Group 1 - The core viewpoint is that the National Day holiday typically sees liquidity contraction, which is often characterized as "emotional shrinkage" rather than a fundamental issue [1] - Historically, the market tends to experience a "post-holiday rally," with sustained gains in bull markets, especially when long holidays coincide with positive events [1] Group 2 - Recent market focus has shifted towards domestic policies and structural industry prosperity, with less attention on US-China relations, although there are signs of improvement in the latter since September [2] - Market funds are transitioning from concentrated trading in the computing power sector to other low-position growth sectors, indicating a potential continuation of a slow bull market [2] - In the context of a macroeconomic environment that has not fully recovered, sectors with structural prosperity are expected to be key investment areas, particularly in semiconductors, new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals [2]

Group 1 - The core viewpoint is that the A-share market is expected to maintain a slow bull pattern in the medium term, with a tendency for a "post-holiday rally" following the National Day holiday, despite typical liquidity contraction before the holiday [1] - Citic Securities notes that the current A-share market is not in an irrationally overheated state, indicating a bull market that may not have ended but is entering a critical phase of fundamental testing and style switching [1] - The breadth of the market is still high, with no signs of divergence between index highs and breadth, suggesting that the current rise is supported by a wider range of stocks rather than just a few large-cap stocks [1] Group 2 - Ping An Securities highlights that market volatility may increase due to capital speculation before the National Day holiday, but major indices remain in a high-level consolidation, with trading volume staying above 2 trillion yuan [2] - Following the holiday, the return of capital is expected to create upward potential in the market, with the technology sector likely to catalyze more structural opportunities [2]

Core Insights - The report from CITIC Securities indicates that liquidity tends to contract before the National Day holiday, but this is often a result of "emotional shrinkage" rather than fundamental issues [1] - Historically, the market tends to experience a "post-holiday rally," with sustained gains during bull markets, especially when long holidays coincide with positive events [1] - Recent market focus has shifted towards domestic policies and structural industry prosperity, with less attention on US-China relations, which have shown signs of improvement since September and may be gradually priced in by the market in Q4 [1] Market Trends - After concentrated trading in the computing power sector, market funds are gradually shifting towards other low-position growth sectors, suggesting a continuation of a slow bull market in the medium term [1] - In the context of a macroeconomic environment that has not fully recovered, new sectors with structural prosperity are expected to be key determinants of investment success [1] Key Sectors to Watch - The report highlights several sectors with concentrated catalytic events that are worth monitoring: semiconductors, new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals [1]

Group 1 - The report from CITIC Securities indicates that the liquidity contraction observed before the National Day holiday is primarily "emotional shrinkage" rather than a fundamental issue [1][2] - Historically, the A-share market shows a 60% probability of rising in the five trading days following the National Day holiday, particularly during bull markets where the gains tend to be more sustained [2] - Recent market focus has shifted towards domestic policies and structural economic conditions, with a noted lack of attention on US-China relations, which have shown signs of improvement since September [2][3] Group 2 - Following concentrated trading in the computing power sector, market funds are gradually shifting towards other low-growth sectors, maintaining a stable overall market sentiment [3] - The mid-term market is expected to continue a slow bull trend, with structural growth sectors becoming key investment opportunities [3] - Key sectors to watch for catalytic events include semiconductors, renewable energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals [3]

Market Overview - The A-share market experienced a volatile upward trend, with the bond market continuing to adjust and industrial commodity futures showing widespread gains [1] Stock Market Analysis - The A-share market showed overall strength, with the Shanghai Composite Index breaking through the 3850-point mark, closing up 0.83%. The Shenzhen Component rose by 1.80%, the ChiNext Index by 2.28%, and the STAR Market 50 Index by 3.49%, all reaching new phase highs. Over 80% of the 4457 stocks in the market rose, with a total trading volume of 2.35 trillion yuan, a decrease of approximately 0.17 trillion yuan from the previous day [2] - The technology sector led the market, reinforcing its mainline position. The market opened slightly lower but quickly moved upward, driven by strong demand in the technology industry, particularly after TSMC announced a 50% price increase for its 2nm process compared to the 3nm process. Semiconductor, photovoltaic equipment, and gaming sectors outperformed traditional sectors like banking and coal [2][5] - The "9.24" policy anniversary effect continued to release, with the ChiNext Index showing a cumulative increase of nearly 100% over the past year and the STAR Market 50 Index up nearly 120%, significantly outperforming other broad-based indices [2] Bond Market Analysis - The government bond futures market continued to adjust, with all contracts closing lower. The 30-year contract fell by 0.58%, reaching a six-month low, while the 10-year contract showed weak support [6] - The central bank's net withdrawal and increased demand at the quarter-end led to a rise in short-term interest rates. The overnight Shibor rate was reported at 1.434%, up by 2.1 basis points. The central bank conducted a 401.5 billion yuan reverse repurchase operation, maintaining a rate of 1.40% [6][7] - Short-term pressures coexist with medium- to long-term allocation needs, as the bond market faces short-term challenges while still having room for monetary policy easing in the medium to long term [7] Commodity Market Analysis - The domestic commodity futures market showed a "more up than down" trend, with energy, chemicals, and black building materials leading the gains. The main contract for glass rose over 4%, and fuel oil increased by more than 3% [8] - The Ministry of Industry and Information Technology, along with other departments, issued a "Stabilization Growth Work Plan for the Building Materials Industry (2025-2026)", which is expected to boost market expectations for related products [8] - Precious metals continued to show strong fluctuations, supported by expectations of U.S. Federal Reserve monetary policy and geopolitical risks, with London gold prices maintaining around 3770 USD per ounce [10] Trading Hotspots - Recent popular varieties include non-ferrous metals, artificial intelligence, domestic chips, and robots, driven by factors such as central bank purchases, accelerated capital expenditures by tech giants, and domestic technological breakthroughs [11] - The market is expected to shift from a "technology-led" to a "balanced allocation" approach, with strong logic in sub-sectors of technology still performing well [12]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The mid - term repair trend of the stock market has not reversed, and the short - term adjustment is mainly due to the steep upward slope and external regulation. The stock market does not have much room for a significant decline. After the shock last week, the weighted indices such as the Shanghai Composite Index have started to show a high - level shock pattern, and the slow - bull feature of A - shares is clear [1][2] - In the short term, the news of the Sino - US presidential call after the market on Friday and the new positive real - estate policy in Shanghai may still boost market sentiment. During the upcoming National Day holiday, trading is expected to turn light. Without black swan events, the index is expected to continue the range - bound pattern. In October, new variables such as policies and Sino - US geopolitics should be monitored [2] - Factors to watch include domestic policy trends and Sino - US geopolitical news [3] 3. Summary According to the Directory 3.1 Spot Market Review - Last week, global stock indices showed mixed performance. Among them, the Brazilian BOVESPA index rose 2.53%, the Nasdaq rose 2.21%, while the CSI 300 Financial index fell 4.06%, and the Shanghai Composite Index fell 1.30% [8][10] - Since 2025, major domestic indices have generally risen. The ChiNext Index has risen 44.3%, the SME Board Index has risen 25.9%, and the Shenzhen Component Index has risen 25.5% [8] 3.2 Stock Index Futures Market Review - Last week, among the stock index futures main contracts, the IM2509 contract had the largest increase and the largest amplitude. The trading volume of stock index futures first rose and then fell, and the open interest declined [12][15][18] - The cross - variety ratio and basis of stock index futures main contracts also showed certain trends [20] 3.3 Index Valuation Tracking - As of September 19, the TTM price - to - earnings ratios of major domestic indices were as follows: the Shanghai Composite Index was 16.35 times, the CSI 300 Index was 13.95 times, the SSE 50 Index was 11.53 times, the CSI 500 Index was 34.29 times, and the CSI 1000 Index was 47.38 times [21][22] 3.4 Market Fund Flow Review - The share of newly established equity - biased funds and the margin trading balance in the two markets showed certain trends. The capital interest rate price rebounded last week, and the central bank had a net investment [24] 4. Strategy Recommendations - Short - term strategy: The intraday trading frequency can refer to the 1 - minute and 5 - minute K - line charts. The stop - loss and take - profit levels of IF, IH, IC, and IM can be set with reference to 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively [4] - Trend strategy: Buy on dips. It is expected that the core operating range of the IF2510 main contract of IF is between 4352 and 4577 points; the IH2510 main contract of IH is between 2840 and 2971 points; the IC2510 main contract of IC is between 6892 and 7354 points; the IM2510 main contract of IM is between 7087 and 7564 points [4] - Cross - variety strategy: Participate in the short - term strategy of shorting IF (or IH) and going long on IC (or IM) [5]

Market Performance - The A-share market showed mixed performance last week, with the Shanghai Composite Index down 1.30% to 3820.09 points, while the Shenzhen Component Index rose, closing at 13070.86 points, and the ChiNext Index increased by 2.34% to 3091.00 points [1] - Last Friday, the trading volume in the A-share market was 2.35 trillion yuan, a decrease of 817.2 billion yuan from the previous trading day [1] - Since August 13, the A-share market has seen trading volumes exceed 2 trillion yuan for 28 consecutive trading days [1] Sector Movements - High-priced stocks experienced a sharp decline, particularly in the humanoid robot sector, which faced a wave of limit-downs, indicating strong profit-taking sentiment among investors [1] - Bank stocks rebounded near the half-year line, and the coal sector also showed performance, indicating a shift of funds towards dividend-paying sectors [1] Economic Environment - The overall positive macroeconomic support for the market remains unchanged, with liquidity conditions improving due to the Federal Reserve's interest rate cuts and continued domestic monetary easing [2] - Domestic economic structural adjustments and effective growth stabilization policies are leading to continuous recovery in corporate profits, with consumer spending and stable growth in manufacturing investment [2] - The current market fluctuations are seen as a phase of adjustment within a "slow bull" market, indicating a search for new balance and preparation for future market movements [2]

Group 1 - The market is experiencing volatility, particularly following the Federal Reserve's interest rate cut, leading to a "buy the rumor, sell the news" scenario [1] - Many investors incorrectly anticipate that the People's Bank of China (PBOC) will follow suit with rate cuts, despite a lack of prior indications and current bank lending margins not supporting such actions [3] - The Hang Seng Tech Index, which is directly influenced by the US dollar, showed a pattern of opening high and then retreating [4] Group 2 - Upcoming meetings involving key figures are scheduled for post-market hours, which may lead to different market reactions compared to previous meetings held before market opening [6] - There is skepticism regarding the potential for significant announcements or "incremental" changes from the upcoming meetings, especially in light of recent market adjustments and the slow market conditions expected leading into the National Day holiday [7] - The Shanghai Composite Index is showing signs of forming a top structure across multiple time frames, indicating potential market corrections in the near term [10]

Core Viewpoint - The market is experiencing a mixed performance with the Shanghai Composite Index slightly up, while the Shenzhen and ChiNext indices show stronger gains, indicating a divergence in sector performance and investor sentiment [1]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.22% to 3879.28 points, the Shenzhen Component Index increased by 1.07%, and the ChiNext Index surged by 2.13% [1]. - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 15,249 billion yuan [1]. Sector Analysis - Sectors such as real estate, steel, liquor, and non-ferrous metals experienced declines, while automotive, semiconductor, and agriculture sectors saw upward movement [1]. - The gaming and humanoid robot concepts were notably active in the market [1]. Investor Sentiment and Market Outlook - According to CITIC Securities, investor focus on fundamentals has diminished in recent months, but as market valuations stabilize and enter a slow bull phase, fundamental factors may regain importance [1]. - A slow bull market requires strong sectors to lead, but it is challenging to sustain without overall fundamental support, particularly needing a reversal of deflationary trends to attract foreign investment in Chinese assets [1]. - Overall, the current market sentiment and liquidity are in a high-level consolidation phase without collapse, with promising sectors continuing to catalyze market activity [1].

Core Viewpoint - The report from CITIC Securities emphasizes the importance of focusing on sectors with growth potential as inflation improves, suggesting that fundamental factors may regain attention as market valuations stabilize and enter a slow bull phase [1]. Group 1: Market Conditions - Recent months have seen investors becoming less attentive to fundamental factors, but this may change as market valuations have completed their correction [1]. - The slow bull market requires both leading sectors and overall fundamental support, with a need to reverse deflationary trends to attract foreign investment in Chinese assets [1]. Group 2: Sector Focus - Key sectors to watch include AI, pig farming, new energy, new consumption, innovative pharmaceuticals, non-ferrous metals, basic chemicals, and non-bank financials [1]. - The ongoing market consolidation phase necessitates attention to sector rotation between high and low performers [1].