2025年10月资产配置报告：重磅会议将至，政策催化与风格变化

Group 1 - The report highlights the increasing pressure on the domestic economy, with investment, consumption, and real estate growth rates continuing to slow down, indicating weak internal recovery dynamics [5][6][38] - The upcoming 20th Central Committee's Fourth Plenary Session is expected to release long-term policy signals, which may boost market confidence and focus on technology innovation and improving livelihood mechanisms [5][6][38] - The report notes that the A-share market remains relatively optimistic due to high trading volumes and the influx of new capital, despite external tariff disturbances being less impactful than previous rounds [7][8] Group 2 - The report indicates that the employment market in the U.S. is cooling, with non-farm employment growth significantly below expectations, reflecting increased pressure on the labor market [6][23] - U.S. inflation is showing a moderate rebound, with the Consumer Price Index (CPI) rising by 2.9% year-on-year, driven by energy, food, and housing prices [6][23] - The report discusses the potential for a shift in market style towards more stable investments as the technology growth sector experiences increased volatility and reduced upward space [7][8] Group 3 - The report emphasizes the performance of various asset classes, noting that A-shares and Hong Kong stocks have shown significant gains, with the Hang Seng Technology Index rising by 13.95% in September [11][12] - It highlights the strong performance of sectors such as electric power equipment, non-ferrous metals, and real estate, while financial stocks have underperformed [13][14] - The report suggests a cautious approach towards technology growth investments, recommending a shift towards broader indices and low-volatility dividend stocks as market conditions evolve [7][8]