智通财经网·2025-10-30 08:16Core Viewpoint - The A-share and Hong Kong stock markets experienced fluctuations in October, with Hong Kong showing strong overall profitability and low valuations despite recent gains [1][2][4]. A-share Market Summary - The A-share market showed mixed performance in October, with the Shanghai Composite Index rising by 2.7% while the Sci-Tech Innovation 50 Index fell by 1.6% [2]. - Various sectors exhibited significant performance divergence, with coal, telecommunications, and banking sectors performing well due to market sentiment and profit-taking [2][3]. - Positive factors such as the approval of the 15th Five-Year Plan and ongoing US-China trade negotiations are expected to bolster market confidence [3]. Hong Kong Market Summary - The Hong Kong stock market faced a pullback in October due to increased overseas uncertainties and a decline in domestic risk appetite, with major indices showing mixed results [2]. - Despite recent increases, the overall valuation of the Hong Kong market remains low, indicating a favorable long-term investment opportunity [1][4]. - The market is expected to continue a volatile upward trend, supported by the ongoing development of the AI industry and the commencement of the Federal Reserve's interest rate cuts [4]. Industry Configuration - Mid-term focus should be on the TMT (Technology, Media, Telecommunications) and advanced manufacturing sectors, with a shift to high-dividend and consumer sectors during market fluctuations [3][4]. - A "barbell" strategy is recommended, emphasizing both technology growth and high-dividend stocks, particularly in sectors like telecommunications, utilities, and banking [4].