Core Viewpoint - The market experienced a downward adjustment in early trading, with all three major indices declining, and the CSI A500 index falling by 1.56% [1]. Market Performance - In the market, sectors such as batteries and semiconductors saw collective adjustments, while the focus shifted to electric grid equipment, nuclear power, and military industries [2]. - As of the morning close, ETFs tracking the CSI A500 index dropped over 1%, with 13 related ETFs having transaction volumes exceeding 100 million yuan, and 4 surpassing 2.9 billion yuan. The transaction volumes for A500 ETF fund, CSI A500 ETF, and A500 ETF Huatai-PB were 3.748 billion yuan, 3.214 billion yuan, and 2.986 billion yuan respectively [2]. Economic Outlook - A brokerage firm indicated that with the Federal Reserve initiating a rate-cutting cycle in October, the global liquidity environment is expected to become more accommodative, which may broaden the operational space for domestic monetary policy. This has led to increased market expectations for subsequent easing measures from the central bank, potentially boosting market risk appetite [2]. - However, the increasing congestion in previously popular sectors may heighten short-term market volatility risks. Based on this assessment, a balanced investment strategy incorporating both growth and value styles is recommended [2].

来源：市场投研资讯 （来源：中原证券研究所） 注：音频如有歧义以正式研究报告为准。 【中原策略】月度策略：均衡配置成长与价值风格，防范风格切换 主要内容 【中原策略】 月度策略：均衡配置成长与价值风格，防范风格切换 宏观方面。从9月份公布的经济数据看，当前宏观经济处于"弱复苏、低通胀"的阶段，政策层面以稳增长与防风险为主。在此背 景下，货币财政政策维持宽松基调，流动性环境保持充裕，叠加市场对经济企稳的预期逐步形成，从资金供给与情绪层面共同 为新增资金入场提供了有利支撑。 本期重点研报目录 政策层面。9月11日，国务院印发《关于全国部分地区要素市场化配置综合改革试点实施方案的批复》，该政策实施有望进一步 优化要素市场配置，提升经济运行效率，为相关产业发展提供更灵活的政策环境，为股市注入长期活力。之后，汽车、钢铁、 建材、石油化工、有色、电子信息制造业的稳增长工作方案相继出台，为传统支柱产业提供了明确的发展指引和政策支持。新 型储能、人工智能+发展等行动方案的发布，更为新兴产业的发展注入新动力。针对投资消费方面，《关于加力推动城市一刻钟 便民生活圈建设扩围升级的通知》的发布，将进一步完善城市商业布局，提升居民生活 ...