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早盘直击｜今日行情关注
申万宏源证券上海北京西路营业部·2025-10-10 01:55

Core Viewpoint - The A-share market shows a clear upward trend in October, with the Shanghai Composite Index successfully breaking through the 3900-point mark, indicating a potential for further gains in the near term [1]. Market Overview - The Shanghai Composite Index maintained a fluctuating upward trend on the first trading day of October, closing with a significant gain and breaking the 3900-point resistance level after nearly a month of consolidation [1]. - The market is expected to continue its upward trajectory, with a focus on the 14th Five-Year Plan, third-quarter report disclosures, and event-driven developments in the technology sector [1]. Sector Highlights - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected within the sector. Underperforming areas such as robotics, military industry, and smart vehicles are anticipated to see a rebound [2]. - The semiconductor industry is projected to continue its domestic growth trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2]. - The military sector is expected to see a recovery in orders by 2025, with many sub-sectors showing signs of bottoming out in their mid-year performance [2]. - The innovative drug sector is entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [2]. - The banking sector is witnessing a rebound in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]. Trading Day Recap - On the first trading day of October, the A-share market experienced a broad-based rally, with over 3100 stocks rising and trading volume significantly increasing compared to the last trading day of September [3]. - Leading sectors included non-ferrous metals, steel, coal, public utilities, and electronics, while sectors such as media, real estate, social services, automotive, and food and beverage lagged behind [3].