四季度，公募看好四大赛道

Core Viewpoint - The article emphasizes a positive outlook for the A-share and Hong Kong stock markets in the fourth quarter of 2025, driven by the continuous influx of overseas capital and the relocation of resident deposits, with a focus on sectors such as technology, new consumption, the internet, and innovative pharmaceuticals [1][4]. Group 1: Market Dynamics - Fund managers are optimistic about the market's performance, expecting a sustained upward trend supported by policy measures [1][3]. - The overall pricing of A-shares has returned to a reasonable state, with a significant increase in active capital allocation and a shift from bonds to stocks by institutions [3][5]. - The market is experiencing a recovery in risk appetite, with increased trading activity and a notable shift in sentiment among retail investors [4][5]. Group 2: Policy and Economic Factors - The article highlights three main factors contributing to the A-share market's performance: supportive policies, technological breakthroughs, and capital inflows [4]. - Coordinated efforts between proactive fiscal policies and moderately loose monetary policies are stabilizing the economy and market sentiment [4]. - The ongoing recovery of the economy, coupled with improvements in the industrial sector, is expected to enhance the pricing power of equity assets [5]. Group 3: Sector Focus - Fund companies are particularly bullish on four key sectors: technology stocks, new consumption, the internet, and innovative pharmaceuticals [6][7]. - The technology sector is seen as having strong growth potential, with a focus on industries experiencing positive changes in fundamentals [7][9]. - In the Hong Kong market, new consumption and technology stocks are viewed as having significant investment value, supported by improving liquidity and a recovering earnings cycle [8]. Group 4: Investment Strategies - Investment strategies emphasize prioritizing sectors with strong certainty and ongoing verification of industry prosperity, particularly in technology and innovative pharmaceuticals [7][9]. - The article suggests that the current investment environment favors sectors that are experiencing technological advancements and increased demand, such as AI and robotics [9].