Di Yi Cai Jing·2025-10-19 10:39Core Viewpoint - The report from China Galaxy Securities indicates that short-term market sentiment is cautious due to uncertainties from external trade frictions and previous significant gains in certain sectors, leading to reduced trading volumes and a likelihood of market fluctuations [1] Group 1: Market Conditions - External trade friction uncertainties are impacting market sentiment, resulting in cautious funding behavior [1] - Trading volumes have decreased, and there is a shift in funding styles, increasing the probability of market fluctuations [1] Group 2: Investment Opportunities - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," providing investors with more allocation clues [1] - Sectors with strong policy focus and earnings certainty are recommended for attention [1] - Short-term adjustments present opportunities for investors to position themselves [1] Group 3: Long-term Trends - The logic of residents moving deposits remains unchanged, which is expected to provide long-term incremental capital for the A-share market [1] - Medium to long-term capital is accelerating its allocation to the equity market, supported by the Federal Reserve's interest rate cuts, enhancing global liquidity [1] - The strategic layout of the "14th Five-Year Plan" is expected to drive technological industries towards significant breakthroughs, while anti-involution policies are likely to improve corporate profitability, reinforcing the resilience of the economic fundamentals [1]