10月，拥抱新一轮上涨！

Market Performance - A-shares exhibited a "weak Shanghai, strong Shenzhen" divergence since September, with the Shanghai Composite Index only slightly up by 0.12% due to financial and consumer sector drag, while the Shenzhen Component Index rose by 6.17% and the ChiNext Index surged by 12.04% [1] - The Hong Kong market rebounded significantly, with the Hang Seng Index increasing by 6.16% and the Hang Seng Tech Index leading with an 11.45% rise, driven by internet technology and precious metals sectors amid AI breakthroughs and expectations of a weaker US dollar [1] Sector Performance - Among 31 Shenwan first-level industries, power equipment led with a 19.13% increase, followed by electronics and non-ferrous metals, both exceeding 9% [1] - The defense and military industry saw a decline of 9.56%, while banks fell by 6.20%, indicating significant sectoral divergence [1] Broker Predictions and Market Trends - Major brokerages maintained a cautious stance at the beginning of September, emphasizing structural opportunities and a "volatile upward" market outlook [3] - The Hong Kong market benefited from "internal and external liquidity resonance" and valuation recovery, with a net inflow of over 140 billion HKD from southbound funds in September [4] Economic Indicators - Economic data from August showed continued slowdown, with fixed asset investment growth at 0.5% year-on-year, and real estate development investment down by 12.9% [5] - Industrial production demonstrated resilience, with a 5.2% year-on-year increase in industrial added value, particularly in equipment manufacturing and high-tech sectors [5] Future Outlook - The A-share market is expected to see a shift from pure valuation recovery to a dual drive of profit improvement and valuation enhancement in the fourth quarter [6] - The upcoming "14th Five-Year Plan" and the Central Economic Work Conference are anticipated to provide clearer policy guidance, potentially boosting market confidence and leading to a new upward trend in A-shares [6][7] Sector Opportunities - The technology sector remains a core focus, with AI and semiconductor industries expected to benefit from strong hardware demand and policy support [7] - In the consumer sector, structural opportunities are emerging, particularly in service-oriented and experience-driven consumption, with healthcare and education sectors poised for growth [8] - The cyclical sector, represented by upstream resource products, is expected to see improved profitability due to PPI recovery and fiscal support, presenting a significant allocation window [8]