国庆前后交投趋弱，十五五预期利好低位蓝筹配置

Group 1 - The report indicates that A-shares are expected to consolidate to digest previous gains, while Hong Kong stocks may experience a short-term pullback after a recent rally [1][7] - The focus of the market has shifted from technology gains to economic and policy aspects, with the People's Bank of China emphasizing the need for additional stimulus in Q4 [2][8] - The upcoming Fourth Plenary Session will review recommendations for the 15th Five-Year Plan, with ministries drafting plans for sectors such as new energy vehicles and modern manufacturing [2][8] Group 2 - A-share turnover weakened ahead of the National Day holiday, with technology stocks stabilizing and low-valued blue chips showing signs of recovery [3][10] - The financial sector, particularly non-bank financials, is showing improvement and presents an attractive entry point for Q4, while property stocks are rebounding due to expectations from the 15th Five-Year Plan [3][12] - Daily turnover in the A-share market has decreased to RMB 2.3 trillion, indicating a cooling in trading enthusiasm as the holiday approaches [3][13] Group 3 - Hong Kong equities faced pressure from currency fluctuations and rising U.S. Treasury yields, which negatively impacted market sentiment [4][14] - The AH premium index has slightly increased, with notable net inflows into major stocks like Alibaba and Tencent, while Xiaomi experienced a small outflow [4][15] - The report suggests that the current market conditions may create an attractive entry point for non-bank financials and sectors related to consumption and anti-involution strategies [4][16]