无惧调整，布局十一月

Core Viewpoint - The A-share market is currently undergoing a healthy adjustment within the growth industry cycle, indicating that the adjustment has entered its later stage, with November being a critical verification window for the next phase of growth opportunities [2][3]. Historical Adjustment Patterns - Historical data shows that typical adjustments in growth sectors have a maximum decline of 15%-20% and last 1-2 months, with stronger sectors experiencing shallower and quicker corrections [3][4]. - The current adjustment has seen the ChiNext index decline by only 9.1% over 8 days, while the AI computing sector has dropped 10.4% over 22 days, both remaining below historical adjustment limits [3][4]. Upcoming Catalysts - Two key events in late October to early November will influence the market's next phase: the completion of Q3 earnings reports and the outcomes of the APEC summit regarding US-China relations [5][6]. - The Q3 earnings reports are expected to highlight the performance of growth sectors, with AI computing chains showing an average net profit growth of over 30% [6]. - A potential easing of tensions in US-China relations could positively impact sectors like semiconductors and wind energy, enhancing market sentiment [6][7]. Policy and Liquidity Factors - Ongoing discussions about the next five-year plan are expected to boost policy support for technology and high-end manufacturing sectors, which has already begun to influence market risk appetite [8]. - The anticipated interest rate cut by the Federal Reserve is likely to create more room for domestic monetary policy, which historically benefits growth sectors more than value sectors [8]. Investment Focus - The current adjustment phase is seen as an opportunity to focus on growth sectors with strong performance support, particularly in AI computing and applications [9]. - The AI industry is still in a strong upward trajectory, with significant capital expenditure expected in data centers and related infrastructure [9][10]. - The power equipment sector is poised for growth driven by high domestic investment and expanding international markets [13]. - The machinery sector is also expected to benefit from overseas demand, particularly in high-end and intelligent equipment [14]. Conclusion - The current market adjustment is viewed as a temporary phase, with November's earnings and policy signals likely to open new opportunities for growth investments [15].