策略月报：10月三大指数窄幅震荡，电子板块领涨

Group 1: Market Overview - As of October 31, the Hang Seng Index fell by 3.86% to 20,317.33 points, while the Hang Seng Technology Index decreased by 5.32% to 4,499.15 points [2][9] - The S&P 500 Index dropped by 0.99% to 5,705.45 points, and the Dow Jones Industrial Average fell by 1.34% to 41,763.46 points [3][12] - The Shanghai Composite Index declined by 1.7% to 14.4 times TTM P/E ratio, indicating a reasonable valuation level [4][14] Group 2: Sector Performance - In the Hong Kong market, the healthcare, consumer staples, and materials sectors experienced the largest declines, with drops of -11.7%, -8.88%, and -8.39% respectively [2][9] - In the U.S. market, the financial, communication services, and energy sectors saw gains of 2.55%, 1.8%, and 0.71% respectively, while healthcare, materials, and real estate sectors faced declines of -4.73%, -3.55%, and -3.41% [3][12] - In the A-share market, the electronics and computer sectors led the gains with increases of 14.65% and 14.46% respectively, while food and beverage, coal, and petrochemical sectors faced declines of -9.44%, -8.04%, and -7.08% [4][14] Group 3: Growth Drivers - The rapid growth in the electronics sector is supported by an 18.13% revenue increase and a 37.04% net profit growth in the first three quarters [5][15] - The development of artificial intelligence and smart vehicles is driving demand in the consumer electronics and semiconductor sectors [6][15] - The low-altitude economy is projected to exceed 500 billion yuan in 2023 and is expected to reach 2 trillion yuan by 2030, indicating strong growth potential [6][16] Group 4: Future Outlook - The report suggests focusing on the low-altitude economy and the autonomous driving industry, which is expected to experience significant growth due to supportive government policies [6][16] - The current A-share market is deemed to have reasonable overall valuations, providing investment opportunities [4][14]