资产配置周报：关注反内卷成效与科技赋能驱动-20251116

Group 1 - The report emphasizes the importance of focusing on the effectiveness of anti-involution and the driving force of technology empowerment in the domestic equity market, with a recommendation to balance asset allocation accordingly [8][9]. - The semiconductor industry shows a positive outlook, with global sales increasing by 7.0% to $69.5 billion in September, and chip sales growing by 25.1% year-on-year, indicating a robust industry environment [8][9]. - The report highlights the chemical and non-ferrous sectors as key investment areas, driven by the improvement in PPI and the ongoing effects of anti-involution [8][9]. Group 2 - In the domestic equity market, the consumption sector outperformed, followed by finance, while growth sectors lagged, with an average daily trading volume of 202.48 billion yuan [11][16]. - Among the 31 industries tracked, 20 saw gains, with the comprehensive sector leading at +6.99%, while the communication and electronics sectors faced declines of -4.77% [11][18]. - The report notes a shift in market style, with technology stocks experiencing adjustments amid debates over the AI bubble and expectations of a Fed rate cut in December [8][9]. Group 3 - The report indicates that the domestic economy is showing signs of structural recovery, with consumption performing better than investment, particularly in services and online consumption [22][23]. - The manufacturing PMI for October fell below market expectations, reflecting a simultaneous decline in both domestic and external demand [22][23]. - The report anticipates a moderate recovery in infrastructure investment in the fourth quarter, supported by the issuance of 500 billion yuan in policy financial instruments [23].