行业比较与配置系列（2025年10月）：10月行业配置关注：高景气持续与困境反转的线索

Core Insights - The report highlights the ongoing high prosperity in certain sectors and the potential for recovery in struggling areas, focusing on industries such as non-ferrous metals, power equipment, machinery, automotive, electronics, and media [2][4][5]. Market Performance and Economic Indicators - In the past month, the market experienced slight fluctuations upward, with the overall indices showing mixed results, particularly in the technology TMT sector and midstream manufacturing, which saw improved prosperity [2][4][17]. - Economic data indicated a general slowdown, with production outpacing demand, and various sectors showing different levels of performance [4][18]. Sector Recommendations - Non-Ferrous Metals: Supply disruptions and seasonal demand are expected to drive prices higher, particularly for industrial metals like copper and aluminum, as well as small metals such as rare earths [5][16]. - Power Equipment: The solid-state battery industry is advancing, and the solar power sector is benefiting from increased demand and improved pricing structures [5][16]. - Machinery: The humanoid robot sector is poised for growth due to domestic technological advancements and supportive policies [5][16]. - Automotive: The automotive industry is entering a recovery phase with improved supply-demand dynamics and supportive government policies [5][16]. - Electronics: The consumer electronics sector is entering a peak season, driven by innovation and strong demand for AI-related products [5][16]. - Media: The gaming sector is experiencing structural recovery, supported by content optimization and AI technology [5][16]. Economic and Sectoral Trends - The report notes that the market is entering a bullish phase, with significant sector rotation expected, particularly in technology-driven areas [4][5][7]. - Analysts have raised profit expectations for several industries, including steel, military electronics, and insurance, indicating a positive outlook for these sectors [7][12]. Trading Dynamics - Recent trading activity has shown a divergence across sectors, with high turnover in consumer electronics and automotive parts, while sectors like oil and gas have seen lower trading volumes [5][7]. - The report emphasizes the importance of monitoring policy impacts and fundamental recovery in the coming months, particularly in technology innovation as a growth driver [7][12].