策略周报20251019：调整空间有限，保持信心-20251019

Group 1 - The report concludes that the adjustment space for the index is limited, maintaining a judgment of sideways fluctuations and continued strength. The recent market pullback is attributed to strong short-term profit-taking motivation and a cautious stance amid uncertainties between China and the US. However, the report believes that the factors driving profit-taking are temporary, and the attractiveness of the equity market and long-term investor confidence remain unchanged. It is anticipated that the situation between China and the US will stabilize, with limited adverse effects on the market [3][12]. Group 2 - The report emphasizes continued high attention to technology as the main theme for investment opportunities. It suggests focusing on low-positioned self-controlled sectors (such as software), technology related to the 14th Five-Year Plan (including quantum technology, deep-sea economy, and brain-computer interfaces), and innovative pharmaceuticals. The report advises avoiding equipment-related sectors and previously high-performing technology companies, which have seen significant pullbacks recently. This ongoing correction is expected to enhance the attractiveness of core companies within these sectors, gradually attracting funds for reallocation [4][13]. Group 3 - In non-technology sectors, the report expresses a positive outlook on strategic metals, ranking them as follows: gold > rare earths and other minor metals > copper. For gold, the dual benefits of deteriorating fiat currency credit and safe-haven demand are expected to continue driving prices, despite short-term pullback risks. The strategic value of rare earths is anticipated to rise due to upgraded export controls on items and technologies. In the case of copper, demand is expected to increase in the medium term due to global grid upgrades, data center expansions, and the proliferation of electric vehicles, while ongoing disruptions in upstream mining will significantly exacerbate supply shortages, leading to a potential rise in copper prices [5][14].