机构论后市丨短期市场风格切换；中期关注TMT和先进制造

Core Viewpoint - The A-share market is experiencing a cautious sentiment with a focus on the upcoming "14th Five-Year Plan" and the third quarter earnings reports, which are expected to provide more investment clues [2] Group 1: Market Sentiment and Trends - The Shanghai Composite Index fell by 1.47% this week, while the Shenzhen Component and ChiNext Index dropped by 4.99% and 5.71% respectively, indicating a bearish trend in the A-share market [2] - Short-term market sentiment is cautious, with reduced trading volumes and a likelihood of phase-based fluctuations [2] - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," which is expected to influence market dynamics [2] Group 2: Sector Focus and Investment Opportunities - China Galaxy Securities suggests focusing on sectors with strong policy support and earnings certainty, as the current market adjustment presents a layout opportunity for investors [2] - CITIC Securities highlights that the biggest structural fundamental clue in the A-share market remains the overseas expansion of Chinese enterprises, with a need to monitor new trends related to resource security and AI technology [2] - Everbright Securities recommends short-term attention on defensive and consumer sectors, while mid-term focus should be on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors [3] - Huajin Securities indicates that while the technology-driven style may shift to a more balanced approach in the short term, the long-term preference for technology growth remains unchanged [4]