沪指收复3900点，短期扰动不改中期向好格局，操作上兼顾防御与进攻

Core Insights - The report indicates that the A-share market is experiencing a recovery, with the Shanghai Composite Index successfully reclaiming the 3900-point mark, reflecting a positive medium-term outlook despite short-term volatility [2][8][10] - The overall market volume has significantly decreased, with a total trading volume of approximately 2 trillion yuan, indicating cautious sentiment among new investors [2][8][10] Market Overview - On Wednesday, the three major indices opened high but experienced a pullback before rising again in the afternoon, with the Shanghai Composite Index increasing by 1.22% [4][5] - The sectors that performed well included aviation, automotive, chemical pharmaceuticals, and electric grid equipment, while shipping ports and small metals saw declines [4][5] Sector Analysis - The pharmaceutical sector, particularly chemical pharmaceuticals and CROs, is expected to have configuration value due to its previous underperformance and the aging population driving demand [6] - The robotics industry has shown strong growth, with significant increases in stock prices since January 7, 2025, driven by robust internal growth and supportive government policies [7] Future Market Outlook - The report maintains that the A-share market's upward trend may continue into the fourth quarter, although the momentum may weaken and volatility may increase [2][8] - Investors are advised to balance short-term defensive strategies with medium-term positioning, focusing on dividend assets like banks and public utilities, while also targeting growth sectors such as AI, semiconductors, and robotics [9][10]