourishing, and the climate is rainy and humid. Therefore, Qingming should pay attention to the following points in its diet.

Qingming should not eat too much "fat" food, such as bamboo shoots and chicken. Bamboo shoots are cold, slippery and gas-consuming. "Materia Medica from the New" says: "People who eat more bamboo shoots will cause more diseases", that is, people who have a long illness will have more qi deficiency, and eating bamboo shoots will more easily damage their qi and induce disease attacks. Spring is the season of hyperactivity of liver-yang, and eating chicken is easy to move wind and help liver fire, which will easily lead to the recurrence of chronic hepatitis, hypertension and other diseases.

Qingming should eat more foods that soften the liver and nourish the lungs, such as shepherd’s purse, spinach and yam. Shepherd’s purse can benefit the liver and the middle energizer, spinach can benefit the five internal organs and promote blood circulation, and yam has the function of strengthening the spleen and tonifying the lung.

Qingming can take some proper nourishing products, such as tremella, which can moisten the lungs and produce fluid, nourish the yin and soften the liver. In the rising season of spring, taking tremella often can receive the effect of softening the liver and nourishing the lungs.

In addition, you can eat more leek, which is warm and rising in hair. It is a tonic in spring, which can increase the gastrointestinal peristalsis of human body, play the role of blood vessel scavenger, tonify liver and kidney and increase the body’s resistance, but it is not suitable for "warming up" or those who have accumulated fire and phlegm.

[Fang] Spring vegetables are used in medicinal diet.

The expert of medicinal diet in Shanghai Hospital of Traditional Chinese Medicine recommended two kinds of medicinal diets suitable for spring.

Stir-fried mushroom with lily:

Ingredients: 50 grams of lily, 100 grams of celery, 30 grams of mushrooms, 30 grams of mushrooms, and appropriate amount of auxiliary materials.

Practice: Wash the lily without removing the coating film, wash and slice the rest mushrooms, stir-fry the mushrooms in the oil pan first, then add auxiliary materials, appropriate amount of water and lily to cook slightly, and add seasoning to serve.

Efficacy: Lily is sweet and cold in nature, which can nourish yin and moisten lung, clear heart and soothe the nerves. It is used for chronic cough due to yin deficiency, blood in phlegm, vexation and fright, insomnia and dreaminess. This medicated diet lily is crystal-clean, delicious, and has the effects of resolving phlegm, moistening lung and enhancing immunity. Note that lily coating has pharmacological effects, so it is generally not necessary to undress, and it can be seasoned when cooking.

Malan mixed with wolfberry fruit:

Ingredients: 100 grams of Malantou, 5 to 10 grams of Lycium barbarum, and proper amount of seasoning.

Practice: After washing and blanching Malan leaves, squeeze them into cold boiled water and cut them into powder. The cold boiled water in the head of Lycium barbarum is slightly swollen for use. Add appropriate amount of salt, seasoning and sesame oil to the end of Malantou, and then sprinkle with Lycium barbarum.

Efficacy: red and green, fresh and sweet. Clearing heat and moistening skin, nourishing liver and improving eyesight. Spring in the south is the season when Malantou is listed. Using Lycium barbarum directly in cold salad can not only increase the color, but also protect the nutrients in Lycium barbarum from high temperature damage. This is a delicious and refreshing diet cold dish. Note that people with spleen and stomach deficiency and cold should not use it more.