券商秋季策略会正在"如火如荼"地进行中。 截至目前，已有华泰证券、广发证券、华福证券、国金证券等券商举办了秋季策略会，对宏观经济前景 和A股市场配置进行了展望。 整体上看，券商分析师普遍认为，在多重积极因素支撑下，A股市场有望保持中长期持续向好趋势。配 置方面，券商较为看好的方向集中在科技、消费与非银金融等方向。 从行业配置来看，券商在秋季策略中普遍看好科技成长主线，认为其作为经济转型的重要力量将受益于 政策支持和市场需求。同时，内需消费也是机构关注度较高的领域。 在广发证券策略首席分析师刘晨明看来，景气成长类资产仍是市场主线，市场交易的是新的产业周期、 创新周期和渗透率变化。就具体配置而言，建议关注四大方向：一是包括金融IT、券商、保险在内的非 银金融板块；二是从低位博弈角度出发，看好A股地产链及港股地产板块；三是海外算力链和创新药板 块；四是国产算力、国内AI基建、AI端侧应用等板块，其仍处于产业预期修复过程中。 广发证券首席经济学家郭磊认为，近期市场呈现出较为明显的"高成长叙事"特征，即具备高成长性的产 业或行业表现更为突出。参考历史表现，市场出现"高成长叙事"特征时，宏观经济环境通常满足风险阶 段性出 ...

Group 1 - The overall trend of the A-share market is expected to be positive in the medium to long term, supported by multiple favorable factors [1][2] - Analysts from various securities firms are optimistic about sectors such as technology, consumption, and non-bank financials [1][2] Group 2 - The macroeconomic environment is conducive to a positive trend in the A-share market, with sufficient policy support and a reasonably ample monetary policy ensuring liquidity [2] - The "high growth narrative" is evident in the market, with high-growth industries or sectors performing prominently [2] - Domestic economic policies will focus on addressing real estate and local hidden debt risks, stimulating domestic consumption, and encouraging effective investment [2] Group 3 - The securities firms are particularly bullish on technology growth as a key driver of economic transformation, benefiting from policy support and market demand [4] - The main investment directions suggested include non-bank financial sectors, real estate chains, overseas computing power chains, and domestic AI infrastructure [4] - The outlook for manufacturing sector recovery is becoming clearer, with recommendations to focus on physical assets and sectors benefiting from domestic demand [4] Group 4 - Current market conditions are characterized by a balance between liquidity and fundamental drivers, with expectations for a turning point in return on equity (ROE) in Q4 [5] - There are indications of some overbought conditions in the market, suggesting the need for investors to reserve some positions for potential future volatility [5][6]