定期报告：策略类●行情未完，成长占优

Group 1: Market Trends - Historical data shows that after significant volume increases in A-shares, the probability of direct declines is low, with only 1 out of 12 instances resulting in a direct drop[1] - Among the 12 instances of large volume increases since 1992, 6 saw a pattern of decline followed by recovery, while 5 experienced an initial rise followed by a decline[1] - Current A-share trends suggest a potential for oscillation followed by an upward movement, supported by active policies and limited external risks[1] Group 2: Policy and Economic Factors - Policy and external events are the primary factors influencing A-share performance post-volume increase, with significant historical examples from 2007 and 2013 highlighting this impact[1] - Current economic policies are expected to remain positive, with anticipated fiscal measures and monetary easing likely to be implemented[1] - The real estate sector shows weak performance, with sales down 18% and investment down 22.5% year-to-date, indicating a need for continued monitoring[1] Group 3: Liquidity and Investment Flow - Financing has significantly rebounded, with net inflows exceeding 211.9 billion RMB from September 27 to October 9, including a record single-day inflow of 110 billion RMB[1] - Foreign capital inflows are expected to continue, driven by improved market conditions and a strong correlation with the FTSE China A50 index, which rose over 30% during the observation period[1] - New fund issuance has increased, with 28.6 billion shares of equity funds launched in September, reflecting a recovery in investor sentiment[1]