On October 11, the three major A-share indices fell collectively, and the Shanghai Composite Index once fell below 3,200 points. As of the close, the Shanghai Composite Index fell 2.55%, the Shenzhen Component Index fell 3.92%, the ChiNext Index fell 5.06%, the Beijing Stock Exchange 50 Index fell 8.43%, and the turnover of the Shanghai, Shenzhen and Beijing markets was 1,586.8 billion yuan, a decrease of 574.1 billion yuan from the previous day. More than 4,800 stocks fell in the whole market.

On the theme of the sector, wind power equipment, military equipment, semiconductors, medical services, and satellite navigation sectors were among the top decliners, while cross-border payment and precious metals sectors were among the top gainers.

On the disk, yesterday's strong Chinese stocks ushered in a sharp adjustment today, AVIC (300114), CITIC Publishing (300788), China Machinery Certification (301508), COSCO (301516), China Shipbuilding Hanguang (300847) and other stocks fell more than 10%.

The

semiconductor sector continued to adjust today, with Huahai Chengke (688535), National Technology (300077), Xinxiangwei (688593), Jingchen (688099), Huicheng (688403) and other stocks falling more than 10%.

The cross-border payment sector strengthened against the market today, with Sifang Jingchuang (300468), Kelan Software (300663), PetroChina Capital (000617), and Jingbei (002987) rising to the limit. The brokerage sector once soared in the afternoon, CICC (601995) hit the limit, China Galaxy (601881), China Securities Construction Investment (601066) and others followed up, Haitong Securities (600837), Guotai Junan (601211) continued to block the limit, out of the 2 boards.

According to recent reports from a number of media, there are two macro focuses on the market at present. The first focus is that the Ministry of Finance will hold a press conference on "Increasing Countercyclical Adjustment of Fiscal Policy and Promoting High-quality Economic Development" at the State Council Information Office on October 12. In this regard, the market reacted positively, and there were predictions that "the possibility of additional issuance of special treasury bonds is relatively high". The second focus is on the question of whether the Fed will continue to cut interest rates. According to the minutes of the Federal Reserve meeting released on Wednesday, Fed officials were divided on the size of the rate cut at the September meeting, with the vast majority supporting a larger rate cut that was eventually approved, but some supporting a smaller 25 basis points.

Message plane

The draft law on the promotion of the private economy is open to the public for comments

On October 10, the Ministry of Justice and the National Development and Reform Commission announced a draft of the Law on the Promotion of the Private Economy, which experts said covered fair competition, investment and financing, scientific and technological innovation and other aspects, aiming to provide better legal protection and development environment for the private economy. The draft highlights the principle of equal treatment, supports the participation of the private economy in major national strategies and scientific and technological breakthroughs, and emphasizes strengthening the protection of the rights and interests of private entrepreneurs.

Some experts said that the "Law on the Promotion of Private Economy" is a basic law to promote the sustained, healthy and high-quality development of the private economy. Legislation implements the constitutional requirements of encouraging, supporting, and guiding the development of the non-public sector of the economy, and adheres to the organic unity of equal treatment, promoting development, standardizing operations, and protecting rights and interests. Chapter 2, "Fair Competition" and Chapter 3, "Promotion of Investment and Financing," highlight the principle of equal treatment and effectively ensure that private economic organizations enjoy equal legal status, market opportunities, and development rights with other types of economic organizations.

From now on, the public can submit comments and suggestions by logging on to the portals of the Ministry of Justice and the National Development and Reform Commission, sending emails or mailing paper letters, and the deadline for public comment is November 8, 2024.

Director of the National Development and Reform Commission: Unswervingly complete the expected goals of economic and social development for the whole year

Zheng Shajie, director of the National Development and Reform Commission, wrote in the People's Daily that the implementation of medium- and long-term plans and annual plans should be carried out. Improve the national strategic planning system and policy coordination mechanism, solidly promote the implementation of the 14th Five-Year Plan, and study and put forward the basic ideas for economic and social development in the 15th Five-Year Plan. Formulate and implement the annual plan, strengthen the connection between the annual plan and the national development plan, do a good job in the implementation of the indicators of the annual plan, and unswervingly complete the expected goals of economic and social development for the whole year.

China Securities Regulatory Commission: Continue to promote the implementation of the new "National Nine Articles" and the "1+N" policy in the capital market

Wang Li, deputy director of the General Office of the China Securities Regulatory Commission, said at the #2024 Financial Street Forum Annual Meeting# press conference on October 11 that in the next step, the China Securities Regulatory Commission will thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, continue to promote the implementation of the new "National Nine Articles" and the "1+N" policy of the capital market, further deepen the reform of the capital market in an all-round way, give better play to the functional role of the capital market, promote more progress and results in the "five major articles" of finance, and better serve the high-quality development of the economy and Chinese-style modernization.

The Tesla Cybercab does not have a steering wheel and pedals

On the morning of October 11, Beijing time, Tesla held a Robotaxi press conference. Musk called Tesla's Robotaxi Cybercab. Musk arrived at the press conference site in a Robotaxi with no steering wheel or pedals in the car. Musk said that the cost of the driverless taxi Cybercab is expected to be less than $30,000 (about 210,000 yuan), and the cost of transportation is about $0.2 per mile. Production is expected to begin in 2026.

Hangzhou will issue 430 million consumption vouchers

According to local media reports, starting from October, Hangzhou will successively issue consumption vouchers with a total quota of 430 million yuan, including special consumption vouchers for catering, supermarkets and consumer electronics such as mobile phones, tablets and wearable devices. This is also another move by Hangzhou to promote consumption after the new round of consumer goods trade-in subsidy policy, which will effectively stimulate consumption potential, achieve a win-win situation for consumers, operators and consumption platforms, and promote the continuous expansion of social zero consumption.

Sources: Straight Flush, CCTV News, Sina Technology, Chao News

Written by: Nandu reporter Shi Li