Zheng Quan Shi Bao Wang·2025-10-13 00:37Core Viewpoint - The report from Huatai Securities indicates that the Sino-U.S. negotiations are slow-moving and fraught with challenges, impacting the mid-term market dynamics and elasticity [1] Market Analysis - Short-term market pricing appears more restrained compared to April, with future developments dependent on the statements from both parties [1] - The market is currently in a consolidation phase, influenced by the need for the tech sector to validate its performance and the insufficient support from other sectors [1] Mid-term Outlook - There is an expectation of upward elasticity in A-share earnings for next year, which is difficult to refute, while the valuation remains neutral compared to strong market trends [1] - The foundation for a positive capital cycle still exists, indicating an upward trend in the market [1] Investment Strategy - The company suggests taking profits when suitable opportunities arise to maintain flexibility [1] - It emphasizes the importance of diversification in investment, focusing on cost-effectiveness and industry prosperity, particularly in semiconductor equipment, AI edge computing, and lithium battery materials [1] - Continued holding of gold is recommended as a hedge against uncertainties arising from Sino-U.S. tensions [1]