A股策略周报：整装待发-20251102

Core Viewpoints - The A-share market is experiencing high-level fluctuations, with the North Stock 50 index leading a 7.5% increase, supported by improved external conditions and the official release of the "14th Five-Year Plan" [2] - Global economic conditions have eased, with the Federal Reserve's interest rate cut and significant progress in US-China trade negotiations, including the cancellation of certain tariffs [2] - Domestic corporate profits are recovering, with a 21.6% year-on-year increase in profits for industrial enterprises in September, and the "14th Five-Year Plan" emphasizes building a modern industrial system [2][3] Recent Economic Data - In September, profits of industrial enterprises increased by 21.6% year-on-year, with high-tech manufacturing and equipment manufacturing showing growth rates exceeding 25% [3] - The manufacturing PMI for October recorded a decline to 49.0, indicating a slight contraction in manufacturing activity [5][6] Policy Tracking - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system, enhancing domestic market strength, and promoting high-level opening-up [9] - Recent financial policies include the resumption of government bond trading and measures to support personal credit recovery, indicating a supportive monetary policy stance [9] Market Performance - The A-share market saw a rebound in trading volume, with an average daily turnover of 2.3 trillion yuan, reflecting a nearly 30% increase [17] - The power equipment, non-ferrous metals, and steel industries led the market, with respective weekly gains of 4.29%, 2.56%, and 2.55% [15][17] - Concept indices such as lithium battery electrolyte and cross-strait integration performed well, with the lithium battery electrolyte index rising by 17.1% [17][18]