本周政策密集期，多头建议谨慎乐观，短线持仓

1. Report Industry Investment Rating - Short - term: Oscillation [1] - Medium - short - term: Bullish [1] 2. Core Viewpoints of the Report - This week is a policy - intensive period, and long - position investors are advised to be cautiously optimistic and hold short - term positions [1] - The current stock index is in an adjustment band within an upward trend. Considering the intensive macro - events at the end of October and the high willingness of small and medium - sized funds to enter the market, there are still rebound opportunities on the daily line, and short - term trading windows can be grasped [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work together to prepare for high - level Sino - US interactions and create conditions for the development of bilateral relations [4] - In September, the profits of industrial enterprises above designated size in China increased by 21.6% year - on - year, 1.2 percentage points faster than in August, with new productive forces in high - tech manufacturing and equipment manufacturing growing rapidly, and the profits of private and foreign - funded enterprises accelerating significantly [4] 3.2 Stock Index Disk Review - In the previous trading day, the A - share market oscillated upward. Among the four major indexes, the Shanghai 50 Index rose 0.78%, the CSI 300 Index rose 1.19%, the CSI 500 Index rose 1.67%, and the CSI 1000 Index rose 1.03% [4] - In terms of sectors, communication equipment (+3.77%) and electronic components (+3.34%) led the gains, while soft drinks (-2.50%) and construction machinery (-2.05%) lagged behind. More than 3,300 stocks rose, and 64 stocks hit the daily limit, indicating a recovery in the profit - making effect [4] - In terms of technology, the divergence of the CSI 500 and CSI 1000 at the daily - line level has emerged, and the recovery at the 20 - day moving average has not been confirmed. The Shanghai 50 and CSI 300 should pay attention to the pressure near the previous high [4] - The trading volume of the A - share market increased to about 2.3 trillion yesterday, and investors' enthusiasm for entering the market increased compared with the previous day. Attention should be paid to its sustainability today [4] 3.3 Core Logic Summary - Two aspects should be focused on this week: First, policy events continue to catalyze. The Fourth Plenary Session of the Central Committee was successfully concluded last week, and the policy signals it released basically met market expectations, but the boost to the short - term market was relatively limited. The market focus will shift to the draft of the "Proposal" for the 14th Five - Year Plan expected to be released this week and the progress of the meeting between Chinese and US leaders at the APEC Leaders' Informal Meeting at the end of the month. It is expected that the market trading enthusiasm (especially among small and medium - sized funds) will remain at a relatively high level. Second, market divergence has not ended. Although the stock index rebounded last week, the trading volume did not increase effectively (remaining below 2 trillion during the week), and the implied volatility of options declined against the trend, indicating that the consensus expectation for this round of rebound is still insufficient [3] - Operation suggestions: In futures operations, short - term investors can grasp the rolling opportunities for IC and IM within the range of the 9.4 low - 20 - day moving average, and for IH and IF within the range of the 20 - day moving average - previous high. Trend investors can lay out long positions in IH and IF when there is a sharp decline and choose to wait and see in the short term. In options operations, the implied volatility oscillated yesterday, with the average IV of the current - month CSI 300 at around 16%, which is at a historical median level. It is recommended to wait for the second wave of rising volatility before entering the double - selling strategy and wait and see in the short term [3]