Zhongtai Securities(SH:600918) ZHONGTAI SECURITIES·2025-10-08 11:43Group 1: Overview of Market Performance - The overall market showed a mild increase, with the technology sector continuing to rotate, while the battery and non-ferrous metal industries remained strong [2][11] - The A-share market's performance before the holiday indicated strong confidence among bullish funds, with a notable increase in the two-margin balance and average guarantee ratio [3][14] - Global stock markets generally rose during the holiday, providing a potential for A-shares to catch up post-holiday, with significant increases in indices such as the Nikkei, which rose by 6.70% [3][14] Group 2: Sector Analysis - The technology sector is expected to experience a rotation pattern characterized by "high-level fluctuations—midstream switching—downstream diffusion," with a focus on artificial intelligence, chips, and robotics as core areas [5][18] - The non-ferrous metal industry is benefiting from rising commodity prices and policies aimed at reducing competition, showing strong upward momentum [11][16] - The communication industry, which performed well in July and August, saw a decline, while the power equipment sector maintained a rebound trend [2][11] Group 3: Investment Recommendations - The report suggests focusing on low-position sectors such as brokerage firms and cyclical industries related to "anti-involution," including new energy, building materials, and non-ferrous metals [5][18] - The internal structure of the technology sector is undergoing adjustments rather than a complete shift, with expectations that technology rotation will evolve along the lines of "themes—infrastructure—applications" [5][18] - Key areas to watch include consumer electronics benefiting from the iPhone 17 sales recovery and humanoid robots supported by strong revenue agreements [5][18]