非银确认日线上涨，商贸零售迎来日线下跌

• The non-bank financial sector confirmed an upward trend on the daily chart, while the retail sector experienced a downward trend on the daily chart[1][8][28] - The A-share prosperity index stood at 20.44 as of October 31, 2025, up 15.01 from the end of 2023, indicating an upward cycle[2][31] - The A-share sentiment index signals for bottom and top were both empty, with the overall signal being empty[2][39] - The CSI 500 enhanced portfolio underperformed the benchmark by 0.54%, while the CSI 300 enhanced portfolio outperformed the benchmark by 0.59%[2] - The Beta factor showed higher excess returns among style factors, while growth exhibited significant negative excess returns[2][58] - High-leverage stocks performed well recently, while factors such as residual volatility and non-linear market capitalization performed poorly[2][58] - The CSI 500 enhanced portfolio achieved a relative excess return of 51.82% since 2020, with a maximum drawdown of -5.73%[47] - The CSI 300 enhanced portfolio achieved a relative excess return of 39.01% since 2020, with a maximum drawdown of -5.86%[53] - The market's preference for high Beta stocks led to better performance in indices like CSI 500 and ChiNext, while indices like SSE Composite and SSE 50 performed poorly in style factors[65]