季度策略：政策调整提振市场信心，中期关注基本面改善信号

Group 1 - The report indicates that the A-share market experienced a rebound in late September after a decline earlier in the quarter, with the Shanghai Composite Index rising above 3300 points and the Shenzhen Component Index surpassing 10000 points by the end of September, reflecting a recovery of losses incurred earlier in the year [23][24][25] - The report highlights that the U.S. Federal Reserve's significant interest rate cut of 50 basis points on September 18 has created a favorable environment for a soft landing of the U.S. economy, which may influence global market conditions positively [27][30] - Domestic economic growth momentum is showing signs of weakening, with the report noting that while exports and manufacturing investments continue to support the economy, weak domestic demand and a struggling real estate market are exerting downward pressure [6][31][32] Group 2 - The report emphasizes that the Politburo meeting on September 26 sent positive signals regarding macroeconomic policy, indicating a shift towards stabilizing growth and implementing supportive measures for the economy [10][43] - Various policies aimed at stabilizing growth have been introduced, including monetary policy adjustments and measures to support the real estate market, which are expected to enhance market confidence [44][47] - The report suggests that the A-share market may experience a cooling period after a rapid rise, with future performance likely dependent on the effectiveness of macroeconomic policies and improvements in the domestic economy [15][16][57] Group 3 - The report notes that A-share earnings have been fluctuating at low levels, with overall revenue under pressure due to weak domestic demand and low prices, although there has been slight improvement in profits driven by cost reductions and financial sector growth [9][39][41] - It highlights that the capital market support policies are being strengthened, with the central bank creating new monetary policy tools to support stock market development and encourage long-term capital inflows [12][54][56] - The report outlines investment strategies focusing on flexible asset allocation, emphasizing the importance of monitoring policy effectiveness and economic recovery signals in the medium term [17][18]