A股投资策略周报告：基本面预期改善成市场支撑因素

Core Views - LPR cuts support domestic demand growth: On October 21, the 1-year LPR was reduced to 3.1% and the 5-year LPR to 3.6%, both down by 25 basis points from the previous period. This marks the third adjustment in 2024, with cumulative reductions of 35 basis points for the 1-year LPR and 60 basis points for the 5-year LPR [6] - High-tech manufacturing shows resilience: From January to September, high-tech manufacturing profits grew by 6.3%, outperforming the average growth rate by 9.8%. Key sectors like aerospace and semiconductor equipment manufacturing saw profit increases of 17.1% and 13.2%, respectively [7] - US manufacturing PMI exceeds expectations: The US October Markit Manufacturing PMI rose to 47.8, a two-month high, though it remains in contraction territory. The probability of a 25-basis-point Fed rate cut in November is 89.2% [9] Market Performance - A-share market shows resilience: From October 21 to October 25, major indices such as the Shanghai Composite Index rose by 1.17%, while the Wind All-A Index increased by 2.72%. Market volatility was driven by sector rotation and external factors like US economic data and elections [11] - Global and domestic index performance: Detailed data on global and domestic index performance is provided, with specific figures for key indices during the period of October 21-25 [13] Industry and Theme Allocation - Policy-driven opportunities: Focus on sectors like AI and medical imaging in the medical device industry, as well as digital transformation in the power equipment sector [12] - Industry growth opportunities: Key sectors include TMT, automotive, machinery, building materials, non-bank finance, pharmaceuticals, home appliances, power equipment, and food and beverage. Themes to watch include the Belt and Road Initiative, state-owned enterprise reform, and carbon neutrality [12] Valuation Data - Market and industry valuation: The report provides detailed valuation metrics for major indices and industries, including PE and PB ratios, with specific percentile rankings for sectors like utilities, social services, and food and beverage [16][17] Event Calendar - Upcoming economic events: Key events include US ADP employment data, GDP and PCE price index releases, and China's official manufacturing PMI for October [19]