关注后续增量政策，市场或将重回上行趋势

Core Viewpoints - The report suggests that the market may return to an upward trend after digesting recent negative information, particularly focusing on the upcoming National People's Congress meeting and potential fiscal policies [2][10] - The U.S. presidential election dynamics are influencing market sentiment, with a rising probability of Trump winning, which could lead to cautious investment behavior in A-shares [2][10] - The report maintains a bullish outlook on the market, anticipating that the third quarter may represent the lowest point for the domestic economy and corporate earnings, with a gradual recovery expected [2][19] Market Trends - The report highlights that the profit growth rate of industrial enterprises in August was -17.80%, marking a seasonal low, which may lead to continued pressure on third-quarter earnings [2][19] - It notes that the market sentiment improved slightly by the end of the third quarter, with a small increase in stock positions among funds [2][20] - The report indicates that the overall market P/E ratio is at 18.44 times, reflecting a 1.09% increase from the previous week [8] Investment Recommendations - The report recommends focusing on sectors with improving fundamentals and low valuations, such as agriculture, power equipment, textiles, non-ferrous metals, automobiles, and defense [2][20] - It emphasizes three main investment themes: the potential for valuation recovery in undervalued assets, the direction of incremental fiscal policies, and the expected rebound in technology growth sectors [30] - The report suggests monitoring key events such as the National People's Congress meeting and the U.S. presidential election for their potential impact on market sentiment [30] Sector Analysis - The report identifies sectors with marginal improvements in profitability and low fund allocations, including non-bank financials, machinery, computers, construction materials, and environmental protection [20][29] - It highlights the military electronics sector as having potential for growth, particularly in areas like artificial intelligence and software development [29][30] - The report notes that the sectors with the most significant increases in fund allocations include power equipment, non-bank financials, and retail, while the most significant reductions were in public utilities, oil and gas, and non-ferrous metals [20][29]