沪指重返4000点，吹响新一轮反攻号角

Core Viewpoint - The A-share and Hong Kong markets experienced a strong rally, driven by technology growth and cyclical resource sectors, leading to a comprehensive rise in major indices [1][2]. Market Overview - A-share market showed a strong upward trend with major indices all in the green; the Shanghai Composite Index rose nearly 1% to reclaim the 4000-point mark, while the Shenzhen Component and ChiNext Index increased by 1.73% and 1.84% respectively [2]. - The STAR 50 Index outperformed with a significant rise of 3.34%, indicating a robust "volume and price rise" scenario with trading activity notably increasing, as total trading volume exceeded 2 trillion yuan, a significant increase from the previous trading day [2]. - The Hong Kong market also saw strong gains, with the Hang Seng Index closing up 2.12% and the Hang Seng Technology Index surging 2.74%, approaching the psychological level of 6000 points [2]. Sector Performance - The A-share market displayed a dual mainline structure of "technology + cyclical" sectors, with the computing hardware industry chain performing strongly, particularly in storage chips and CPO-related concepts, with multiple stocks hitting the daily limit and reaching historical highs [3]. - The phosphate chemical sector experienced a collective surge, reflecting high market interest in this chemical sub-sector, with several stocks also hitting the daily limit [3]. - In the Hong Kong market, the semiconductor sector showed strong performance, with leading stocks seeing significant gains [4]. Investment Strategy Recommendations - Investment in the fourth quarter should align closely with policy guidance and industry trends, focusing on three main lines: technology growth sectors, cyclical and resource products, and policy-driven opportunities [6][7]. - In the technology growth sector, emphasis should be placed on breakthroughs in technology and capital expenditure expansion, particularly in the AI industry chain, where computing hardware and storage chips are expected to see strong performance due to overseas technological iterations and domestic computing power construction [6]. - For cyclical and resource products, attention should be given to the price elasticity under global easing expectations, particularly in precious metals like gold and copper, which are expected to benefit from a weaker dollar [6].