权益ETF系列：市场开启反攻，继续聚焦泛科技板块

Investment Rating - The report maintains an "Overweight" rating for the equity ETF series, focusing on the technology sector [1]. Core Insights - The market is beginning to rebound, with a continued focus on the broad technology sector. The macro timing model for October 2025 scored -1.5, indicating a high probability of slight declines in the overall A-share index. However, a strong support rebound is expected near the mid-term trend line [19][20]. - The A-share market is currently in a relatively low trading volume state, awaiting significant events such as important meetings and Sino-US negotiations before launching a more robust recovery. The technology sector is leading the market, with notable performances in overseas computing power, domestic computing power, and new energy sectors [20]. - The report suggests a balanced growth-oriented ETF allocation strategy, anticipating a market that may experience a fluctuating upward trend with ongoing structural opportunities [74][75]. Summary by Sections A-share Market Overview (2025.10.20-2025.10.24) - The top three broad indices were: ChiNext Index (up 8.05%), Sci-Tech 50 (up 7.27%), and Wind Micro Index (up 6.49%). The bottom three were: Dividend Index (up 0.71%), Shenzhen Dividend (up 0.82%), and CSI Dividend (up 1.05%) [10]. - The top three style indices were: Growth (CITIC style) (up 5.83%), Large Cap Growth (up 5.08%), and National Growth (up 4.53%). The bottom three were: Consumption (CITIC style) (up 0.61%), Large Cap Value (up 1.30%), and Stability (CITIC style) (up 1.45%) [11]. - The top three Shenwan first-level industry indices were: Communication (up 11.55%), Electronics (up 8.49%), and Electric Equipment (up 4.90%). The bottom three were: Agriculture, Forestry, Animal Husbandry, and Fishery (down 1.36%), Food and Beverage (down 0.95%), and Beauty and Personal Care (down 0.09%) [14]. A-share Market Outlook (2025.10.27-2025.10.31) - The market is expected to continue its rebound, focusing on the broad technology sector. The macro timing model indicates a potential for a fluctuating market in October [19][20]. - The report emphasizes the need for various funds to resonate for further market advances, as retail funds have shown continuous outflows despite institutional funds leading the charge [20]. Fund Allocation Recommendations - The report recommends a balanced growth-oriented ETF allocation strategy, suggesting that the market may experience a fluctuating upward trend with ongoing structural opportunities [74][75].