Pre-market News Summary

Macro:

The State Council Information Office is scheduled to hold a press conference at 10:00 AM on October 12th (Saturday), where the Minister of Finance, Lan Fo'an, will introduce the situation regarding "strengthening the counter-cyclical adjustment of fiscal policy and promoting high-quality economic development," and answer questions from journalists. Hot

The minutes of the Federal Reserve meeting show that participants believe that the upside risks to inflation have diminished, while the downside risks to employment have increased. The United States has made some progress in achieving a 2% inflation target, but the inflation rate remains slightly high. The vast majority of members supported the decision to lower interest rates by 50 basis points in September. Hot

Federal Reserve's Daly stated full support for the September interest rate cut of 50 basis points; is confident in the path to achieving a 2% inflation target, with full employment already achieved; as the policy interest rate stabilizes, the real interest rate is rising; with the policy interest rate remaining unchanged, the real interest rate is rising, which could lead to excessive tightening and harm the labor market, so the September rate cut was a recalibration to better suit economic development, the magnitude of the September rate cut does not imply the speed or magnitude of future rate cuts; there may be one or two more rate cuts this year, will pay attention to data, monitor the labor market and inflation, and adjust interest rates as needed.

Advertisement

The three major U.S. stock indexes closed higher, with the Dow Jones Industrial Average up 1.03%, the Nasdaq Composite up 0.6%, and the S&P 500 up 0.71%, with the Dow and S&P 500 reaching new closing highs again. Most popular Chinese concept stocks fell, with the NASDAQ Golden Dragon China Index down 1.29%.

International oil prices fell slightly, with the November U.S. oil contract down 0.29%, at $73.36 a barrel. The December Brent oil contract fell 0.65%, at $76.68 a barrel. International precious metal futures closed mixed, with COMEX gold futures down 0.35% at $2626.1 per ounce, and COMEX silver futures up 0.42% at $30.73 per ounce.

Industry:

The General Office of the CPC Central Committee and the General Office of the State Council officially issued the "Opinions on Accelerating the Development and Utilization of Public Data Resources," proposing two-stage goals: by 2025, the system and rules for the development and utilization of public data resources will be preliminarily established; by 2030, the system and rules for the development and utilization of public data resources will be more mature, and the resource development and utilization system will be fully established. Hot

Companies:Guotai Junan and Haitong Securities simultaneously released plans related to mergers and reorganizations, and their stocks will resume trading on October 10th. Hot

TSMC's consolidated revenue for September was approximately NT$251.873 billion, a month-on-month increase of 0.4%, and a year-on-year increase of 39.6%; the cumulative revenue for the first three quarters was NT$2,025.847 billion, a year-on-year increase of 31.9%. Hot

II. Forward Look

10.10 - US September CPI, US initial jobless claims for the week ending October 5th

10.11 - US September PPI

III. Public Opinion Hotspots

Data Elements - The National Development and Reform Commission and other departments issued the "National Data Standard System Construction Guide", aiming to basically complete the national data standard system by the end of 2026. Hot

Large Finance - The Shanghai Stock Exchange adjusts the designated trading declaration instruction time; private equity insiders: to avoid trading congestion and reduce the pressure of instantaneous data reception; Pan Gongsheng, the first phase of the securities fund insurance company swap convenience is 500 billion, and the obtained funds can only be used for investment in the stock market.

Huawei HarmonyOS - The native HarmonyOS system started public testing on October 8th; the first batch of compatible Mate 60 / X5 series phones, MatePad Pro 13.2-inch series tablets; Huawei HarmonyOS NEXT system supports application cloning features. After testing, the system can open up to 6 identical applications, each of which can be used independently. Hot

Driverless/Tesla - Tesla will release a driverless taxi after the holiday on October 10th, with wireless charging being the biggest highlight; Guotai Junan: Tesla FSD is expected to enter China, accelerating the development of the intelligent driving industry.IV. Hotspot Research Reports and Minutes

1. **Tianfeng Computer, Miaoxinjun Team** The release of a significant document on public data! Comprehensive guidance for effective implementation, and the industry is expected to undergo a qualitative change!

**Event** On October 9th, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Accelerating the Development and Utilization of Public Data Resources." This marks the first time at the central level that a systematic deployment has been made for the development and utilization of public data resources. 1. Clearly define the construction goals for 2025 and 2030, requiring that by 2025, the system of rules for the development and utilization of public data resources should be preliminarily established, with a significant increase in the scale and quality of resource supply; by 2030, the system of rules for the development and utilization of public data resources should be more mature, and the system for resource development and utilization should be fully established. 2. Elevate the positioning of public data, and strengthen government guidance and coordination. It is clarified that public data is a national basic strategic resource, and it is required to strengthen government guidance and regulation, improve the government data catalog, implement unified management, and promote the realization of "one number, one source." Explore the operation of authorized operations in accordance with regulations, explore incorporating authorized operations into the decision-making scope of "three major and one important," promote regional data collaboration, and implement regional major strategic and coordinated regional development strategies. 3. Strengthen the organization and implementation, with multi-dimensional policy guarantees including funding, incentives, and supervision to promote policy implementation (1) Strengthen financial security: Increase the support of central budget investment for data infrastructure and data security capacity construction. All regions and departments can arrange the procurement funds for data products and services according to actual needs. (2) Increase innovation incentives: Pilot the establishment of industry-specific and regional operation organizations, and manage them in accordance with relevant laws and regulations on state-owned assets, and include those that meet the requirements under the centralized and unified supervision of operational state-owned assets. Study and formulate incentive policies to support the development of operation organizations. (3) Strengthen evaluation and supervision: All regions and departments can explore the implementation of performance assessments for the development and utilization of public data resources according to actual conditions. We believe that this document establishes a very high positioning for the development and utilization of public data in the data element industry, promoting the implementation of policies from funding, incentives to supervision, and accelerating the "transition from virtual to real" in the data element industry!