2025年10月东北固收行业轮动策略：关注震荡行情中的低位行业补涨机会

Core Insights - The report emphasizes the potential for low-position industries to rebound in the current market environment, which is characterized by structural fluctuations and a focus on risk aversion and value investing [1][6]. Industry Recommendations - The report identifies four key low-position industries with marginal improvement potential: Environmental Protection, Non-Metallic Materials, Biological Products, and Automotive [5][6]. - The storage sector is highlighted as a critical area for investment, with rising prices for storage chips indicating the start of a new upward cycle, supported by demand from the Sora2 release [6]. - Precious metals continue to hold strong investment value, driven by short-term interest rate expectations and long-term geopolitical risks, which are expected to support gold prices [6]. - The innovative pharmaceutical sector is poised for valuation recovery as previous negative factors have diminished, making it a focus for investors [6]. - The environmental protection industry benefits from favorable policies and a rebound in related sectors [6]. - Non-metallic materials are supported by supply-side policies and demand-side initiatives, such as the revitalization of Xinjiang [6]. - The biological products sector is expected to gain from new productivity policies and the recovery of the innovative pharmaceutical sector [6]. - The automotive industry is benefiting from consumer incentives and synergies within the robotics supply chain [6]. Performance Indicators - The report provides detailed performance indicators for the identified low-position industries, showing positive trends in various metrics such as PPI and production volumes [7][10]. - For example, the waste resource utilization industry shows a 5.74% increase in PPI, while the automotive sector has seen a 3.10% increase in cumulative sales [7][10]. Market Outlook - The market is expected to continue its oscillating upward trend with structural differentiation, highlighting the importance of identifying and investing in undervalued sectors [1][6].