Core Viewpoint - The A-share market has seen a rise from around 3300 to over 3800 points this year, driven by policy support, technological breakthroughs, and capital inflow, with expectations for a more balanced market style in the fourth quarter [1] Group 1: Market Trends - The fourth quarter is expected to see a more balanced market style, with technology growth likely to remain dominant [1] - Positive policy expectations are anticipated as China enters the "14th Five-Year Plan" implementation phase, which may provide new thematic investment opportunities [1] - The potential for continued foreign capital inflow is supported by the Federal Reserve's interest rate cuts and declining domestic risk-free rates, enhancing the attractiveness of equity assets [1] Group 2: Investment Themes - The first investment theme is technology growth, focusing on the progress of AI hardware development and the emergence of AI products, which may create excess return opportunities for companies with unique advantages in the supply chain [2] - The second theme is "anti-involution," where unexpected policy strength may lead to a market style shift, with attention on improving industry structures in sectors like chemicals and power equipment [2] - The third theme is stabilizing consumption, where despite overall weak consumer performance, new consumption sectors are showing promising results, and policies aimed at stabilizing growth and consumption may lead to a rebound in the consumer sector [2]

四季度是全年经济工作冲刺的收官季，也是谋划下一年发展的关键期。近期，从中央到地方，一揽子宏 观政策持续落地，效能不断显现。受访专家认为，全年经济实现平稳运行，预计四季度需要15万亿元左 右的投资总量和13万亿元至14万亿元的消费总量。在稳投资、稳消费、稳外贸等领域或将推出增量政 策，并强化现有政策的执行，结合财政、货币、行业政策打出组合拳。 ...

值得注意的是，基金经理"隐形重仓股"也随着基金年报披露而浮现。其中，管理规模超过千亿元的 易方达基金经理张坤管理的基金有20只隐形重仓股，百润股份、国投电力、分众传媒、宇通客车、东方 财富、顺鑫农业等6只个股期间持股市值均在10亿元以上。以其产品易方达蓝筹精选为例，排名第11至 第20名的隐形重仓股中，"新面孔"包括"盲盒第一股"泡泡玛特、分众传媒、东方财富、蒙牛乳业、时代 电气、宏华数科等。其中，泡泡玛特、分众传媒、东方财富均为新晋上榜。美团、爱尔眼科、天坛生 物、通策医疗均遭到大幅减持。 另一位"千亿级"基金经理，中欧基金经理葛兰旗下产品共有三只，隐藏在这三只基金持有的第11名 至20名股票共有21只，在去年四季度，葛兰持有智飞生物、昭衍新药等2只个股，累计持股市值均在20 亿元以上；持有美迪西、欧普康视、长春高新、恒瑞医药、普利制药、我武生物、药石科技、同仁堂等 8只个股，累计持股市值均逾10亿元。 日前，基金2021年年报正式披露完毕。与季报相比，基金年报涉及持仓排名10位之后的"隐形重仓 股"，以及持仓换手率、持有人结构等信息，与此同时，基金经理对于产品的运作分析和市场展望也随 之浮出水面。不少基金 ...