Di Yi Cai Jing·2025-10-20 00:07Core Viewpoint - The underlying logic of the bull market remains intact, supported by ample liquidity and limited downward adjustments [1] Group 1: Market Conditions - Capital market reforms are stabilizing expectations, with multiple measures promoting market upgrades [1] - Structural prosperity continues to serve as a driving force for the market [1] Group 2: Investment Strategy - A style switch has already begun, with short-term focus on "countermeasures + risk aversion" themes due to US-China tensions [1] - At year-end, profit realization and seasonal effects typically favor dividend and large-cap growth styles [1] - After sufficient adjustment and recovery in the technology sector, a year-end rally is expected in high-prosperity sectors if liquidity remains abundant [1]