Brokerage Morning Meeting Highlights | Finding Structural Highlights through Third Quarter Reports

Last Friday, the market experienced a volatile adjustment, with all three major indexes falling more than 2% during the day. The turnover of the Shanghai and Shenzhen stock exchanges was 1.94 trillion, an increase of 69 billion from the previous trading day. In terms of sectors, precious metals, and gas sectors saw the highest increase, while sectors such as power grid, photovoltaic, wind power, and controlled nuclear fusion saw the biggest decrease. By the end of last Friday's trading session, the Shanghai Composite Index fell by 1.95%, the Shenzhen Component Index fell by 3.04%, and the ChiNext Index fell by 3.36%. At today's brokerage morning meeting, Huatai stated that in the long term, the US banking industry still faces pressure to consolidate; CITIC SEC pointed out that the release of the plan to double the number of charging facilities in three years solidifies construction expectations; CICC proposed finding structural highlights through the third-quarter report. Huatai: In the long term, the US banking industry still faces pressure to consolidate Huatai stated that recent credit risk events at two regional banks in the United States have caused market turmoil. Huatai believes that the rapid expansion of the US private credit market and the credit quality issues related to commercial real estate that were previously lackluster warrant attention. However, at present, US corporate cash flow is healthy overall, the banking system is liquid, and the volume of related credit assets is not large, and the overall risk of credit risk spreading in US banks is controllable. However, in the medium to long term, the large number of small and medium-sized banks in the United States, in an environment where deposit costs are structurally rising, mean that a large number of small and medium-sized banks with homogeneous competition and inadequate risk control will have relatively higher asset quality risks, and their business models will face challenges in the medium term. In the long term, the US banking industry still faces pressure to consolidate. CITIC SEC: Plan to double the number of charging facilities in three years released, solidifying construction expectations CITIC SEC pointed out that the National Development and Reform Commission, the Ministry of Industry and Information Technology, and six other departments jointly released the "Three-Year Doubling Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025-2027)", proposing to build 28 million charging facilities nationwide by the end of 2027, and adding 1.6 million DC charging guns in cities nationwide, including 100,000 high-power DC charging guns, promoting business model trials such as "uniform construction and service of residential area charging" and vehicle-network interaction. CITIC SEC believes that the policy goals are relatively mild and cautious, cementing the future two-year goal of building charging infrastructure, providing trials and support for various new operating ecosystems. They recommend focusing on leading operators and equipment suppliers. CICC: Finding structural highlights through the third-quarter report CICC believes that current internal growth expectations are relatively flat, and the escalation of Sino-US tariffs increases external uncertainties. During the performance disclosure period, investors may focus more on fundamental trends and find structural highlights through the third-quarter report. Key areas to focus on during the performance disclosure phase include: 1) areas of performance highlights in the third quarter, such as the gold sector, the TMT sector benefiting from AI boom, and non-bank finance. 2) High-boom opportunities not highly correlated with economic cycles and external risks, such as the AI industry chain, as well as white home appliances, construction machinery, and power grid equipment with sufficient overseas production capacity and trade orientation towards non-US economies. 3) Industries that are the first to achieve supply-side clearance in a mild recovery environment, including industrial metals, lithium batteries, innovative drugs, commercial vehicles, rail transit equipment, and railways and highways. This article is republished from "Cai Lianshe", GMTEight edited by: Li Fo.