策略周观点2024年第33期：关注三季报业绩表现

Group 1: Market Performance - Major A-share indices rose during the week of October 21 to October 25, with the Shenzhen Component Index showing the largest increase of 2.53% [6][7] - The average daily trading volume in the two markets increased by 14.49% compared to the previous week, reaching 19,097.20 billion yuan [9] - The electronic sector was the most active, with a trading volume of 15,998.93 billion yuan during the same week [9] Group 2: Valuation Levels - As of October 25, the dynamic price-to-earnings (PE) ratio of the Sci-Tech Innovation 50 index was at a historical percentile of approximately 73.58% since 2010 [17] - Several industries, including non-bank financials (79.28%), comprehensive (80.34%), coal (55.86%), electronics (71.89%), and real estate (92.89%), exceeded the historical 50th percentile in terms of current dynamic PE ratios [21][22] Group 3: Investment Recommendations - The report suggests focusing on leading companies in downstream sectors with significant improvements in profitability expectations as indicated by third-quarter earnings forecasts [25][27] - Continuous attention is recommended for growth sectors related to new productivity, particularly in electronics, AI computing power, and low-altitude economy [27] - The report highlights the importance of stock buybacks and related financial operations, suggesting to monitor relevant concept sectors [27]