行业配置主线探讨：降低弹性，增加价值

Market Style Discussion: Reducing Elasticity, Increasing Value - The market has experienced two phases of style changes since mid-September, with the first wave of recovery led by sectors such as computers, electronics, food and beverage, and beauty care, which were favored by institutions during the 2019-2021 bull market [9][10] - After a rapid rise on October 8, the market entered a consolidation phase, with institutional heavyweights performing moderately while trading funds became active [9][10] - The sectors that performed well shifted from traditional strongholds to policy-driven sectors such as construction materials, environmental protection, and real estate [9][10] Sector Allocation Recommendations - The recommendation for the next three months includes prioritizing financial real estate (most benefited by policies), followed by media internet and consumer electronics (value stocks among growth stocks), upstream cycles (good capacity structure and fully released demand concerns), overseas markets (strong long-term logic but limited short-term catalysts), and consumption (oversold) [10][11] - The upstream cycle has seen a systematic increase in price levels due to capacity cycles, with commodity prices showing strength from September to October, indicating the potential early stages of a new commodity bull market [10][11] - Financial real estate is currently in the first wave of valuation recovery driven by policies, with real estate and securities directly benefiting from policy changes [10][11] Performance Tracking - The performance of the market in October showed a divergence, with growth styles leading while consumption styles declined [9][10] - The market sentiment tracking indicated significant divergence in sector trading volumes, with a notable expansion in the degree of rise and fall [9][10] Fundamental Tracking - The macroeconomic indicators showed a slight recovery in October, with the manufacturing PMI recorded at 50.1%, indicating expansion [10][11] - The non-financial sectors' profitability is still at the bottom, but there are signs of improvement in non-bank financials and resilience in TMT performance [10][11] - The consumer sector showed structural improvements, particularly in agriculture, forestry, animal husbandry, and fishery, with significant profit recovery [10][11]