十大券商展望：A股良性调整已接近尾声，布局新一轮科技行情｜每周研选

Core Viewpoint - The A-share market is experiencing a rebound, with a significant increase in investor confidence, particularly noted on October 24, indicating a potential end to the recent adjustment phase and the beginning of a new stable upward trend in the market [1][4]. Market Trends - The current market adjustment is nearing its end, with the adjustment magnitude reaching historical lower limits. External disturbances are diminishing, and recent policy signals remain positive, suggesting an improvement in market risk appetite [9]. - The active trend-following funds have largely completed their reduction, and market trading volumes have returned to rational levels, indicating that the previously discussed style switch is likely over [3]. Sector Focus - The technology sector is expected to remain a key focus, with strong performance anticipated in AI computing, robotics, high-end manufacturing, and new materials. Additionally, opportunities in China's advantageous industries going global, such as innovative pharmaceuticals and new energy vehicles, are worth noting [5][12]. - The technology growth style is projected to lead the market in the fourth quarter, supported by ongoing trends in AI capital expenditure and advancements in domestic AI industries [7][16]. Earnings Reports - The third-quarter earnings reports are expected to validate the performance of the technology growth sector, which has maintained high levels of interest. The current earnings disclosure rate for A-shares stands at 20.8% [11][9]. - Key highlights from the third-quarter reports are concentrated in the technology sector and "anti-involution" concepts, with strong performance noted in electronics and media within the technology sector [10]. Investment Recommendations - Investors are advised to actively position themselves for the next phase of opportunities rather than focusing solely on defensive strategies. The technology growth sector is expected to continue leading the upward trend [9][20]. - Emphasis should be placed on sectors with strong fundamental support, particularly in technology and certain cyclical sectors, as these are likely to outperform following the adjustment phase [13][12].