大象论股|行情轮动，反复震荡，或成短期常态

Market Overview - The index reached a new high last week but continues to experience fluctuations rather than a one-sided rise, attributed to several factors including pending events like the Federal Reserve's interest rate decision and the US-China tax issues [3] - Seasonal factors related to the Mid-Autumn Festival and National Day are causing some funds to adopt a wait-and-see approach, leading to profit-taking during strong rallies [3] - The market is characterized by a rotation among core stocks, with significant contributions from key players, indicating that while the index may rise, not all stocks are performing equally [3][4] Trading Strategy - The overall market outlook remains bullish, with recommendations to hold broad-based ETFs while adopting a selective approach to individual stocks, suggesting profit-taking on large gains and buying on dips [5] - The gaming sector has shown strong performance, with a nearly 4% increase, driven by a 23.53% year-on-year growth in the issuance of domestic game licenses from January to August [5] - Fund managers are heavily invested in the gaming sector, with a total market value of 36.34 billion yuan, reflecting a 35.97% increase from the previous quarter [5] Technology Sector - The technology sector, particularly hard tech, has seen mixed reactions to positive news, with some stocks experiencing high openings but closing lower, indicating pre-positioning by investors [6] - Specific areas like automotive chips and semiconductor equipment still have potential for growth, while caution is advised against chasing high-flying stocks [6] New Energy Sector - The new energy sector is experiencing significant movements, particularly in the automotive segment, with notable gains in companies like Haima and Jianghuai [7] - Recent policy announcements, such as the new energy storage action plan and supplier payment norms, are driving the performance of related stocks [7] - The sector is characterized by a rotation among different concepts, with solid-state batteries being a key focus area, while other segments are seen as secondary [7]