Core Viewpoint - The market is currently in a consolidation phase following a peak in trading activity in the computing power sector, with a focus on capital market reforms and structural growth support, despite ongoing uncertainties in US-China relations [1] Market Overview - On October 20, the market opened significantly higher and remained stable, with the ChiNext Index rising over 3% during the day [1] - The report from CITIC Securities indicates that the market is characterized by high capital allocation to low-performing stocks, index stagnation, and reduced trading volume, attributed to the ongoing uncertainties and key upcoming meetings [1] Sector Performance - Hard technology sectors, including CPO, robotics, and circuit board concepts, saw significant rebounds, while gold, rare earths, and vitamins experienced declines [1] - The report from Shenwan Hongyuan highlights that cyclical and value stocks are currently unable to drive the overall index higher, continuing the market's adjustment phase since early September [1] Investment Strategy - The mid-term investment strategy suggests a shift in style, with short-term focus on "countermeasures + risk aversion" and a year-end emphasis on dividend and technology styles [1] - Hong Kong's internet leaders are positioned as quality assets capable of navigating economic cycles, benefiting from both AI technology transformation and valuation recovery [1] Future Outlook - The fourth quarter is expected to be a period of comprehensive gains for Hong Kong internet leaders, supported by the resonance of capital and fundamental factors [1]