策略周报：保持战略乐观

Core Views - The report maintains a strategic optimism regarding the A-share market, supported by positive signals from fiscal policy announcements and the expectation of accelerated policy implementation [1][2]. Fiscal Policy and Market Confidence - The recent press conference by the National Development and Reform Commission highlighted the government's commitment to increasing fiscal policy efforts to stimulate high-quality economic development, which is expected to boost market confidence [2][13]. - The fiscal measures include allowing special bonds for land reserves and supporting the acquisition of existing housing, which are crucial for improving liquidity in the real estate sector [21][2]. Industry Performance and Trends - The report notes a phase of adjustment in the market following a rapid valuation recovery at the end of September, with most sectors experiencing declines except for comprehensive finance [18][2]. - Non-bank and technology sectors show stronger resilience compared to cyclical industries like food, electric vehicles, and real estate, which have experienced significant fluctuations [18][2]. - The real estate sector is highlighted as a key economic indicator, with recent policies expected to catalyze growth in the upstream steel, aluminum, cement, and engineering machinery industries, as well as in home appliances and furniture [21][2]. Tesla's Innovations - Tesla's recent product launch introduced three revolutionary products: Cybercab, Robovan, and Optimus, which are set to redefine urban transportation and integrate robotics into daily life [25][26]. - Cybercab aims to provide low-cost autonomous taxi services, with operational costs projected at $0.20 per mile, while Robovan targets urban public transport and logistics [25][26]. - Optimus, a humanoid robot, is designed to assist in various tasks, potentially transforming household and industrial operations [25][26]. Market Overview - The report indicates that the market may enter a phase of moderate fluctuations, with a focus on upcoming fiscal policy developments and external factors such as the U.S. Federal Reserve's interest rate decisions and the U.S. elections [2][13]. - The overall sentiment remains positive for the medium term, with expectations of profit recovery leading to potential upward trends in the market [2][13].