十月慢牛趋势不变，风格难改

Group 1 - The core factors influencing the October market trends are policies, external events, and liquidity [4][11][18] - The A-share market is expected to continue a slow bull trend in October, driven by positive policy expectations and a potential easing of liquidity [7][11][18] - Historical data shows that in 15 years since 2010, the Shanghai Composite Index has risen in October 8 times, often influenced by significant policy announcements [4][5][11] Group 2 - In October, technology and cyclical sectors are expected to outperform, with a focus on growth-oriented industries related to the "14th Five-Year Plan" [21][22][30] - The disclosure of Q3 earnings reports is likely to favor technology and cyclical sectors, as historically, industries with strong earnings tend to perform well in October [22][25] - The current Fed rate cut cycle is anticipated to benefit technology growth and certain cyclical industries, with historical trends indicating that high-growth sectors perform better during such periods [30][34] Group 3 - The calendar effect suggests that technology sectors such as computers, automobiles, home appliances, and electronics are likely to lead in performance during October [36] - The expected structural recovery in earnings for the A-share market is supported by a low base effect from the previous year, particularly in exports and retail sales [18][20] - Key sectors expected to benefit from policy support include communication, machinery, electronics, and new energy, while real estate investment is likely to remain weak [18][20]