Zheng Quan Shi Bao Wang·2024-11-05 00:44Core Viewpoint - The report from Everbright Securities indicates that A-share earnings growth is expected to recover to over 10% by 2025, driven by continuous policy support and capital inflows from the profit effect, making the performance of A-share indices promising [1] Market Outlook - In the short term, market trading is likely to revolve around policy expectations, but it is anticipated that the market will gradually enter a period of policy observation and economic data verification [1] - Key upcoming events include the Central Economic Work Conference and economic data releases, with December 2024 and March 2025 identified as important time nodes for market performance [1] - After the first quarter, the focus will shift to the actual recovery process of the economy and earnings [1] Investment Recommendations - For Hong Kong stocks, it is suggested to pay close attention to the performance of the Hang Seng Technology Index [1] - Industry allocation recommendations focus on two main lines: earnings recovery and high-risk preference varieties [1] - The earnings recovery line emphasizes domestic consumption sectors such as food and beverage, pharmaceuticals, and social services [1] - The high-risk preference line includes sectors with high beta rebounds (pharmaceuticals, food and beverage, basic chemicals, non-ferrous metals), high earnings expectation industries (TMT, military industry), and thematic investments (policy-supported themes like mergers and acquisitions, market value management; technology themes like AI industry chain and self-controllable technologies) [1]