中国银河证券：在板块轮动中关注反内卷、红利等主题机会

Core Viewpoint - The current technology sector is undergoing adjustments, with some thematic trends showing signs of recovery, but sustainability remains insufficient. The market is expected to maintain a volatile structure, focusing on the value of adjusted configurations [1] Group 1: Market Trends - The market is anticipated to experience rapid rotation of hotspots during the policy and earnings lull, with sectors such as power grid equipment, lithium batteries, and chemicals showing upward movement [1] - The underlying theme of "anti-involution" is gradually being confirmed, with rising price levels boosting mid-term economic improvement expectations [1] - The third-quarter reports of listed companies demonstrate resilience in fundamentals, highlighting structural strengths [1] Group 2: Investment Opportunities - In the context of sector rotation, attention should be paid to themes related to anti-involution and dividends, with a focus on the technology sector's potential for catch-up in specific sub-sectors and industrial trends [1] - The anti-involution field is becoming a key focus for macroeconomic regulation, enhancing the long-term investment value of related sectors [1] - In the new productivity sector, technology companies with genuine technical barriers that align with national strategies will be a significant investment theme in the A-share market [1] - The consumption sector, particularly service consumption and new consumption sub-fields, is crucial for stabilizing the economic foundation and warrants close attention [1] - The "dual" sector, driven by project construction, will promote the improvement and development of the industrial chain, benefiting related companies through order growth and performance release [1]