行业月报：10月中小盘优于大盘，建筑、通信表现较佳

Group 1 - The report indicates that in October 2024, small and mid-cap stocks outperformed large-cap stocks, with notable performance in the construction and communication sectors [3][10][33] - The typical index performance showed a divergence, with the CSI 500, CSI 1000, National Index 2000, and STAR 50 indices rising, while the SSE 50 and CSI 300 indices declined, suggesting a better overall performance for small and mid-cap stocks compared to large caps, although marginally weaker than September [3][10][33] - The turnover rate for all typical indices increased compared to September, with the STAR 50 index experiencing a nearly twofold increase, reaching new highs since 2021 [3][13][16] Group 2 - In October 2024, 21 industries saw mid-cap stocks rise, while 5 industries experienced declines, with the top three performing sectors being construction, communication, and computer [33][41] - Among small-cap stocks, 23 industries rose, with the top three sectors being building materials, construction, and computer, indicating significant excess returns in these areas [33][41] - The report highlights that mid-cap stocks in the construction, communication, and machinery sectors are expected to continue generating excess returns, along with potential reversals in the automotive and home appliance sectors [58] Group 3 - The report identifies that the mid-cap stocks with the highest turnover rates in October 2024 were in the communication, computer, and construction sectors, with some industries exceeding 1.5 times the turnover rate of their respective indices [38][39] - For small-cap stocks, the highest turnover rates were observed in the computer, communication, and defense industries, with several sectors also exceeding 1.5 times their index turnover rates [38][39] - The report suggests that the construction, communication, machinery, and utilities sectors are likely to maintain their excess returns, while automotive and home appliance stocks may see fundamental recovery and potential market reversals [58]