财信宏观策略&市场资金跟踪周报：市场企稳回升，关注科技成长

Group 1: Market Overview - The A-share market experienced a rebound with the Shanghai Composite Index rising by 1.36% to close at 3261.5 points, while the Shenzhen Component Index increased by 2.95% to 10357.68 points during the week of October 14-18 [5][9] - The average daily trading volume in the Shanghai and Shenzhen markets was 16468.15 billion, reflecting a decrease of 34.82% compared to the previous week [5][9] - The market showed a preference for small-cap stocks, with the CSI 500 index rising by 3.09% [5][9] Group 2: Policy and Economic Outlook - The implementation of the "924 policy package" is expected to provide strong support for the equity market, with positive signals from the Politburo meeting and the Ministry of Finance [9][10] - The market anticipates an increase in fiscal policy measures, which will be crucial for the sustained recovery of the economy and improvement in corporate earnings [9][10] - The GDP growth for the first three quarters of 2024 was reported at 4.8%, with the third quarter showing a slight decline to 4.6% compared to the previous quarter [10][11] Group 3: Sector Performance - The technology and growth sectors performed particularly well, with the ChiNext index rising by 7.95% and the Sci-Tech 50 index increasing by 11.33% [10][15] - The cyclical sectors, including real estate, construction materials, and consumer goods, are expected to have opportunities due to improved economic growth expectations [15][16] - The financial sector, particularly brokerage firms, is anticipated to remain active due to low valuations and potential mergers and acquisitions [15][16] Group 4: Valuation Metrics - As of October 20, the overall valuation of the A-share market remains low, with the average price-to-earnings (P/E) ratio for the Shanghai Composite Index at 14.41 times, which is in the bottom 29.43% of historical levels [20][21] - The market's price-to-book (P/B) ratio is also low at 1.35 times, indicating potential for valuation recovery if fiscal policies are effectively implemented [20][21] - The valuation of the ChiNext index is at 32.73 times P/E, which is in the bottom 13.53% of historical levels, suggesting that growth stocks may still have room for appreciation [20][21]