Central Bank Cuts Interest Rates and Reserve Ratios to Boost Growth and Stabilize Housing Market

**Nine Major Signals Released! Pan Gongsheng, Li Yunze, and Wu Qing Attend First Joint Press Conference to Announce Key Financial Information**

On September 24th, the State Council Information Office held a press conference to introduce the financial support for high-quality economic development. The Governor of the People's Bank of China, Pan Gongsheng, the Director-General of the Financial Regulatory总局, Li Yunze, and the Chairman of the China Securities Regulatory Commission, Wu Qing, attended and answered questions from journalists. This marked the first time the three top financial regulators appeared together at a press conference. At this conference, Pan Gongsheng announced three major policies: First, to reduce the reserve requirement ratio and policy interest rates, leading to a decline in market benchmark interest rates; Second, to lower the interest rates on existing housing loans and unify the minimum down payment ratio for mortgages; Third, to create new monetary policy tools to support the stable development of the stock market.

**Shanghai Composite Index Rises 4.15%, Marking the Largest Single-Day Increase in Over 4 Years with a Total Market Transaction Volume Exceeding 970 Billion Yuan**

On September 24th, the market saw a significant increase throughout the day, with all three major indices rising by more than 4%. The Shanghai Composite Index achieved its largest single-day increase since July 6, 2020. According to the Southern Finance Financial Terminal, by the close of the market, the Shanghai Composite Index had risen by 4.15%, the Shenzhen Component Index by 4.36%, and the ChiNext Index by 5.54%.

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**89 Billion Mother Fund Sets Sail! Shanghai's Three Leading Industry Mother Funds Initiate the First Round of Public Selection for Sub-Funds**

The most watched venture capital event of the year, Shanghai's three leading industry mother funds, has set sail! On September 23rd, Shanghai Guotou Leading Private Equity Fund Management Company officially released the "Shanghai Three Leading Industry Mother Funds First Round of Fund Management Institutions Selection Announcement," initiating the first round of public selection for sub-funds. In July of this year, Shanghai officially established three leading industry mother funds for integrated circuits, biopharmaceuticals, and artificial intelligence, with a total scale exceeding 89 billion yuan, quickly becoming the focus of the venture capital circle. Among them, the integrated circuit mother fund has a scale of 45.001 billion yuan, the biopharmaceutical mother fund has a scale of 21.501 billion yuan, and the artificial intelligence mother fund has a scale of 22.501 billion yuan, with a fund term of 15 years for each.

**Liu Genghong's Unexpected Incident! Complete Removal and Termination of Cooperation**

Did Liu Genghong's live broadcast "crash"? Recently, netizens posted a video claiming that the actual accommodation conditions of the travel group they signed up for in the "Liu Genghong - Our Eye Travel" live broadcast room did not match the publicity, sparking heated discussion.

**The Central Bank Announces Interest Rate Cuts and Reserve Requirement Ratio Reductions, Significantly Increasing the Efforts to Stabilize Growth and the Housing Market**

The central bank's announcement of interest rate cuts and reserve requirement ratio reductions, along with increased support for real estate policies, reflects a significant increase in measures to stabilize growth and the housing market. Behind this is the economic operation that has been somewhat weak since the second quarter, mainly affected by the continuous adjustment of the housing market, insufficient domestic effective demand, and the pain of converting old and new drivers. The price level continues to be low, and the demand for counter-cyclical adjustments has risen. On July 30th, the Central Political Bureau meeting proposed that "macro policies should continue to exert force and be more effective," and "to use a variety of monetary policy tools comprehensively, increase the financial support for the real economy, and promote the stable and declining comprehensive financing costs of society." The central bank's announcement of interest rate cuts and reserve requirement ratio reductions is a specific implementation of the above arrangements.

**Young People with Ingenious Ideas Unlock the "Surrogate Economy" with Unlimited Creativity**

In this fast-paced era, time has become one of the most precious resources. As the main force of consumption, young people are redefining consumer behavior in an unprecedented way. They are no longer satisfied with traditional shopping experiences but pay more attention to the immediacy and convenience in the consumption process. Faced with objective rules or limitations in skills and time arrangements, more and more young people are choosing various "surrogate" services to help them achieve their goals, thus giving birth to a new economic form—the "Surrogate Economy." From trivial matters in daily life to more specialized task commissions, the "Surrogate Economy" covers almost all aspects of life. Young people buy time and services with money, and the new supply and demand relationship generated thereby is creating a new consumer market.

**Occupancy Rate on Mid-Autumn Festival Less than 20%, National Day is Also Calming Down**

On September 18th, the Mid-Autumn Festival travel data for the whole country and each province were released one after another, and the growth trend that turned red across the board sparked industry discussion. A hotel owner in Zhejiang, who had just experienced the typhoon "Bebika," helplessly said, "Who made money this Mid-Autumn Festival?" In fact, those who are puzzled are not isolated cases. From the current situation, this Mid-Autumn Festival can only be said to have achieved an accomplishment where both hotels and the cultural tourism market are hurt: the report card is red across the board, and the market performance is commendable.Not yet acquired, but Intel shareholders have already received money from Qualcomm

In the acquisition rumors between Qualcomm and Intel, on the first day of the news, Intel shareholders "received money": After the acquisition news spread on September 20, Intel's stock price rose and Qualcomm's stock price fell. On September 23, after the market opened, Intel continued to rise and Qualcomm continued to fall. As of 22:00 on September 23, Beijing time, Intel's market value has increased by about $5.5 billion in this round. At the same time, Qualcomm's stock price fell by about $5.5 billion, and the two numbers are very close. The decline in Qualcomm's stock price is probably because the market does not believe that this acquisition can bring the most scarce thing to Qualcomm. At present, Qualcomm has not fully seized the dividends of the data center in the AI era like Nvidia and AMD. In the case of urgently needing an AI ticket, it is very reasonable to achieve business transformation through the acquisition of high-quality assets. But unfortunately, Intel does not have this ticket there.