无惧调整，布局十一月

Core Viewpoint - The A-share market is currently undergoing a healthy adjustment within the growth industry cycle, indicating that the adjustment has entered its later stage, with November being a critical verification window for a potential market shift [1] Historical Context - Historical patterns show that typical growth market adjustments have a maximum decline of 15%-20% and last 1-2 months, with strong sectors experiencing shallower and quicker corrections [2] - The current adjustment has seen the ChiNext index decline by only 9.1% over 8 days, while the AI computing sector has seen a maximum decline of 10.4% over 22 days, both remaining below historical adjustment averages [2][3] Upcoming Catalysts - Two key events in late October to early November will influence the market's next phase: the completion of Q3 earnings reports and the APEC summit, which may provide signals regarding US-China relations [4] - The Q3 earnings reports are expected to show strong performance in growth sectors, with AI computing chains reporting an average net profit growth of over 30% [4] - A potential easing of tensions in US-China relations could positively impact sectors like semiconductors and wind power, enhancing market sentiment [4] Policy and Liquidity Factors - Ongoing discussions about the next five-year plan are expected to boost policy support for technology and high-end manufacturing sectors, which is already reflected in increased capital inflows [5] - The anticipated interest rate cut by the Federal Reserve may create more room for domestic monetary policy, potentially leading to a reduction in reserve requirements or targeted rate cuts in November [5] Investment Focus - The current adjustment phase presents an opportunity to focus on "growth prosperity" and "earnings support" as key investment themes [6] - The AI computing sector remains a core engine for growth, with significant opportunities in hardware and application development as demand for data center investments rises [7] - The power equipment sector is poised for growth driven by high domestic investment and increasing exports, particularly in advanced technologies [8][9] - The machinery sector is also expected to benefit from overseas market expansion, with strong demand for electric and environmentally friendly equipment [10] Conclusion - The current market adjustment is viewed as an opportunity for long-term investment, with November's earnings and policy signals likely to unlock new market potential [11]