下有托底，上有空间

Core Insights - The report indicates a policy shift confirmed by the 924 and 926 meetings, leading to a reversal in market confidence due to strong policy stimuli, although the market has seen a pullback after an initial surge [1][7][8] - It is expected that multiple policy windows in Q4 will gradually introduce growth-stabilizing measures rather than a one-time rollout, leading to a differentiated market trend with a potential upward oscillation [1][5][9] - The report emphasizes a "bottom support, upward space" strategy, highlighting the implementation of a 500 billion yuan swap facility by the central bank to enhance market stability and liquidity [1][8][9] Policy and Economic Outlook - The central bank's 500 billion yuan swap facility aims to provide liquidity specifically for the stock market, supporting eligible financial institutions with low-cost funding [8][9] - The Ministry of Finance has indicated a proactive stance on economic support, with plans to increase local government debt limits and issue special government bonds to stabilize the financial system [9][10] - The report outlines four key areas for policy support: local government debt risk resolution, capital replenishment for major banks, stabilization of the real estate market, and enhanced support for key consumer groups [9][10] Investment Recommendations - The report suggests focusing on sectors aligned with policy directions, particularly in banking, non-bank financials, real estate chains, and public utilities, especially those with undervalued assets [5][12] - It also highlights the potential for recovery in previously undervalued assets as economic conditions stabilize, with a specific emphasis on the military industry due to its unique growth opportunities [4][11] - The report advises monitoring the intensity and direction of fiscal policies, real estate market impacts, and changes in the U.S. presidential election and Federal Reserve interest rate paths [12]