策略月报：欣欣向荣

Market Performance - In September, the A-share market saw a rapid increase, returning to 3300 points, with the ChiNext Index, CSI 300, and SSE Composite Index rising by 37.6%, 21.0%, and 17.4% respectively[3] - All sectors experienced significant growth, with non-bank financials (+36.6%), real estate (+36.2%), and computers (+34.9%) leading the gains, while oil and petrochemicals (+8.1%), utilities (+8.9%), and banks (+12.9%) lagged behind[3] Valuation Metrics - As of September 30, the PE (TTM) of CSI 300 was 13.26 times, with a risk premium of 5.4%, remaining near one standard deviation[3] - The PE (TTM) percentile for the ChiNext Index is at a historical low, below one standard deviation[3] Monetary Policy Changes - On September 24, the People's Bank of China announced significant monetary policy measures, including a 0.2 percentage point cut in the 7-day reverse repo rate from 1.7% to 1.5%[3] - A reserve requirement ratio (RRR) cut of 0.5 percentage points was also announced, with potential further reductions of 0.25-0.5 percentage points in the future[3] Economic Indicators - The manufacturing PMI for September was reported at 49.8%, up 0.7 percentage points from the previous month, indicating a slight recovery in economic sentiment[4] - The total profit of industrial enterprises above designated size from January to August was 46,527.3 billion yuan, a year-on-year increase of 0.5%[4] Future Outlook - The recent financial policies are expected to lower actual financing costs and release long-term liquidity, positively impacting A-share investment sentiment[4] - Focus is recommended on the execution of policies by constituent companies and improvements in their fundamentals, with the upcoming quarterly reports being a critical time window[4] Investment Focus - Key sectors to watch include finance and technology, as financial policies are likely to benefit securities and insurance firms, while new productivity policies may favor tech stocks[4] - The report highlights specific stocks for October, including Zhongxin International (688981, Buy) and Dongshan Precision (002384, Buy) among others[25]