金融工程 10月主动选股

• The September stock selection portfolio achieved an average individual stock return of 5.24%, with a win rate of 57.9%[1][8] - Monthly portfolio return was 4.97%, outperforming Wind All A by 2.17%[1][8] - Year-to-date absolute return reached 50.35%, outperforming Wind All A by 23.93%[1][8] - Macroeconomic data showed PPI year-on-year decline narrowed significantly, CPI year-on-year decline widened, and M1 grew by 6% year-on-year, up 0.4% from the previous month[2][16] - Manufacturing PMI for September was 49.8%, better than the previous value of 49.4[2][16] - RMB appreciated against USD recently, indicating potential inflow of northbound funds[2][16] - Small-cap factor may weaken, while mid-cap and large-cap stocks are expected to outperform small-cap stocks in October[2][16] - Beta factor, market capitalization factor, growth factor, and volatility factor showed strong performance, reflecting market preference for high-elasticity, growth-oriented leading stocks[2][21] - October portfolio construction focuses on three themes: benefiting from weak USD and competitive domestic industries (e.g., non-ferrous metals), high-demand sectors (e.g., semiconductors, solid-state batteries, aerospace), and potential style-switch cyclical stocks with high dividend yields and low valuations[3][23][24] - October portfolio includes stocks such as Zijin Mining, Ningde Times, and Zhaoyi Innovation, with an emphasis on growth-oriented leading stocks[3][25][26]