SCS(SH:601555) Zheng Quan Shi Bao Wang·2025-10-09 23:21Core Viewpoint - The current A-share market is driven by five main factors: robust economic recovery, proactive "anti-involution" policies, significant technological advancements, the introduction of new regulatory frameworks, and favorable global liquidity conditions [1] Economic and Market Conditions - China's economic fundamentals are showing strong resilience, providing solid support for the stock market [1] - The Shanghai Composite Index has reached a ten-year high, indicating strong market vitality [1] - A-share market is expected to maintain a slow bull trend, supported by both fundamental and valuation recovery [1] Policy and Regulatory Environment - The introduction of the "New National Guidelines" is expected to lay a solid institutional foundation for the high-quality development of the capital market [1] - Recent reforms, including the "1+6" reform for the Sci-Tech Innovation Board and the "merger six guidelines," are restructuring the capital market ecosystem and injecting new momentum [2] Investment Opportunities - Three main investment directions are suggested: 1. The photovoltaic industry chain and related sectors affected by valuation pressures, such as energy storage and lithium battery industries [3] 2. Traditional industries experiencing overcapacity, including steel, cement, and glass [3] 3. Emerging non-manufacturing sectors, such as the e-commerce industry [3] Market Trends and Future Outlook - The trend of mainland companies listing in both A-share and H-share markets is expected to continue, driven by policy incentives, improved liquidity in the Hong Kong market, and companies' strategic needs [2] - The new listing standards are expected to benefit companies in cutting-edge fields like commercial aerospace and artificial intelligence [2]