对市场新中枢震荡和科技主线方向继续保持定力

Market Overview - The market experienced significant volatility on October 18, 2024, with the Shanghai Composite Index rising over 4.5% at one point and closing up 2.91%, while the ChiNext Index surged nearly 12% and closed up 7.95% [1] - The total trading volume across the A-shares reached 2.13 trillion, an increase of approximately 40% compared to the previous trading day [1] - The technology sector led the gains, with notable increases in electronics (8.50%), telecommunications (5.53%), and power equipment (5.52%) [1] Key Insights - The market rally was primarily driven by the General Secretary's emphasis on advancing modernization through technology, which boosted market confidence and preference for tech stocks [1] - Financial regulatory measures, including potential reductions in the reserve requirement ratio and interest rates, as well as the introduction of stock repurchase programs, have positively influenced market sentiment [1] - The report maintains a view of the market oscillating around a new equilibrium, suggesting that both significant gains and losses should be approached with caution [1] Investment Opportunities - The first investment focus is on growth sectors with improving liquidity and expected strong performance in Q3 earnings, particularly in electronics, new energy, telecommunications, and military industries [2] - The second focus is on consumer goods with potential policy support, including home appliances, automobiles, pharmaceuticals, and agriculture, which may experience a rebound after previous stagnation [2] - The report highlights that the agricultural sector, particularly in pig farming, is expected to see price increases, with quarterly data releases anticipated to provide further catalysts [2]