智通财经网·2025-11-02 22:47Core Viewpoint - The market is expected to experience a period of consolidation in November, setting the stage for a significant rally by year-end, influenced by the outcomes of U.S.-China trade negotiations, Q3 earnings reports, and the conclusion of the Fourth Plenary Session [1][2] Market Outlook - November is anticipated to be a transitional phase with a lack of decisive catalysts, leading to a stable yet fluctuating market environment [2] - The overall performance of A-shares is improving, with notable growth in corporate earnings driven by low baselines and significant improvements in resource and technology sectors [2][4] Investment Strategy - Focus on structural opportunities in emerging industries such as commercial aerospace, AI applications, innovative pharmaceuticals, and solid-state batteries [2] - November is identified as a trading window for "local tracks" and "early layout of cyclical resources" [2] Style and Sector Allocation - The market style is expected to rebalance, potentially returning to a barbell structure, with recommendations for broad indices like CSI 300 and sector indices such as 300 Dividend [3] - Key sectors to focus on include electronics (consumer electronics, semiconductors), power equipment (batteries, photovoltaic equipment, wind power equipment), automotive (auto parts, commercial vehicles), and defense [3][6] Liquidity and Capital Supply - Incremental capital is projected to maintain a steady net inflow in November, supported by active financing and thematic ETFs [4] - The macro liquidity environment remains supportive, with the central bank's policies ensuring a reasonable level of liquidity [4] Mid-Cycle Prosperity and Sector Recommendations - A-shares are showing improved earnings, particularly in sectors like resources, information technology, and financial real estate, with TMT leading in profit growth [5][6] - Recommended sectors for short-term focus include TMT, mid-to-high-end manufacturing, and certain resource sectors, while long-term attention should be on supply structure optimization [5][6] Industry Trends and Investment Opportunities - The AI infrastructure is evolving into a national-level platform, with companies like NVIDIA positioning themselves as key players in this transformation [7] - The shift in AI applications from internet services to industrial-level implementations indicates a significant opportunity for investment in AI-related sectors [7]