Core Insights - The report indicates that despite short-term fluctuations before the holiday, the overall market trend remains positive, with structural opportunities in sectors like technology and new energy [1][2][38]. Market Overview - During the week of September 22 to September 26, the A-share market experienced a slight upward trend, with the overall index rising by 0.25%. The STAR 50 index led the gains with an increase of 6.47%, while the ChiNext index rose nearly 2%. However, the Northbound 50 and CSI 1000 indices recorded declines [2][4]. - The market displayed significant structural volatility, with hotspots focusing on semiconductors, new energy, and non-ferrous metals [4][8]. Fund Flow - The trading activity in the A-share market saw a decrease, with an average daily turnover of 23,132 billion yuan, down by 2,046.53 billion yuan from the previous week. The average turnover rate was 1.9084%, a decrease of 0.35 percentage points [13][15]. - Northbound capital's average daily turnover was 2,917.83 billion yuan, down by 203.84 billion yuan from the previous week. The margin trading balance increased to 24,443.17 billion yuan, up by 461.73 billion yuan [15][21]. Valuation Changes - As of September 26, the overall A-share index's PE (TTM) valuation rose by 0.1% to 22.12 times, placing it at the 88.75 percentile since 2010. The PB (LF) valuation increased by 0.12% to 1.80 times, at the 48.55 percentile [30][34]. - The report highlights that 20 out of 31 primary industries have PE valuations above the 50th percentile since 2010, indicating a generally high valuation environment [33][34]. Investment Outlook - The report suggests that the market is expected to experience a key window period with the upcoming 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan." This could enhance market risk appetite [38][39]. - Key investment themes include: - New quality productivity: Emphasizing technology self-reliance and supporting companies with genuine technological barriers [39]. - Anti-involution policies: Encouraging companies to focus on product value and service quality, leading to better resource allocation [39]. - Consumer sector: The expansion of domestic demand policies is anticipated to boost the consumer sector [39]. - Major infrastructure projects: Accelerated construction of significant projects is expected to drive related industry growth [39].