中金：长假期间 市场关注哪些热点？

Core Viewpoint - The A-share market is expected to maintain a steady performance post-holiday, supported by the recovery in industrial profits and the anticipation of the "14th Five-Year Plan" policy [1][6]. Domestic Economy and Policy - During the holiday period from September 30 to October 5, the total inter-regional passenger flow reached 1.77 billion, a year-on-year increase of 5.2% [2]. - The manufacturing PMI for September was reported at 49.8%, showing a slight recovery from August's 49.4% [2][14]. - Industrial profits for large-scale enterprises in August increased by 20.4% year-on-year, with cumulative profits from January to August growing by 0.9% compared to the previous year [2][16]. Policy and Industry - The Central Political Bureau held a meeting on September 29 to discuss major issues regarding the "14th Five-Year Plan," with a subsequent meeting scheduled for October 20-23 [3]. - The Ministry of Finance and the Ministry of Commerce issued a notice to support new consumption models and international consumption environment construction, targeting around 50 pilot cities [3]. Overseas Economy and Policy - The U.S. federal government experienced a shutdown starting October 1, leading to delays in economic data releases, including employment statistics [4]. - OpenAI announced collaborations with Samsung, SK Hynix, and AMD to enhance AI capabilities and infrastructure [4]. Market Outlook - The A-share market is anticipated to continue its steady performance post-holiday, with the upcoming 20th Central Committee meeting expected to review the "14th Five-Year Plan" proposals, which may bolster market expectations [6]. - The AI computing and robotics sectors are highlighted as areas of focus, with potential for rotation among different segments [7]. Industry Configuration Recommendations - Emphasis on AI computing and robotics industries, which are expected to remain attractive until a significant change in industry conditions occurs [7]. - Sectors such as innovative pharmaceuticals, consumer electronics, batteries, and non-ferrous metals are noted for their ongoing supply-demand improvements [7]. - Engineering machinery, power grid equipment, and aquaculture industries are identified as having good cost-performance ratios despite modest price increases [7].