金点策略晨报：窄幅整理短线反弹势头放缓-20251023

Core Views - The market is experiencing a narrow consolidation near its peak, with increased investor caution. Low-valuation blue-chip stocks are expected to gradually lift the market's focus, while high-valuation stocks face performance tests and shareholder reduction pressures, indicating a potential narrowing of high-valuation stock activity [1][7][8] - Attention should be paid to the effects of economic stabilization policies on the A-share market, which may provide positive impacts [1][7][8] - Continuous monitoring of precious metal price fluctuations is necessary due to their spillover risks to other financial markets [1][7][8] A-share Market Overview - On Wednesday, the market showed a narrow consolidation trend, with short-term rebound momentum weakening. Despite optimistic macro policy expectations, external funds remain cautious about future policy strength and fundamental improvements, leading to a lack of significant participation from outside investors [2] - The Shanghai Composite Index closed at 3913.76 points, down 0.07%, while the Shenzhen Component Index fell 0.62% to 12996.61 points. The total trading volume was 16903 billion [3] Sector Performance - The banking sector continued to rise, with a year-to-date increase of 8.13%, ranking 22nd among A-share industry sectors. The banking sector's performance has been relatively stable, attracting long-term funds during periods of market uncertainty [4] - The non-ferrous metals sector faced a pullback, declining by 1.36% on Wednesday, influenced by the drop in international precious metal prices. However, the sector has seen a year-to-date increase of 67.39%, the highest among industry sectors [5][6] Future Market Outlook - The market is expected to continue its narrow consolidation, with low-valuation blue-chip stocks playing a stabilizing role. Investors are advised to adjust their portfolio structures by increasing allocations to dividend assets [1][7][8]