Brokerage Morning Meeting Highlights | Public Offering New Issuance Volume Focuses on High-Quality Financials

Market weak shock yesterday, the three major indexes turned red in mid-day trading and then fell back. The turnover of the Shanghai and Shenzhen markets was 1.67 trillion yuan, and the trading volume further contracted, shrinking by 206 billion compared to the previous trading day, falling below 1.7 trillion for the first time since August 5. In terms of sectors, oil and gas, engineering machinery, wind power equipment and other sectors performed well, while precious metals, coal, batteries and other sectors fell. As of the close yesterday, the Shanghai Composite fell 0.07%, the Shenzhen Component Index fell 0.62%, and the ChiNext Index fell 0.79%. At today's securities morning meeting, China Securities Co., Ltd. stated that it is recommended to pay attention to high-quality construction companies in Shanghai; Huatai pointed out that the new issuance volume is watching high-quality finance; Tianfeng believes that the possibility of lowering the LPR this year is unlikely. China Securities Co., Ltd.: Recommend paying attention to high-quality construction companies in Shanghai China Securities Co., Ltd. pointed out that Shanghai released the "Action Plan to Promote the High-Quality Development of the Construction Industry in Shanghai and Accelerate the Cultivation of New Growth Momentum," which clarified the development direction of Shanghai construction companies, that is, reducing homogeneous competition to consolidate large-scale construction group with complete industry chain. It is necessary to consolidate the position of construction groups equivalent to the top 250 global contractors according to ENR strength, cultivate characteristic small and medium-sized enterprises that focus on niche markets, promote enterprises to participate in urban renewal investments and operations and transformation overseas, and strengthen engineering payment management. It is recommended to pay attention to high-quality construction companies in Shanghai. Huatai: New issuance volume for public funds, watching high-quality finance Huatai pointed out that in September 2025, 6778 financial products were issued in the whole market, an increase of 18.0% month-on-month. The new issuance amount of public funds increased significantly month-on-month, reaching 167.5 billion shares in September, an increase of 64% month-on-month. The third phase of the public fund fee reform was implemented on September 5, and the new regulations are expected to guide sales institutions to transition from earning "traffic" to earning "retention" and encourage investors to hold funds for the long term. The record size of private equity securities funds remains at a high level, with 42.9 billion yuan recorded in August, a year-on-year increase of 227% since the beginning of the year. As the capital market reform continues to deepen and the asset allocation logic reshapes in the low-interest rate era, it is recommended to grasp high-quality stocks with wealth management advantages, banks recommend retail and wealth management benchmarks, and companies that enhance their strategic position in wealth management; securities firms recommend companies with strong advantages in the large wealth management industry chain. Tianfeng: Unlikely possibility of lowering LPR this year Tianfeng pointed out that from the perspective of banks, considering factors such as protecting healthy interest margins and alleviating pressure on bank asset reconfiguration, the likelihood of lowering LPR this year is low. First, in the past five years, the probability of lowering LPR in November and December is relatively low, and the core purpose of lowering LPR is to stimulate credit demand, but Tianfeng believes that there may be little significance in doing so in Q4 this year. Second, this year is more inclined to adopt measures such as fiscal interest subsidies and structural monetary policy tools to "indirectly cut interest rates." Third, the biggest "pain point" in current bank asset-liability management is the pressure of asset reconfiguration.