策略周报：短期波动，聚焦主线

Core Insights - The report emphasizes that short-term market fluctuations do not alter the upward trend of the market's central tendency, suggesting that recent adjustments may provide better opportunities for high-quality technology stocks with long-term growth potential [1][21] - The report highlights the ongoing recovery in domestic demand, with notable improvements in retail consumption and real estate sales in October, although the consistency of key economic indicators still requires further validation [1][20] - The report indicates that the recent increase in stock repurchase and buyback loans among listed companies is expected to accelerate, driven by new market management guidelines [1][45] Market Overview - The market experienced a downturn this week, with previously leading sectors showing weakened momentum, attributed to a combination of policy saturation, regulatory concerns, and the impact of a strong dollar on asset prices [1][20] - The report notes that while micro liquidity remains abundant, the market is transitioning from a denominator-driven to a numerator-driven phase, with key indicators such as real estate prices and credit growth needing to align for a more robust recovery [1][21] Industry and Sector Analysis - The report identifies a cooling in the active thematic market, with a rotation between soft and hard technology sectors, as defensive and dividend-paying industries outperformed amid reduced risk appetite [1][29] - The performance of AI applications has shown resilience, driven by positive earnings reports from companies like AppLovin, indicating a potential upward trend in the AI sector [1][38][43] - The report discusses the significant increase in stock repurchase and buyback loan usage, with traditional industries like food and beverage, transportation, and chemicals leading the way [1][45] Investment Opportunities - The report suggests that the recent market adjustments may provide better entry points for high-quality technology stocks, particularly as the long-term performance of underperforming stocks is expected to diverge from that of technology stocks [1][32] - The ongoing development of AI infrastructure and applications is highlighted as a promising area for future growth, with commercial progress in various AI segments becoming increasingly evident [1][43]