A股创10年新高，3900点后如何布局

Core Viewpoint - The A-share market has entered a structural bull market phase, with optimism for the "red October" and fourth-quarter performance, driven by a combination of policy, industry, and capital factors [3][5][8]. Market Performance - On October 9, the Shanghai Composite Index closed at 3933.97 points, up 1.32%, marking a 29% increase from the low of 3040.69 points on April 7, and a year-to-date gain of 17.37% [5][6]. - The trading volume on this day reached 2.65 trillion yuan, an increase of 471.8 billion yuan from the previous trading day, indicating strong market enthusiasm and capital inflow post-holiday [5][6]. Sector Performance - The market exhibited significant structural characteristics, with the non-ferrous metals sector surging by 7.60%, while semiconductor and power equipment sectors also saw gains exceeding 2% [6][7]. - Gold and other precious metals experienced notable price increases, driven by international gold prices surpassing $4000 per ounce and expectations of interest rate cuts by the Federal Reserve [6][7]. Investment Strategy - Institutions suggest that the A-share market is likely to continue its upward trend, albeit with volatility, emphasizing a focus on technology growth and the gradual expansion of investment opportunities [3][8]. - The investment strategy should balance between high-potential sectors like AI and semiconductors, while also considering cyclical industries that may benefit from structural changes in the economy [8][10]. Future Outlook - Analysts predict that the market will maintain a "震荡向上" (oscillating upward) trend, with technology growth styles expected to dominate in the long term, although there may be shifts between high and low valuation sectors [8][10]. - The upcoming "红十月" (red October) is anticipated to bring favorable conditions for both the fourth quarter and the cross-year market, with a focus on sectors benefiting from technological innovation and resource security [8][10].