全球共振高位调整，耐心等待情绪企稳

Group 1 - The report indicates that the global market is experiencing a high-level adjustment, and investors should remain patient while waiting for market sentiment to stabilize [1][2] - The A-share market is currently oscillating around the 4000-point mark, with increased rotation among sectors, suggesting a need for cautious investment strategies [1][2] - The report highlights that the bond market is expected to maintain a volatile trend in the medium term, with the 10-year government bond yield projected to fluctuate between 1.75% and 1.85% [2][12] Group 2 - The report notes that the recent U.S. non-farm payroll data showed an unexpected increase of 119,000 jobs in September, which has led to a decline in expectations for a rate cut by the Federal Reserve [8][9] - The Chinese LPR rates remained unchanged, with the 5-year LPR at 3.5% and the 1-year LPR at 3%, indicating a stable monetary policy environment [9] - The report emphasizes that the A-share market has seen a significant decline, with the Shanghai Composite Index dropping by 3.90% during the week, reflecting weak market sentiment [10][12] Group 3 - The report suggests that the short-term outlook for the stock market remains weak, with a lack of upward momentum and major indices falling below their 60-day moving averages [12][13] - It is recommended to adopt a balanced investment approach, focusing on sectors such as banking and low-volatility dividend stocks to mitigate risks during this period of market adjustment [2][12] - The report also indicates that the domestic macro multi-asset model has achieved a year-to-date return of 12.08%, significantly outperforming its benchmark [21][22]