Market Overview - A-shares experienced a significant divergence in performance post-holiday, with the Shanghai Composite Index losing the 3900-point mark and the ChiNext Index dropping over 4% on Friday, marking its largest single-day decline since April 7 [1] - The average daily trading volume in the A-share market increased to 2.60 trillion yuan, indicating heightened market activity [1] Economic Data - Holiday consumption demonstrated resilience in domestic demand, although per capita travel spending decreased year-on-year, reflecting limited consumer willingness [1] - The tightening of U.S.-China relations has led to a reduction in market risk appetite, with potential short-term impacts on domestic equity markets [2] Industry Insights - The cyclical sectors led the market gains, while technology and growth sectors lagged behind [1] - The short-term market style is expected to rebalance, with a focus on sectors showing performance, particularly in technology, AI, and domestic alternatives like semiconductors and energy storage [3] - Non-bank financial sectors such as brokerage, insurance, and financial IT are anticipated to see improvements in both valuation and performance [3] Policy and Future Outlook - The upcoming "14th Five-Year Plan" draft is expected to provide clear guidance for industrial development and economic restructuring, serving as a significant policy catalyst for the fourth quarter [2] - Despite the current market challenges, there remains a positive outlook for incremental capital inflows into the equity market, supported by stable economic fundamentals and a potential Fed rate cut cycle [2]
金鹰基金：关税烽烟再起风偏承压 政策对冲及时冲击有限
Xin Lang Ji Jin·2025-10-13 02:20