震荡蓄势中等待进一步催化

Group 1 - The report indicates that the market is currently in a phase of limited downside risk, presenting a tactical buying opportunity, especially after the tech sector's correction and improving policy expectations [1][9] - A-share large-cap indices have rebounded and are approaching previous highs, but trading volume has not significantly expanded, indicating resistance to a decisive breakout [1][9] - The report anticipates that more policy measures aimed at stimulating domestic demand will be introduced in December to support economic stabilization, particularly in light of the ongoing real estate downturn [3][11] Group 2 - The report highlights a rotation of capital into high-dividend sectors and lower-beta tech segments, with energy storage and utilities leading the rebound in the tech sector [4][12] - Despite external liquidity pressures, overall equity inflows remain intact, with A-share equity ETFs seeing net inflows of RMB 12.5 billion this week, reversing previous outflows [5][14] - Southbound capital inflows into Hong Kong equities have rebounded significantly, indicating potential support for a market rebound, despite continued selling of Alibaba shares [5][14] Group 3 - The report suggests that the consumer and property sectors, which have underperformed, have significant catch-up potential as policy expectations rise with upcoming political meetings [6][15] - The tech sector is expected to have room for new highs after completing its current consolidation, particularly in domestic computing power themes that may benefit from policy catalysts [6][17] - If market turnover expands significantly, brokers may also see a supplementary rally supported by strong Q3 earnings [6][17]