中加基金固收周报︱市场重新进入震荡区间

Market Overview - A-shares experienced mixed performance last week, with major indices showing fluctuations and increased trading volume during adjustments [1] - Among the 31 Shenwan first-level industries, electrical equipment, non-ferrous metals, and steel performed relatively well [1] Macro Data Analysis - In September, industrial enterprise profits grew by 21.6% year-on-year, up from 20.4% in August, marking two consecutive months of double-digit growth [3] - The mining industry saw a profit decline of 29.3%, while manufacturing and electric heat water supply industries reported profit increases of 9.9% and 10.3%, respectively [3] - The automotive and computer communication equipment manufacturing sectors showed significant improvement, influenced by industry trends and policy support [3] - The accounts receivable period slightly shortened to 69.2 days, with a year-on-year increase of 3.3 days and a month-on-month decrease of 0.9 days, linked to a new fiscal tool worth 500 billion [3] Corporate Profit Growth - The cumulative year-on-year net profit growth for the entire A-share market and non-financial A-shares in Q3 2025 was 5.54% and 3.94%, respectively, showing an increase from H1 2025 [4] - The main board, ChiNext, and STAR Market reported net profit growth rates of +5.02%, +19.23%, and -5.01% in Q3 2025, reflecting a recovery from H1 2025 [4] - Key industries with strong net profit growth in Q3 included steel, non-ferrous metals, non-bank financials, electronics, and media [4] Market Strategy Outlook - The market experienced wide fluctuations last week, with marginal increases in trading volume during adjustments [5] - The proportion of public funds heavily invested in TMT sectors reached 40%, nearing historical highs [5] - The market is expected to remain volatile in the short term, with high-pressure adjustments on elevated sectors [5] - Long-term investment opportunities may arise from the ongoing AI competition and sectors with strong fundamentals, such as technology and domestic demand [5] - Defensive sectors are recommended for increased allocation, with a focus on dividend-paying stocks and stable assets like gold and agricultural products [5]