策略周观点2024年第31期：增量政策持续出台

Group 1 - The report indicates that during the week of October 8 to October 11, major A-share indices experienced mixed performance, with the Shenzhen Component Index declining the most by 4.45%, followed by the Shanghai Composite Index which fell by 3.56% [6][7] - The report highlights significant volatility in various sectors, particularly in social services, media, and real estate, which saw declines of 8.66%, 8.57%, and 8.31% respectively [6][7] - The average daily trading volume in the two markets reached a high of 25,494.52 billion yuan during the same week, with the electronics sector being the most active, accounting for a trading volume of 14,273.60 billion yuan [6][9] Group 2 - As of October 11, the report notes that most industries are still valued below the historical 50th percentile level, with the non-bank financial sector at 85.23%, comprehensive at 70.32%, and real estate at 89.74% exceeding this threshold [6][16] - The report states that the dynamic price-to-earnings ratio of the Shanghai 50 index is at approximately 76.27% of its historical percentile since 2010, indicating a relatively high valuation compared to historical data [6][16] - The report suggests that sectors with strong earnings growth expectations and recovering industry conditions should be prioritized for investment, particularly in electronics, AI computing power, and low-altitude economy sectors [29][31]