Securities firms' morning meeting highlights | There is indeed a possibility of further reducing the interest rates on existing home loans.

Yesterday, the market fluctuated and rebounded throughout the day, with the ChiNext Index leading the gains. Overall, more stocks rose than fell, with nearly 4000 stocks in the market rising. The turnover of the Shanghai and Shenzhen stock markets was 534.8 billion, a decrease of 24.6 billion from the previous trading day. In terms of sectors, e-commerce, mobile payments, pharmaceutical business, and online ride-hailing sectors led the gains, while the battery, coal, dye, and foldable screen sectors led the declines. At the close of yesterday, the Shanghai Composite Index rose 0.14%, the Shenzhen Component Index rose 0.28%, and the ChiNext Index rose 0.65%. During today's securities morning meeting, Tianfeng believes that there is indeed a possibility of further reducing the interest rates on existing housing loans; China Securities Co.,Ltd. believes that the hydrogen energy industry is currently in an investment stage driven by valuation rather than EPS. Tianfeng: There is indeed a possibility of further reducing the interest rates on existing housing loans Tianfeng stated that considering the latest housing loan policies and interest rate changes this year, there is indeed a possibility of further reducing the interest rates on existing housing loans. Considering the actual impact of reducing the interest rates on existing housing loans in 2023, it is expected that the negative impact on the bond market will be limited. Whether the market's attention to the potential positive impact of reducing the interest rates on existing housing loans combined with interest rate cuts on the bond market needs to be further considered in conjunction with the normalization of central bank supervision and curve management. China Securities Co.,Ltd.: The hydrogen energy industry is currently in an investment stage driven by valuation rather than EPS China Securities Co.,Ltd. stated that from the perspective of industrial development stages, the hydrogen energy industry is in the early stage of industrialization, where demand for production, storage, transportation, and use is starting under policy drive, and the economic inflection point is still on the left side. The industry penetration rate is low. The stage of the industrial chain determines the relatively poor profitability, as each link has not yet entered standardized, automated production, and costs cannot be amortized on a large scale. Therefore, the industry is currently in an investment stage driven by valuation rather than EPS. Finding the maximum direction of demand elasticity at different stages of industrial development, choosing sectors and targets that have advantages in value distribution and market share improvement (including localization) is crucial for tracking industry prosperity and stock selection in this stage. This article is reprinted from "Cai Lianshe". GMTEight editor: Chen Xiaoyi.