Sou Hu Cai Jing·2025-10-12 10:30Core Viewpoint - The A-share market is expected to remain focused on domestic policies, with a low likelihood of replicating the market conditions seen on April 7. Short-term uncertainties in the external environment may suppress market risk appetite, leading to increased volatility and divergence among individual stocks. However, the core drivers of the current market trend remain unchanged, with liquidity expected to continue improving [1]. Group 1: Investment Opportunities - Focus on sectors such as non-ferrous metals (precious metals, industrial metals, and minor metals), agriculture, and energy for investment opportunities [1]. - The "anti-involution" policy is expected to continue and deepen during the 14th Five-Year Plan period [1]. - The theme of new productive forces will be crucial, with technology companies that align with national strategies and possess genuine technological barriers being significant investment targets in the A-share market [1]. Group 2: Market Trends - Short-term attention should be given to sectors that are poised for recovery, while medium to long-term focus should be on industries that are breaking through current trends [1]. - The large consumption sector is anticipated to benefit from the implementation of domestic demand expansion policies, potentially driving market performance upward [1]. - The acceleration of major engineering projects in various regions will promote the improvement and development of industrial chains [1].