低开高走凸显韧性，继续掘金三大主线

Core Insights - A-shares demonstrated strong resilience with a low open and high close, driven by policy benefits and industry prosperity, while Hong Kong stocks showed a mixed performance with technology stocks continuing to adjust [1] - The market reflects a "strong internal, weak external" dynamic, with A-shares benefiting from domestic economic recovery and institutional buying, while Hong Kong stocks are influenced by valuation pressures in technology and international capital's risk aversion [1] Market Overview - A-share indices closed higher, with the ChiNext Index rising by 1.03%, the Shenzhen Component up by 0.37%, and the Shanghai Composite increasing by 0.23%. The total trading volume reached 1.89 trillion yuan, indicating active market participation. In contrast, Hong Kong's major indices saw slight declines, with the Hang Seng Index down by 0.07% and the Hang Seng Tech Index down by 0.56%, with a trading volume of 238.8 billion HKD [3] Sector Performance - A-shares exhibited a dual drive from policy and industry, with the electric power equipment sector surging by 3.4%, primarily due to increased investment from the State Grid and the promotion of new energy integration policies. The energy transition is reflected in the strong performance of storage and lithium battery sectors. The Hainan Free Trade Zone sector remained active due to expectations surrounding the expansion of duty-free policies [4] - In the technology sector, there was a divergence, with quantum technology and AI computing sectors continuing to adjust, leading to a 0.97% decline in the computer sector, indicating a need for valuation correction after previous overheating [4] - In Hong Kong, the electric power equipment sector performed strongly due to improved demand expectations, while the aviation sector benefited from the recovery in cross-border travel. Conversely, cryptocurrency-related stocks struggled due to price volatility, and sectors like education, semiconductors, and innovative pharmaceuticals continued to adjust [4] Investment Strategy Recommendations - The investment strategy for the fourth quarter should focus on three main lines: technology growth sectors, including AI computing hardware and innovative pharmaceuticals, while looking for opportunities in cyclical and resource sectors such as gold, copper, and coal, capitalizing on policy support and profit recovery [2][5] - Close attention should be paid to the implementation of the "14th Five-Year Plan," particularly in the Hainan Free Trade Port and sectors related to new productivity, such as AI and high-end manufacturing, which have long-term growth potential [6] - Overall, the market remains focused on structural opportunities, emphasizing alignment with policy and industry trends, and the importance of matching valuation with performance when selecting quality targets [6]