长城基金投资札记：短期市场波动或加大，关注“十五五”等政策风向

Core Viewpoint - The overall economic fundamentals in China remain stable as of October, but external factors, particularly the U.S.-China trade relationship, are increasingly influencing the market [1] Group 1: Market Outlook - The A-share market is expected to experience increased volatility in the fourth quarter due to uncertainties in both domestic and international environments [1] - The completion of the annual economic growth target in China is likely, but there may be slight fiscal policy adjustments in response to next year's macroeconomic landscape [1] - The upcoming 20th National Congress of the Communist Party and its agenda, particularly the "14th Five-Year Plan," could significantly impact China's industrial structure and create new investment opportunities [1] Group 2: Sector Focus - The healthcare sector is anticipated to see a second wave of momentum, with a focus on pharmaceutical innovations and AI applications in medical fields [2][3] - The military industry is entering a new cycle of prosperity, with a notable recovery in orders, particularly for consumable and auxiliary equipment [5][6] - Investment strategies should target stocks benefiting from structural changes in equipment construction within the military sector [6] Group 3: Investment Strategies - Companies with expansion capabilities in sectors such as metals, energy, chemicals, and construction materials are of particular interest [7] - Low-positioned domestic demand assets are considered valuable, as they may have limited downside and potential for upward movement [8] - The focus on high-quality lithium battery leaders is emphasized due to the ongoing push for carbon neutrality and advancements in solid-state battery technology [11] Group 4: Long-term Growth Opportunities - The integration of AI with various sectors is viewed as a long-term growth opportunity, despite potential short-term volatility [12] - The geopolitical landscape and trade tensions are prompting increased investment in critical mineral resources, which may lead to a reassessment of their value [12]