积极信号，机构最新研判来了

Group 1 - Private equity institutions are optimistic about the continuation of the A-share market after the National Day holiday, suggesting a balance between defensive and offensive strategies while being cautious of valuation pressures in certain tech stocks [1][5] - Fusheng Asset notes that aside from tech stocks, other sectors returned to a range-bound trend in September, but they remain optimistic about the overall market performance, highlighting improvements in leading companies in "anti-involution" industries such as engineering machinery and chemicals [3] - Yuanlesheng Asset emphasizes that despite significant gains for many quality companies this year, fluctuations may present buying opportunities, indicating that the Chinese asset market still holds potential for deeper exploration [3] Group 2 - Danshuiquan Investment attributes recent A-share fluctuations to a short-term adjustment following rapid local increases, with liquidity primarily driven by domestic institutions and existing investors, while foreign and individual investors have not fully engaged [4] - Danyi Investment identifies the core driving force of the current market as a result of multiple structural factors rather than conventional economic cycles, with a focus on opportunities in AI, cloud computing, and domestic computing power supply chains [6] - Ning Shui Capital observes a decrease in market trading activity and advises balancing defensive and offensive strategies while monitoring the pre-increase direction of Q3 reports and being wary of valuation pressures in certain tech stocks [6]