把握震荡布局窗口：策略周专题（2025年9月第4期）

Group 1 - The A-share market has shown signs of recovery this week, influenced by increased risk appetite and positive market sentiment, with the STAR 50 index rising by 6.5% and the Shanghai Composite Index by 0.2% [1][9][10] - The overall valuation of the Wind All A index is currently at a historically moderate to high level since 2010 [1][9][10] - Market style has shifted towards growth, with large-cap growth stocks increasing by 2.5% while small-cap value stocks decreased by 0.8% [1][12][19] Group 2 - Recent policy developments include the maintenance of the LPR rates at 3.0% for one year and 3.5% for five years, with no new special treatment sought by China in WTO negotiations [2][17][18] - The steel industry has received a growth stabilization plan from five departments, aiming for an average annual growth of around 4% from 2025 to 2026 [2][21] - Major tech events include the 2025 Yunqi Conference where Alibaba Cloud showcased innovations, and Huawei's launch of new electric vehicle models, indicating ongoing advancements in the TMT sector [2][21][22] Group 3 - The report suggests that the current market fluctuations align with historical patterns, with potential adjustments expected to narrow the market's upward movement to 6%-7% [3][23] - The logic supporting the current bull market remains intact, with expectations for continued stability in the economic fundamentals and a favorable environment for TMT sectors [3][24][33] - The TMT sector is anticipated to be a key focus for mid-term investments, driven by liquidity and recent positive developments in the industry [3][37][45]