月度策略：政策牛市启动，市场有望全面反弹

Group 1 - The central political bureau meeting released significant signals indicating that the economy is expected to stabilize and recover, emphasizing the need for increased counter-cyclical adjustments in fiscal and monetary policies [44][45][46] - The People's Bank of China, along with financial regulatory authorities, introduced multiple substantial policies to support economic growth and stabilize the capital market, enhancing liquidity in the market [46][47] - The manufacturing PMI in September showed a slight recovery, rising to 49.8%, indicating improved conditions for large enterprises and a reduction in operational pressure for small and medium-sized enterprises [67] Group 2 - The report highlights the potential for a policy-driven bull market, with expectations of a comprehensive market rebound supported by a series of fiscal measures and other supportive policies [4][5] - The analysis of previous bull markets in A-shares indicates that each bull market was preceded by significant favorable policies, suggesting a similar pattern may emerge in the current context [56][64] - The report suggests focusing on sectors such as chips, pharmaceuticals, non-bank financials, consumption, new energy vehicles, and non-ferrous metals as potential investment opportunities [4][5]