Core Viewpoint - The article discusses the recent performance of various asset classes, highlighting the historical rise in gold prices and the mixed performance of the stock market post-holidays, suggesting potential investment strategies in light of these trends [1]. Stock Market - After the holidays, the A-share market opened positively, with the Shanghai Composite Index quickly surpassing 3900 points, closing at 3897.03 points, a 1.80% increase. However, the ChiNext Index experienced a decline, indicating a divergence in market performance [3][1]. - The driving forces behind the market include capital inflows and industry catalysts, with a notable adjustment in margin financing impacting market dynamics. Despite short-term volatility, long-term opportunities remain, particularly in the technology sector and resource-based industries [3][1]. Bond Market - The bond market has shown slight improvement in risk-reward ratios following adjustments in the third quarter, with a focus on short-duration and coupon strategies. However, the lack of significant fundamental improvements may limit support for bond prices [4][1]. Commodity Market - Gold prices have been influenced by expectations of interest rate cuts, U.S. political gridlock, and ongoing geopolitical tensions. Following a significant rise, gold may face short-term pressure due to profit-taking and a strengthening dollar, but it retains long-term investment value [5][1]. Overseas Assets - The article emphasizes the importance of monitoring the U.S. government shutdown and its implications for economic data releases, which could affect Federal Reserve decisions on interest rates. The U.S. stock market has shown resilience, supported by strong fundamentals [6][1]. Industry Performance - In the recent week, the non-ferrous metals, steel, and basic chemicals sectors outperformed, with respective gains of 11.89%, 7.89%, and 4.62%. Conversely, sectors like media and communications faced declines [20][1].

Regulatory Updates - The National Development and Reform Commission and the State Administration for Market Regulation issued an announcement to address price disorder in competition, emphasizing the need for orderly market development and price regulation[2] - China has implemented export controls on rare earths, superhard materials, and lithium batteries to prevent adverse impacts on international peace and stability[2] Economic Indicators - Daily sales revenue in consumption-related industries during the National Day and Mid-Autumn Festival holiday increased by 4.5% year-on-year, with goods and services consumption growing by 3.9% and 7.6% respectively[4] - The latest 10-year government bond yield is 1.844%, with a change of -1.77 basis points, while the DR007 rate is at 1.507%, up by 6.97 basis points[6] Market Performance - The A-share market's trading volume over the past six months reached 26,718 billion yuan, with a turnover rate of 4.61%[17] - The financing balance as of September 30, 2025, was 23,784 billion yuan, indicating market liquidity trends[19] Sector Analysis - The top three performing sectors are non-ferrous metals, steel, and coal, reflecting strong market interest in these industries[22] - The proportion of TMT sector increased by 1.17% to 37.33%, while the electric new energy sector decreased by 1.57% to 17.06%[29] Investment Opportunities - The announcement of tax exemptions for new energy vehicles is expected to boost consumption in this sector, presenting investment opportunities in the related supply chain[5] - The cloud computing standardization initiative aims to establish over 30 new national and industry standards by 2027, enhancing the digital transformation of enterprises[4] Risks - Potential risks include policy measures falling short of expectations, unexpected adjustments in the real estate market, and escalating tensions between China and the U.S.[31]