Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The market is in a wait - and - see state, and the probability of a significant short - term index - level correction is low. Whether trading volume can continue to increase is the key, and it's best to wait for the market to give signals [4] 3. Summaries by Related Content Market Review - Last week, the four stock index futures showed an oscillating upward trend, with relatively large increases in CSI 500 and SSE 500. The basis of the four stock index futures improved, but most contracts remained in the futures discount mode. The futures - spot basis of the main contracts were: IH at 3.38, IF at - 25.05, IC at - 160.91, and IM at - 208.39 [2] - The A - share market showed an oscillating upward trend last week, with small and medium - cap indexes performing relatively well. The main indexes have reached historical resistance levels and are facing a directional choice. Week - on - week trading volume contraction is normal. Sector rotation has occurred, with sectors like wind power, chemical fiber, and fertilizer showing short - term stabilization. Before the National Day, funds tend to reduce positions for risk - avoidance. Some sectors with high leverage such as computing power and innovative drugs fell on Friday, and a small amount of funds are speculating on National Day consumption [2] Comprehensive Analysis - During the Fed's interest - rate cut cycle, overseas funds may accelerate and increase their inflow into Chinese assets. The market will further speculate on the possibility of China's monetary authorities cutting interest rates and reserve requirements in Q4, which will provide important liquidity support for the market's upward movement [3][4]