Core Viewpoint - The A-share market shows a positive long-term outlook, with significant interest in sectors such as technology, robotics, and innovative pharmaceuticals, despite some short-term caution from certain institutions [4][6]. Market Performance - As of October 21, the Shanghai Composite Index returned to 3900 points, with the three major A-share indices closing up by 1.36%, 2.06%, and 3.02% respectively. Year-to-date, these indices have increased by 16.84%, 25.57%, and 43.99% [3][4]. - New account openings in the A-share market reached 2.9372 million in September, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, marking the second-highest monthly figure of the year [3][4]. Institutional Strategies - Multiple public funds have released their strategies for the fourth quarter, indicating a generally optimistic view on the long-term performance of the Chinese stock market, while some express caution regarding short-term valuations [4][6]. - Specific sectors highlighted for investment include AI, human-shaped robots, innovative pharmaceuticals, solid-state batteries/storage, and cyclical manufacturing benefiting from economic recovery [6][8]. Sector Performance - The AI, innovative pharmaceuticals, and technology sectors have shown remarkable performance this year, with the STAR Market Index and STAR 50 Index rising by 44.65% and 42.21% respectively [5][6]. - Funds focusing on these sectors have also reported impressive returns, with some achieving annual yields exceeding 175% [5]. Bond Market Outlook - The bond market is currently experiencing fluctuations, with the ten-year government bond yield rising to 1.8552% as of October 21, up nearly 20 basis points since June 30 [7]. - Institutions suggest that the bond market will not enter a prolonged bearish phase, but caution that credit bonds may lack a clear trend due to market adjustments [7][8].
公募把脉四季度：A股具备长期投资价值，投资主线聚焦AI、创新药等
Bei Jing Shang Bao·2025-10-21 13:16