Soochow Securities: Policy continues the main tone of "supporting the existing stock," with positive progress in AI industry trends.

Dongwu Securities research report states that policy continues the main tone of "stock-based support," while AI industry trends show positive progress. Before the holiday, policies were intensively introduced: the central bank lowered the PSL interest rate and expanded its scope to new infrastructure areas such as the "six networks," and further increased support for key projects through relending for technological innovation and industrial upgrading; interest subsidies for residential mortgages were officially implemented starting October 1. The policy package covers multiple dimensions including monetary, fiscal, and structural tools, not only releasing a clear signal of stabilizing growth and expectations, but also highlighting that this round of regulation places greater emphasis on precise drip irrigation and stock optimization. On the AI front, although no major new consensus has formed at the industry level, there is ample positive progress: model releases are accelerating, and early signs of penetration are appearing for new AI application scenarios such as personal agents. As varieties with higher visibility for current and next-period EPS, technology hardware has an advantage on the numerator side in a high-interest-rate environment.