南方基金：A股进入“真空期”，后市如何演绎？

Group 1 - A-share market environment remains positive with overall profit levels showing steady growth, particularly in the technology sector, where net profit increased by 11.30% year-on-year in Q3 [2][5] - The technology sector's performance is highlighted by significant profit growth in software services (121.6%) and semiconductors (46.6%) [5][6] - Other industries such as steel, media, and building materials also showed substantial improvement in profitability [5][6] Group 2 - The reduction of trade tensions between China and the U.S. is evident as the U.S. Senate passed a resolution to terminate comprehensive tariff policies, signaling a decrease in external disturbance factors [7] - The recent interest rate cut by the Federal Reserve, with a potential further cut in December, is expected to benefit the Chinese economy by improving external demand and attracting capital inflow [8] - The narrowing interest rate differential between China and the U.S. may stabilize the RMB exchange rate and reduce capital outflow pressure, potentially attracting more international capital into Chinese asset markets [8] Group 3 - The market is entering a "vacuum period," characterized by a lack of major catalysts for significant index movements, but investor sentiment remains optimistic with high financing balances [9][10] - Despite the market's current fluctuations, structural opportunities still exist, particularly in traditional industries and the technology sector [10] - Investors are advised to maintain a balanced perspective during this period, using it as an opportunity to adjust investment portfolios [10]