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Market Overview - A-shares and Hong Kong stocks exhibited a divergent pattern on October 31, with small-cap stocks rebounding while technology-heavy stocks faced a pullback [1] - The A-share market saw the Shanghai Composite Index down 0.63% to 3961.62 points, Shenzhen Component Index down 0.62%, and ChiNext Index down 1.49% [3] - The Hang Seng Index fell 0.89% to 26050.08 points, with the Hang Seng Technology Index dropping 1.91%, while the healthcare sector showed resilience with a 1.89% increase [3][4] Sector Performance - The media sector led gains in A-shares, rising 3.03%, driven by a surge in AI application users exceeding 700 million [3][5] - The pharmaceutical and biotech sector increased by 1.95%, benefiting from policy catalysts related to innovative drugs [3][5] - The retail sector rose 2.27% due to the expansion of tax-free policies, while new energy sectors like lithium and photovoltaic continued to perform strongly [3][5] Policy and Economic Drivers - The Ministry of Finance and other departments expanded the categories of tax-free goods, directly stimulating the media and retail sectors, with net inflows exceeding 2 billion yuan [5] - The market is characterized by a dual drive of "policy catalysis and industrial trends," with the new tax-free policy aligning with the "14th Five-Year Plan" to foster new consumption scenarios [5][8] - The semiconductor sector faced downward pressure due to industry cycle concerns, while the healthcare sector thrived on policy support and event-driven factors [6] Investment Strategy - The current market is at a critical juncture with a focus on three main lines for investment: application breakthroughs in the tech sector, innovative drug beneficiaries from healthcare negotiations, and opportunities in military and solid-state battery sectors [7][8] - The strategy emphasizes the importance of aligning with the "14th Five-Year Plan" and monitoring the implementation of new policies, particularly in high-end manufacturing and AI applications [8]