程强：市场风格维持红利、微盘、细分产业趋势结合特征

Market Overview - A-shares opened lower but rebounded throughout the day, with all major indices closing higher. The Shanghai Composite Index closed at 3969.25 points, up 0.23%, while the Shenzhen Component rose 0.37% to 13223.56 points, and the ChiNext Index increased by 1.03% to 3166.23 points. The total market turnover was 1.89 trillion yuan, a decrease of approximately 2.3% from the previous trading day, marking the fourth consecutive day of reduced trading volume [3]. Market Analysis - The A-share market showed a trend of low opening and high closing, continuing a pattern of reduced trading volume. The overall market saw 3375 stocks rise and 1902 fall, indicating a general recovery [3]. - The new energy and Hainan sectors led the gains, driven by policy and industry trends. The State Grid's fixed asset investment exceeded 420 billion yuan in the first nine months of the year, a year-on-year increase of 8.1%. The total investment is expected to surpass 650 billion yuan for the year, contributing to a 5.03% increase in the ultra-high voltage index [5]. - The market is currently in a policy and performance vacuum, with fewer event-driven factors expected in the short term. The focus remains on dividend stocks, micro-cap stocks, and emerging technology sectors, with potential investment opportunities in areas like quantum technology and commercial aerospace [6]. Bond Market - The bond market experienced weak fluctuations, with the 30-year main contract closing at 116.43 yuan, down 0.08%. The People's Bank of China maintained a net withdrawal of funds, with a 7-day reverse repurchase operation of 655 billion yuan at a stable rate of 1.40% [7]. - The liquidity in the market remains ample, with short-term interest rates stable. The overnight Shibor remained at 1.315%, while the 7-day rate slightly increased to 1.423% [7]. Commodity Market - The commodity index showed a slight increase, with agricultural products performing strongly while industrial products remained weak. The European shipping futures index reached a six-month high, driven by price adjustments from shipping companies and pre-holiday stocking [10]. - The continuous rise in soybean meal prices is attributed to supply-demand mismatches, with a significant decrease in crushing volumes reported [11]. Trading Hotspots - Recent popular sectors include artificial intelligence, nuclear fusion, and domestic chip production, with a focus on capital expenditure trends and technological breakthroughs [12]. - The market is expected to maintain a balanced allocation strategy, with an emphasis on dividend stocks and micro-cap stocks during the current performance vacuum [13].