Core Viewpoint - The article highlights the investment opportunities in the A-share market for October, emphasizing a structural trend where growth sectors, particularly technology and high-end manufacturing, are expected to lead the market due to supportive policies, industry catalysts, and a loose liquidity environment [1][6]. Group 1: Recommended Stocks - A total of 111 stocks have been recognized by 13 brokerage firms in their October "golden stock" lists, with notable mentions including SMIC, WuXi AppTec, Huayou Cobalt, Hikvision, and Haier Smart Home [1][3]. - The stocks with the highest recommendation frequency include SMIC, WuXi AppTec, Huayou Cobalt, Hikvision, and Haier Smart Home, each receiving recommendations from two brokerage firms [3][4]. Group 2: Industry Insights - The technology sector, particularly TMT (Technology, Media, and Telecommunications), is expected to be a key focus area, driven by liquidity and market trends, with significant catalysts such as ongoing industry advancements and the anticipated interest rate cuts by the Federal Reserve [4][8]. - SMIC is positioned as a leading player in the advanced wafer foundry market, benefiting from the surge in AI chip demand and domestic substitution trends, with revenue from advanced processes projected to grow by 68% year-on-year by 2025 [5]. - WuXi AppTec is expected to see growth in orders due to an uptick in global biotech investment and demand for innovative drug CDMO services, driven by recent positive performance from major CXO companies [5]. Group 3: Market Outlook - Historical data suggests that the A-share market typically experiences a rebound after the National Day holiday, with over 70% probability of an increase in the first week post-holiday, supported by various upcoming significant events [7]. - The market is anticipated to gain momentum from the convergence of favorable policies, confirmed earnings bottoms, and adequate liquidity, leading to a potential new upward trend [7][8]. - The focus for October is expected to be on technology growth sectors, with the Hong Kong market also benefiting from unique structural factors and external liquidity expectations [8].

Market Overview - The oil prices surged significantly during the week of September 22 to September 26, 2025, while domestic equity market indices generally rose, and Hong Kong stocks experienced a pullback [4] - In terms of industry performance, the power equipment, non-ferrous metals, and electronics sectors saw the highest gains, whereas social services, comprehensive, and retail sectors faced the largest declines [4] Fund Issuance - A total of 61 new funds were established this week, with a combined issuance of 36.607 billion units. This includes 30 equity funds, 7 bond funds, 17 mixed funds, 1 international (QDII) fund, and 6 FOF funds [5] Fund Performance Tracking - Long-term thematic fund indices showed that new energy and TMT (Technology, Media, and Telecommunications) themed funds had the best net value growth, while pharmaceutical themed funds continued to decline. The weekly performance for various thematic funds as of September 26, 2025, was as follows: new energy (3.67%), TMT (2.29%), cyclical (1.90%), industry balanced (0.83%), industry rotation (0.56%), national defense and military industry (0.56%), financial real estate (-0.45%), consumption (-1.33%), and pharmaceuticals (-1.59%) [6] ETF Market Tracking - Domestic stock ETFs experienced significant net inflows, with passive funds primarily increasing their positions in TMT themes and large-cap broad-based ETFs, while reducing positions in the Sci-Tech Innovation Board and small-cap broad-based ETFs. The median return for stock ETFs was 1.00%, with a net inflow of 23.402 billion yuan. Hong Kong stock ETFs had a median return of -1.90% and a net inflow of 8.395 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.22 percentage points compared to the previous week. In terms of industry allocation, funds increased their positions in electronics, media, and environmental protection sectors, while reducing holdings in telecommunications, pharmaceuticals, and automotive sectors [9] ESG Financial Products Tracking - This week, 23 new green bonds were issued, with a total issuance scale of 30.974 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 4.85 trillion yuan and a total of 4,175 bonds issued as of September 26, 2025. The median net value growth for ESG funds was 1.37% for actively managed equity funds, 1.03% for passive index equity funds, and -0.14% for bond funds [10]

Market Overview - On September 29, the A-share market strengthened with all three major indices rising, led by the brokerage and new energy sectors, with the ChiNext Index increasing by over 2% [1][2] - The total number of rising stocks in the A-share market reached 3,576, with 66 stocks hitting the daily limit, while 1,658 stocks declined [3] Sector Performance - The brokerage and new energy sectors significantly contributed to the market's rise, with major stocks like Ningde Times and Dongfang Wealth leading the gains [2][4] - The non-bank financial sector, which had been under pressure, rebounded strongly on September 29, with several stocks hitting the daily limit [3][5] Trading Volume and Financing - The market's trading volume was 2.18 trillion yuan, marking the 34th consecutive trading day with volume exceeding 2 trillion yuan [3] - As of September 26, the A-share margin trading balance was reported at 24,244.58 billion yuan, with a net increase of over 260 billion yuan in financing [5][6] Investor Sentiment - Analysts suggest that the A-share market may enter a critical window in October, with expectations of improved risk appetite and upward momentum [1][8] - The overall market valuation remains reasonable, with the rolling P/E ratio for the entire A-share market at 22.36 times [8] Future Outlook - Historical trends indicate that the market typically performs well after the National Day holiday, with expectations for a return to an upward trajectory [8][9] - Focus on sectors such as TMT (Technology, Media, and Telecommunications) is recommended, as they are expected to benefit from ongoing industry trends and catalysts [9]

The provided content does not include any quantitative models or factors, nor does it discuss their construction, evaluation, or backtesting results. The report primarily focuses on fund market performance, ETF flows, ESG products, and other financial market observations. Therefore, there are no relevant quantitative models or factors to summarize.

Group 1 - The National Development and Reform Commission held a meeting to gather suggestions from private enterprises on expanding effective investment during the 14th Five-Year Plan period [2] - Enterprises emphasized the importance of innovation, optimizing technology platforms, improving financing mechanisms, and enhancing intellectual property protection to seize opportunities in AI development [2] - Companies expressed their commitment to participate in major national projects and expand effective investment in new technologies and industries [2] Group 2 - The Ministry of Industry and Information Technology, along with other departments, released a work plan for the non-ferrous metals industry aimed at addressing resource shortages and enhancing supply capabilities [3] - The plan targets an average annual growth of 5% in the added value of the non-ferrous metals industry from 2025 to 2026, with a 1.5% annual increase in the production of ten non-ferrous metals [3] - The plan also aims to boost the production of recycled metals to over 20 million tons and enhance the supply capacity of high-end products [3] Group 3 - In August, profits of large industrial enterprises showed a significant recovery, increasing by 20.4% year-on-year, reversing a previous decline [4] - The cumulative profit from January to August turned from a 1.7% decline to a 0.9% increase, indicating positive effects from macro policies and a unified national market [4] - Different scales of enterprises reported profit improvements, with notable growth in raw material manufacturing and a turnaround in consumer goods manufacturing [4] Group 4 - The People's Bank of China emphasized the need for a moderately loose monetary policy to stabilize economic growth and manage inflation [5] - The latest meeting highlighted the challenges of insufficient domestic demand and low price levels, calling for enhanced counter-cyclical adjustments [5] - The meeting suggested increasing the intensity of monetary policy regulation and improving its effectiveness based on economic conditions [5] Group 5 - A new cross-border bond repurchase business was launched to support foreign investors in the Chinese bond market, allowing them to obtain RMB liquidity [6] - The initiative aims to facilitate participation from all foreign institutions that have entered the onshore bond market [6] Group 6 - The IPO application of Moore Threads has been approved, with plans to raise 8 billion yuan [11] - The company was asked to clarify its competitive advantages and potential risks in the GPU market during the review process [11] Group 7 - The tourism market is expected to see a surge during the Mid-Autumn Festival and National Day, with deep experience becoming a mainstream trend [13] - The satellite internet construction is accelerating, with various players in the industry actively positioning themselves [13] - The lithium resource autonomy process is speeding up with the intensive establishment of lithium extraction capacity from salt lakes [13]

Core Viewpoint - The A-share market is expected to perform well after the National Day holiday, with most institutions recommending holding stocks during the holiday period due to optimistic market sentiment and favorable underlying conditions [1][4][5]. Market Sentiment and Trends - Short-term fluctuations have not altered the overall positive trend of the market, with October anticipated to be a critical window for risk appetite to improve [3][7]. - Historical data suggests that the market typically performs well after the National Day holiday, supported by reasonable valuations and ongoing favorable conditions [5][12]. Sector Focus - The TMT (Technology, Media, and Telecommunications) sector is highlighted as a key area of focus, with potential catalysts from ongoing industry trends and the commencement of the Federal Reserve's interest rate cuts [5][9]. - The technology sector is expected to continue its strong performance, with opportunities for investors to capitalize on high and low valuation stocks within this space [16]. Investment Strategy - Institutions recommend maintaining stock positions during the holiday to leverage potential market gains, with a focus on sectors showing resilience and growth potential, such as high-end manufacturing and AI [19][20]. - The investment framework should prioritize sectors related to resource security, overseas expansion, and technological innovation, emphasizing industries with real profit generation and strong trends [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the performance of the ETF fund market, summarizing the performance and fund flows of the ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds in the past week (September 22 - September 26) for investors' reference [1]. 3. Summary by Relevant Catalogs 3.1 ETF Market Overall Performance - Market performance: Most stock ETFs rose this week. A - share TMT ETFs and Shanghai - Hong Kong - Shenzhen theme ETFs had the largest increases, with an average increase of 4.39% and 4.28% respectively for funds above a certain scale. Conversely, A - share consumer ETFs and Hong Kong stock dividend ETFs had significant declines, with an average decline of 2.24% and 2.15% respectively for funds above a certain scale [2][5]. - Fund flow: Funds flowed significantly into A - share TMT ETFs, with a net inflow of 17.889 billion yuan throughout the week. In contrast, A - share small - and - medium - cap ETFs and A - share cyclical ETFs experienced fund outflows, with net outflows of 2.251 billion yuan and 2.023 billion yuan respectively throughout the week [3][9]. - Lists of funds: The report also lists the top - performing funds in terms of recent weekly returns, weekly fund inflows, and weekly fund outflows [11][12][13]. 3.2 Different Popular Sub - type ETF Funds Market Performance The report presents the market performance of various sub - type ETFs, including A - share ETFs (broad - based index, industry, SmartBeta, theme), Hong Kong stock ETFs (broad - based index, industry, SmartBeta, theme), Shanghai - Hong Kong - Shenzhen ETFs (industry, theme), US stock ETFs (broad - based index, industry), other QDII - ETFs, bond ETFs, and commodity ETFs, showing their latest scale, weekly fund flow, weekly return, weekly trading volume, recent one - month return, and year - to - date return [15][30][37]. 3.3 Innovative Theme and Sub - industry ETF Funds Market Performance The report shows the market performance of highly - concerned innovative theme and sub - industry ETF funds, including TMT innovation themes, consumption sub - industries, pharmaceutical sub - industries, new energy themes, central and state - owned enterprise themes, stable - growth themes, Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect sub - industries, dividend/dividend low - volatility index families, and ChiNext index families, presenting their index abbreviations, weekly returns, year - to - date returns, fund codes, representative fund abbreviations, weekly returns, and latest scale [46][47][48].

Group 1 - The A-share market showed a slight increase this week, with the Shanghai Composite Index up 0.21%, the Shenzhen Component Index up 1.06%, and the ChiNext Index up 1.96% [1] - Open-source Securities suggests that the technology sector is likely to perform well during the National Day holiday, with a focus on high P/E ratio stocks post-holiday [1] - Key sectors for investment include technology growth in military industry, AI hardware, semiconductors, and financial technology [1] Group 2 - Huajin Securities indicates that the A-share market may continue to experience a volatile trend in the short term, with limited risks during the holiday [2] - Recommended sectors for investment include electronics, communications, machinery, and new energy, which are expected to see fundamental improvements [2] Group 3 - Everbright Securities anticipates that the market will likely continue to rise after the National Day holiday, supported by reasonable valuations and liquidity-driven trends [3] - The TMT sector is highlighted as a key focus for mid to long-term investment, with several catalysts expected to drive growth [3] Group 4 - Caitong Securities emphasizes the continuation of favorable catalysts, suggesting investors hold stocks during the holiday [4] - The report notes that domestic economic stability and structural reforms are expected to contribute to market growth, with a focus on technology and new consumption sectors [4] Group 5 - Shenwan Hongyuan points out that October is likely to see a resurgence in structural heat, driven by policy layouts and technological advancements [5] - Key investment areas include overseas computing power, innovative pharmaceuticals, and energy storage, with significant potential for absolute returns [5]

市场维持震荡， 主动权益基金向哑铃型配置迁移 —— 量化市场追踪周报（2025W39） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 证券研究报告 [Table_ReportDate] 2025 年 9 月 28 日 截至 2025/9/26，主动权益型基金的平均仓位约为 90.31%。其中，普通股 票型基金的平均仓位约为 92.51%（较上周下降 0.13pct），偏股混合型基金 的平均仓位约为 91.14%（较上周下降 0.02pct），配置型基金的平均仓位约 为 88.03%（较上周下降 0.45pct）；"固收+"基金平均仓位约为 23.27%， 较上周下降 0.21pct。 近三月公募基金上调大盘成长配置比例。截至 2025/9/26，主动偏股型基 金大盘成长仓位 32.35%（较上周上升 0.24pct），大盘价值仓位 9.73%（较 上周下降 0.61pct），中盘成长仓位 6.73%（较上周下降 0.36pct），中盘价 值仓位 8.35%（较上周下降 0.3pct），小盘成长仓位 36 ...

Core Viewpoint - The A-share market has shown signs of recovery this week, driven by increased risk appetite and positive industry catalysts, with the overall market trending upwards [4]. Market Performance - The major indices in the A-share market experienced an overall increase, with the Sci-Tech Innovation 50 index rising the most at 6.5%, while the Shanghai Composite Index saw the smallest increase of 0.2% [4]. - The valuation of the entire A-share market is currently at a historically moderate to high level since 2010 [4]. - Market styles have diverged, with growth stocks performing better; large-cap growth stocks increased by 2.5%, while small-cap value stocks decreased by 0.8% [4]. Important Events - In terms of policy, China will not seek new special and differential treatment in current and future WTO negotiations, and the LPR rates remain unchanged at 3.0% for one year and 3.5% for five years [5]. - The Chinese government is actively promoting the establishment of national standards for pre-prepared dishes in the food service sector [5]. - There have been frequent interactions between China and the U.S., maintaining overall stability in bilateral relations [5]. Market Outlook - Historically, market fluctuations are common during bull markets, and the current market correction aligns with historical patterns. If the market continues to adjust, the potential decline could narrow the gains of the current upward phase to 6%-7%, with a possible low point around 3600 for the Shanghai Composite Index [7]. - Post-National Day, the market is expected to continue its upward trend, supported by reasonable valuations and no significant overextension [7]. - The TMT sector is recommended for mid-to-long-term focus, as it is likely to be the main driver of market performance, supported by ongoing industry trends and the commencement of the Federal Reserve's rate-cutting cycle [7].