名家视点丨杨德龙：对10月行情应保持信心和耐心

Core Viewpoint - The current A-share market is characterized by a technology bull market, driven by significant advancements in technology and innovation, particularly in the context of the "14th Five-Year Plan" which emphasizes innovation as a core element of modernization [1][2]. Group 1: Technology Sector Performance - The technology bull market is primarily led by sectors such as humanoid robots, semiconductor chips, intelligent driving, innovative pharmaceuticals, and solid-state batteries [2]. - The ChiNext Index saw a substantial increase in the third quarter, while the Science and Technology Innovation Board (STAR Market) is transitioning from a "testing ground" to a "deep water zone" with the implementation of the "1+6" policy framework [1][2]. - The STAR Market is expected to play a crucial role in fostering new productivity and supporting the strategy of becoming a technology powerhouse [1]. Group 2: Economic Context and Market Trends - Traditional industries are experiencing sluggish growth, with some facing overcapacity and insufficient demand, which is closely related to the ongoing economic transformation in China [1]. - The global market is currently witnessing a technology bull market, with both A-shares and Hong Kong stocks reflecting this trend [3]. - The international gold price has surged significantly, driven by expectations of interest rate cuts by the Federal Reserve, which is also influencing the performance of technology stocks [3]. Group 3: Solid-State Battery Developments - Recent breakthroughs in solid-state battery technology are noteworthy, with Toyota set to mass-produce a solid-state battery for vehicles that can achieve a range of 1200 kilometers [4]. - Solid-state batteries are recognized for their long range, high energy density, and safety, although high production costs remain a challenge [4][5]. - The solid-state battery sector is emerging as a key development direction in the new energy landscape, with potential applications in electric vehicles, humanoid robots, and low-altitude economies [5].