策略周报20250921：震荡调整期，继续关注高端制造和周期红利-20250922

Group 1 - The report indicates that the short-term adjustment of the index is necessary, while the medium-term upward trend remains unchanged [3][13] - High-end manufacturing continues to show relative advantages, with sectors such as coal (3.5%), electric equipment (3.1%), and electronics (3.0%) leading the gains [4][14] - The report emphasizes the importance of focusing on high-end manufacturing and low-position cyclical dividends, with specific attention to sectors like steel, chemicals, electricity, and agriculture [4][6][16] Group 2 - High-end manufacturing is expected to maintain a volatile upward trend, with significant movements in the semiconductor and advanced process sectors, as evidenced by an 8.96% increase in the photolithography index and a 6.36% increase in the semiconductor equipment index [5][15] - The report highlights the potential for low-position cyclical stocks with dividend appeal, particularly in the chemical sector, where supply-side improvements are anticipated, leading to enhanced profitability and cash flow for dividends [6][16] - The electricity sector is noted for its increasing dividend attractiveness, driven by improved profitability stability, enhanced free cash flow, and rising dividend intentions [17]