Xin Lang Cai Jing·2025-10-12 00:21Core Viewpoint - The market is expected to enter a phase of wide fluctuations in the short term due to high valuations and cautious capital, alongside uncertainties in US-China relations [1] Market Conditions - Recent market increases have led to relatively high valuations, causing some capital to be cautious [1] - Uncertainties in US-China relations may lead to a decline in market risk appetite [1] Policy and Economic Factors - The upcoming 20th Central Committee's Fourth Plenary Session is likely to raise market policy expectations [1] - The Federal Reserve still has room for interest rate cuts within the year, which may support the market [1] Sector Focus - In the short term, the focus should be on high-dividend and consumer sectors [1] - In the medium term, attention should shift to TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors [1]