策略研究周度报告：等待改善契机，向景气或滞涨方向倾斜

Group 1: Market Overview - The report emphasizes that the market is currently waiting for more positive policy signals or significant improvements in the economic fundamentals before risk appetite can be lifted [1][12][14] - Recent macroeconomic data from October shows notable improvement, with recovery in consumption and real estate sales, indicating a supportive economic backdrop for A-shares [1][12][14] - The market is focusing on the upcoming Central Economic Work Conference, with expectations for a positive policy tone, although specific measures and scale remain uncertain, which may increase market volatility [1][12][14] Group 2: Industry Allocation - The report suggests that growth sectors and previously leading industries are under adjustment pressure, while sectors with potential policy support and recovery, such as consumer goods, are expected to present allocation opportunities [1][16][24] - Specific sectors highlighted for potential recovery include automotive, home appliances, pharmaceuticals, and agriculture, which have shown signs of lagging behind in the current market cycle [1][16][24] - The agricultural sector, particularly the pig farming industry, has seen a decline in performance despite significant Q3 earnings growth, primarily due to falling pig prices and market pessimism regarding future price stability [16][17][19] Group 3: Sector-Specific Insights - The report notes that the pig farming sector has experienced a 15.4% and 22.6% decline in average wholesale and live pig prices respectively since mid-August, leading to a cautious outlook on production capacity growth [17][19] - The electricity equipment sector is facing significant adjustment pressure, with recent market performance showing a decline, particularly in the photovoltaic segment, which has not met market expectations [21][23][24] - Despite the challenges, there are signs of price recovery in the lithium battery sector due to overseas production cuts, which may provide some support to the overall electricity equipment index [21][23][24]