银河证券：预计年末行情仍以震荡结构为主

Core Viewpoint - The A-share market is currently in a consolidation phase, with rapid rotation between sectors, particularly as funds shift towards lithium batteries and electrolyte themes, while the technology sector is undergoing a correction after significant gains [1] Sector Summaries 1. Market Dynamics - The A-share market is experiencing a continued consolidation pattern, with funds rotating quickly between sectors [1] - The technology sector, which had previously seen substantial gains, is now in a state of correction [1] - There is a notable shift of funds towards lithium batteries and electrolyte themes, indicating a change in investment focus [1] 2. Institutional Positioning - As the year-end approaches, institutional allocations are likely to become more balanced, preparing for the economic outlook for the next year [1] - The year-end market is expected to maintain a volatile structure [1] 3. Investment Opportunities - In the context of sector rotation, there are opportunities in themes such as anti-involution and dividends [1] - Anti-involution Sector: The focus on addressing "involution" competition is becoming a key macroeconomic control measure, enhancing the long-term investment value of related sectors [1] - New Productive Forces: Technology companies that align with national strategies and possess genuine technological barriers are expected to be a significant investment theme in the A-share market [1] - Consumer Sector: As a crucial part of domestic demand, consumption plays a vital role in stabilizing the economic foundation, with particular attention on service consumption and new consumption segments [1] - "Dual" Sector: Project construction is anticipated to drive the improvement and development of the industrial chain, benefiting related companies through increased orders and performance releases [1]