程强：三季度成长板块领涨市场

Market Overview - The A-share market showed a mixed upward trend, with technology stocks maintaining strength, while the 30-year treasury futures rebounded after hitting a new low [1] - The overall market liquidity remained abundant, supporting a structural market trend [2] Stock Market Analysis - In Q3, the ChiNext and Sci-Tech 50 indices rose approximately 50%, indicating a strong preference for technology growth sectors [3] - The last trading day before the holidays saw a divergence in market styles, with growth sectors continuing to perform well while defensive sectors like finance faced pressure [2][3] Bond Market Analysis - The treasury futures market strengthened, with the 10-year and 30-year contracts showing notable gains [5] - The overall funding environment was relaxed, alleviating cross-quarter pressures, and the short-term interest rates showed mixed trends [5] Commodity Market Analysis - The commodity market displayed significant divergence, with precious metals leading gains while black metals faced declines [6] - The focus has shifted from policy expectations to actual policy effects, particularly in the black metal sector, which has seen substantial price adjustments [6] Trading Hotspots - Key sectors to watch include precious metals, artificial intelligence, domestic chips, robotics, and consumer goods, driven by factors such as central bank policies and technological advancements [10][11] - The market is expected to transition from a "technology-led" rally to a more "balanced allocation" approach, with continued strong performance in specific segments of the technology sector [11]