【中原晨会1010】月度策略：均衡配置成长与价值风格，防范风格切换专题研究

Group 1 - The macroeconomic environment is currently in a phase of "weak recovery, low inflation," with policies focused on stabilizing growth and preventing risks [3][4] - The implementation of the policy for market-oriented allocation of factors is expected to optimize resource allocation and enhance economic efficiency, injecting long-term vitality into the stock market [4] - The release of various policies aimed at boosting consumption and supporting traditional industries reflects the government's commitment to proactive growth stabilization [4] Group 2 - In September, key economic indicators showed marginal improvement, but core demand indicators such as investment, consumption, and exports remained weak [5] - The equity market continued to favor growth sectors, with significant performance differences among various indices, such as advanced manufacturing and technology outperforming while financial and consumer sectors lagged [5] - Looking ahead to October, the initiation of a rate-cutting cycle by the Federal Reserve is expected to enhance global liquidity, potentially boosting market risk appetite [6] Group 3 - The recommendation for October is to maintain a balanced allocation between growth and value styles, with a focus on sectors like TMT, pharmaceuticals, and securities [6]