Hengke index's afternoon increase expanded to 6%, with a nearly 16% increase for the month. As for constituent stocks, network technology stocks rallied across the board today.$BILIBILI-W (09626.HK)$up nearly 10%,$JD-SW (09618.HK)$Surging more than 9%.$BABA-W (09988.HK)$Increased by nearly 8%.$BIDU-SW (09888.HK)$Electronic component producer, KEMET, rose nearly 7% this week.
On other fronts, mainland real estate stocks collectively surged. $CHINA VANKE (02202.HK)$Please use your Futubull account to access the feature.$SUNAC (01918.HK)$ Many stocks rose over 17%, $CHINA RES LAND (01109.HK)$ rising more than 15%.
Dining and other consumer stocks take the lead in charging forward, $HELENS (09869.HK)$ rising more than 42%, $XIABUXIABU (00520.HK)$ rising nearly 33%, $HAIDILAO (06862.HK)$ rising more than 15%.
On the news front, the Political Bureau of the CPC Central Committee held a meeting on September 26 to analyze and study the current economic situation and deploy the next economic work. The meeting emphasized the need to increase the counter-cyclical adjustment of fiscal and monetary policies, ensure necessary fiscal expenditures, and effectively carry out grassroots 'three guarantees' work. It is necessary to issue and utilize ultra-long-term special national bonds and local government special bonds, better leverage the role of government investment driving. Measures such as reducing the reserve requirement ratio and implementing effective interest rate cuts should be taken. The meeting also pointed out the need to introduce a private economy promotion law to create a favorable environment for the development of the non-public sector economy.
The meeting points out that the basic fundamentals of China's economy, the broad market, strong resilience, and great potential have not changed. At the same time, some new situations and problems have emerged in the current economic operation. It is necessary to comprehensively, objectively, and calmly view the current economic situation, face difficulties, strengthen confidence, effectively enhance the sense of responsibility and urgency in performing economic work. It is important to focus on key areas, take proactive actions, effectively implement existing policies, intensify efforts to introduce new policies, further enhance the targeted and effective nature of policy measures, and strive to achieve the annual economic and social development goals.
The meeting emphasized the need to increase the intensity of counter-cyclical adjustments in fiscal and monetary policies, ensure necessary fiscal expenditures, and effectively carry out grassroots "three guarantees" work. It is necessary to issue and use ultra-long-term special national bonds and local government special bonds well, better play the role of government investment driving, reduce the deposit reserve ratio, and implement effective interest rate cuts. It is necessary to promote the stabilization of the real estate market, strictly control the increment, optimize the stock, improve quality in commodity housing construction, increase the intensity of loans for "white list" projects, and support the revitalization of idle land. It is necessary to address public concerns, adjust housing purchase restrictions, lower interest rates for existing housing loans, expedite the improvement of land, finance, tax, and other policies, and promote the establishment of a new model for real estate development. Efforts should be made to boost capital markets, vigorously guide medium and long-term funds into the market, eliminate barriers for social security, insurance, wealth management, and other funds to enter the market. To support the merger and reorganization of listed companies, steadily advance the reform of public funds, and explore the formulation of policy measures to protect small and medium investors.
CSC's Chief Strategy Officer, Chen Guo, stated in a post that the signal to revitalize the economy is very strong today and also specifically mentioned efforts to boost the capital markets, inspire confidence, and form a dual bullish impact on the profit and valuation of the stock market. It is expected that both A-shares and Hong Kong stocks will take it to the next level.
Guoyuan Securities International believes that due to the market liquidity easing brought about by interest rate cuts, it is conducive to the flow of international capital towards higher-risk preference assets. Currently, the valuation of Hong Kong Internet sector stocks is at historical lows. In the future, performance growth will be driven by cost reduction, efficiency improvement, and technological upgrades, further enhancing the safety margin. This continuous enhancement of attractiveness to funds.
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