Venture(US:VEMLY) Zheng Quan Shi Bao Wang·2025-09-23 07:38Market Performance - The stock indices experienced fluctuations, with the Shanghai Composite Index closing down 0.18% at 3812.83 points, the Shenzhen Component Index down 0.29% at 13119.82 points, and the ChiNext Index up 0.21% at 3114.55 points [1] - The North Stock 50 Index fell by 2.63%, and the total trading volume across the Shanghai, Shenzhen, and North exchanges reached 25,188 billion [1] Sector Analysis - Sectors such as tourism, real estate, pharmaceuticals, steel, brokerage, and non-ferrous metals saw declines, while banking and semiconductor sectors showed gains, with active movements in lithography machines and storage chip concepts [2] - The market is currently in the second phase of a bull market, with three main drivers for the recent rise in A-shares remaining unchanged [2] Future Outlook - According to招商证券, the market typically experiences a pattern of "pre-holiday contraction and post-holiday explosion" in financing before and after the National Day holiday [2] - Following the Federal Reserve's interest rate cut in September, historical data suggests a higher probability of A/H shares rising in the future [2] - Areas of focus for potential investment include solid-state batteries, AI computing power, humanoid robots, and commercial aerospace, along with a mid-term strategy emphasizing high intrinsic return quality growth [2]