Xin Lang Cai Jing·2025-10-13 00:35Core Viewpoint - Huatai Securities' report indicates that the Sino-U.S. negotiations are slow-moving variables, with inevitable fluctuations impacting the mid-term market's elasticity and rhythm [1] Market Analysis - Short-term market pricing appears more restrained compared to April, with future developments dependent on both parties' statements [1] - The market is entering a consolidation phase, influenced by the need for the tech sector to validate performance and the pressure from less favorable cost-performance ratios, alongside 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 comparison with strong market trends remains neutral [1] - The foundation for a positive capital cycle still exists, indicating an upward trend in the market's central tendency [1] Investment Strategy - The report suggests taking appropriate profit-taking opportunities to maintain flexibility [1] - It emphasizes the importance of diversification in asset allocation, focusing on cost-performance 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]