上海股市出现了过热的迹象。1月7日的上证综合指数以4085.7723点收盘，比前一交易日上涨0.05%，连 续14个交易日收盘价高于开盘价，形成"阳线"。据中国媒体报道，这是上海股市自1993年开始运行以来 的最长纪录。 上海证券交易所所在大楼 这是上海股市自1993年开始运行以来的最长纪录。7日的买盘主要来自被称为"股民"、"散户"的个人投 资者。市场人士认为，在乐观情况下2026年的上证综指预计将上涨至4800点，但…… 主要买入理由是在3月召开的全国人民代表大会上可能陆续推出的经济刺激政策。由于2025年12月召开 的讨论2026年经济政策的中央经济工作会议等的方针，尽管市场对经济前景仍有担忧，但认为"2026年 中国经济将平稳运行"的看法正在扩散。 这一连续上涨天数已经超过了日经平均股价指数在经济泡沫时期的1988年创下的13天纪录。在日本、台 湾、韩国等东亚地区主要股指近期纷纷刷新历史高点的背景下，此前被认为涨幅落后的上海股市今后是 否还会继续上涨？还是这些过热信号意味着上涨局面已走向终结？ 主要成分股下跌，为何指数却仍在上涨？在1月7日的上海市场上，市值排名靠前的中国农业银行下跌 0.92%，受委 ...

美国总统唐纳德・特朗普从不放过任何抨击前任经济政策的机会，直言前总统乔・拜凳酿成了通胀危 机。然而，特朗普如今提出的部分经济提案，论调却与拜凳愈发相似。 拜凳就任之初，美国失业率仍居高不下，但整体经济正从疫情中快速反弹，增速表现强劲。就在特朗普 签署上一轮经济刺激法案、美联储为提振经济将利率降至零利率的一年后，拜凳与民主党掌控的国会又 推出了近 2 万亿美元的经济刺激计划，其中包括向纳税人发放 1400 美元的直接纾困支票。 民主党彼时基本无视了批评者的担忧 —— 大规模刺激措施可能引发物价飙升。尽管这并非通胀的唯一 诱因，但批评者的预警最终成真：2022 年美国通胀率创下四十年新高。 如今特朗普面临的经济形势，与拜凳执政初期截然不同。民生可负担能力已成为当下头号难题，利率水 平也处于高位。但拜凳执政初期与当前特朗普执政期的经济状况仍存在相似之处，包括就业市场疲软， 而整体经济增长势头强劲。美国商务部周二发布的数据显示，今年夏季美国国内生产总值年化增长率达 4.3%，创两年来最快增速。 如此背景下，特朗普计划通过经济刺激手段（包括发放 2000 美元纾困支票）为本就强劲的经济再添动 力，同时还再度呼吁降息，这 ...

来源：金十数据 美国总统特朗普从不放过任何批评其前任的机会，但现在特朗普的一些经济提议，听起来却越来越像拜 登当年的那一套。 拜登上任之初，失业率居高不下，但美国整体经济正从疫情中反弹，增速迅猛。在特朗普签署上一轮刺 激法案且美联储将利率降至零以提振增长仅一年后，拜登和民主党控制的国会又通过了一项近2万亿美 元的刺激计划，其中包括向纳税人直接发放1400美元的支票。 民主党人当时基本上无视了批评者的担忧，即如此大规模的刺激可能会导致物价飙升。虽然这绝非唯一 因素，但这些警告最终成真：2022年，通胀率创下了四十年来新高。 如今，特朗普面临的经济环境与拜登时期截然不同。负担能力是当下的头号难题，且利率水平显著更 高。但拜登初期和特朗普时期的经济也有相似之处，包括就业市场疲软与整体经济强劲增长并存。美国 商务部上周二报告称，美国夏季国内生产总值（GDP）按年率计算增长了4.3%，为两年来最快增速。 这理应让特朗普对他那套在强劲经济中注入刺激（包括2000美元支票）并结合其最新推动的低利率政策 的提议三思。正是这些选择，被他和拜登的其他批评者指责为助长通胀危机的元凶。 "特朗普规则" 特朗普上周在社交媒体上发布了一 ...

Core Insights - The new Japanese government has requested the Bank of Japan to postpone interest rate hikes until at least January 2026 to align with an upcoming large-scale economic stimulus plan aimed at supporting economic recovery [1] - U.S. investors are increasing their investments in Japanese stocks, driven by the strong performance of the Japanese stock market, particularly the Nikkei 225 index, which has risen approximately 30% [1][4] - Foreign investors purchased about 3.84 trillion yen (approximately 250 billion USD) worth of Japanese stocks in cash and futures during the latter half of October [4] Economic Policy - The Japanese government is coordinating monetary policy with fiscal measures to bolster economic recovery, emphasizing the importance of timing in interest rate decisions [1] - The anticipated economic stimulus plan is expected to play a crucial role in supporting the economy alongside the central bank's policies [1] Market Trends - The influx of foreign capital into the Japanese market suggests a potential shift where growth stocks may begin to replace value stocks as the primary market drivers [1] - Despite the positive outlook, there are indications that the Nikkei index has entered an overbought territory, which may lead to short-term market corrections [4]

Group 1 - LME copper prices increased by $191, or 1.79%, closing at $10,854 per ton, reaching the highest level since October 9 [1][2] - Year-to-date, LME copper has risen by 23.5%, previously hitting a peak of $11,000 per ton on October 9 [4] - Strong economic data from China is driving optimism in copper demand, with expectations of potential additional stimulus policies [4] Group 2 - LME aluminum prices rose by $55.50, or 1.98%, closing at $2,862.50 per ton, marking the highest level since May 2022 [2][4] - Supply concerns are impacting aluminum prices, particularly due to South32's announcement of a suspension at its Mozal smelter in South Africa due to power supply issues [4]

1. Report Industry Investment Rating The report does not explicitly provide an overall industry investment rating. However, based on the individual product outlooks, most products are expected to be in a state of "oscillation" or "oscillation on the weak side," suggesting a relatively cautious view of the energy and chemical industry [3][8][9]. 2. Core Viewpoints of the Report - China's Q3 economic data is strong, but the weakness in the energy and chemical sector mainly stems from the supply side. The good economic data provides some support to the crude oil market, but the oversupply situation remains unchanged [1]. - The export of chemical products in September generally maintained a good trend, with polyester products performing particularly well. Expanding overseas markets may be the future hope for the chemical industry [2]. - Overall, the energy and chemical industry is still anchored by crude oil and is expected to continue its weak oscillation [3]. 3. Summary by Relevant Catalogs 3.1 Market News and Macroeconomic Situation - China's Q3 GDP increased by 4.8% year - on - year, and the GDP growth rate from January to September was 5.2%. In September, the industrial added value of enterprises above designated size increased by 6.5% year - on - year, and the total retail sales of consumer goods increased by 3% year - on - year. The demand for petroleum in September increased by 6% year - on - year, continuing the positive year - on - year growth since June [1]. - The President of Ukraine stated that the Russia - Ukraine conflict will not end soon, but the pre - conditions for peace have emerged. Russia's oil transportation to India continues [8]. 3.2 Product - Specific Analysis 3.2.1 Crude Oil - **Viewpoint**: Macroeconomic factors disrupt the rhythm, and the fundamentals are continuously under pressure. - **Main Logic**: Supply is in an increasing phase dominated by the high - growth rate of OPEC+ production. Later, there will be pressure on accelerated crude oil inventory accumulation due to the peak and decline of refinery operations. Although China's inventory has decreased recently, overseas and sea - borne inventories have increased, and the inventory accumulation pressure is still being realized. The fundamental pressure persists, the geopolitical support is weakening marginally, and macro - risks are fluctuating. Oil prices are expected to continue their weak oscillation. If concerns about tariffs ease or there are temporary geopolitical risks, oil prices may rebound but the downward trend is difficult to reverse [8]. 3.2.2 Asphalt - **Viewpoint**: The asphalt futures price is testing the 3200 resistance level. - **Main Logic**: OPEC+ will continue to increase production in November, Saudi Arabia has lowered the export discount to Asia, the Middle East situation has cooled, the geopolitical premium has declined, and the positive impact of China - US negotiations remains. In the short term, crude oil has entered an oscillation mode, and asphalt futures prices will follow the oscillation of crude oil. The asphalt spot price has been continuously falling, the asphalt - fuel oil price difference is expected to continue to decline, the asphalt production plan in October has increased by 19% year - on - year, the supply shortage problem has been resolved, and the driving force supporting the high premium of asphalt has significantly weakened. The pricing power of asphalt futures is expected to return to Shandong. Under the background of negative growth in transportation fixed - asset investment, the pressure on asphalt inventory accumulation is still high. Currently, asphalt is still overvalued compared to crude oil, rebar, low - sulfur fuel oil, and high - sulfur fuel oil, and the overvalued premium is starting to decline [9]. 3.2.3 Fuel Oil - **High - Sulfur Fuel Oil** - **Viewpoint**: The fuel oil futures price has entered an oscillation mode. - **Main Logic**: OPEC+ will continue to increase production in November, Saudi Arabia has lowered the export discount to Asia, the Middle East situation has cooled. Among the three driving forces supporting high - sulfur fuel oil (the Russia - Ukraine conflict, refinery procurement, and the Palestine - Israel conflict), the Palestine - Israel conflict and the Russia - US call have a negative impact on high - sulfur fuel oil. In the short term, the fuel oil futures price will follow the oscillation of crude oil. As refinery operations increase, the demand for fuel oil processing by refineries gradually increases, but the demand for gasoline in the US is weak, the demand for residue processing is sluggish, and the peak power - generation season in the Middle East is coming to an end, so the demand for fuel oil is still weak [9]. - **Low - Sulfur Fuel Oil** - **Viewpoint**: Low - sulfur fuel oil follows the oscillation of crude oil. - **Main Logic**: Low - sulfur fuel oil has declined following crude oil, and the 3500 resistance level is effective in the short term. Low - sulfur fuel oil has strong product attributes and is facing negative factors such as a decline in shipping demand, substitution by green energy, and substitution by high - sulfur fuel oil. It is undervalued and is expected to follow the movement of crude oil. Fundamentally, the reduction of export tax rebates for refined oil products in China and the cancellation of export tax rebates for UCO have increased the supply pressure of refined oil products in China. The pressure to reduce oil and increase chemicals is likely to be transmitted to low - sulfur fuel oil, which is facing a trend of increased supply and decreased demand and may maintain a low - valuation operation [11]. 3.2.4 Chemical Products - **PX** - **Viewpoint**: Cost drags down the absolute price, but the processing margin has been repaired due to the improvement in supply - demand on a month - on - month basis. - **Main Logic**: International oil prices are generally oscillating weakly, and the cost support is weak. There is no obvious positive support from its own supply - demand, and the marginal changes in supply - demand are limited. The import volume of PX in September remained stable with narrow fluctuations. Under the situation of strong supply and demand of PX, and with the expected commissioning of PTA, there is some support for downstream demand, and the downward space for the processing margin is limited [12]. - **PTA** - **Viewpoint**: Under the expectation of new plant commissioning and restart, both the basis and the processing margin are under pressure. - **Main Logic**: The upstream cost support is average, the atmosphere in the chemical product market is cold, and PTA follows the cost to oscillate and decline. Fundamentally, supply is increasing while demand is stable. The new Fengming plant is about to be commissioned, so there is some supply pressure. The downstream polyester demand is stable, and there is more speculative replenishment at low prices. Polyester factories have enough space to offer promotions after profit repair, and the sales volume has increased slightly. The overall price mainly fluctuates following the upstream and macro - economic sentiment [12]. - **Short - Fiber** - **Viewpoint**: After the profit improvement, there is more room for profit to promote sales, the inventory has decreased on a month - on - month basis, and the support for the low processing margin has increased. - **Main Logic**: The upstream polymerization cost is not good, and the short - fiber price has declined following the cost. In terms of the supply - demand pattern, short - fiber is still generally stronger than the upstream. There is still support at the low processing margin. After the weather turns cold, orders are being placed smoothly, and the export data is strong. There is no expectation of inventory accumulation in the short - fiber industry in the short term, and there is support for demand at the end of the peak season [21]. - **Bottle Chips** - **Viewpoint**: There is not much positive support from the fundamentals, and the low price stimulates the increase in speculative replenishment demand. - **Main Logic**: The upstream polymerization cost is average, and the bottle - chip price has declined following the cost. The spot processing margin has slightly decreased. The export data of polyester bottle chips in September was average, showing a decline compared to August. The demand is in the off - season, and there is no obvious driving force for supply - demand [22]. - **Styrene** - **Viewpoint**: Crude oil is weak and inventory continues to accumulate, and styrene resumes its downward trend. - **Main Logic**: The market sentiment for pure benzene in the future is still pessimistic. With styrene's own profit at a low level, the number of maintenance operations has increased, and the supply - demand situation has slightly improved. However, the biggest current pressure is the high port inventory. As the end - of - year seasonal inventory accumulation period approaches, the concern about over - inventory persists, dragging down the performance of the industrial chain prices [17]. - **Methanol** - **Viewpoint**: The coal end provides slight support, and methanol is expected to oscillate widely. - **Main Logic**: On October 20, the methanol futures price oscillated and may continue in the short term. The production enterprises are offering discounts to sell, and the downstream purchases on demand. The price is weakly declining. The port inventory of methanol is still at a relatively high level, but considering the high probability of disturbances from Iran approaching winter, methanol still has value for long - position investment at low prices. However, it is restricted by the overall weak sentiment in the energy and chemical industry, and the weakness of downstream olefins also limits the upward space of methanol. Therefore, it is advisable to view it as oscillating in the short term [26]. - **Urea** - **Viewpoint**: The price support of individual spot goods has weakened, and the urea futures price is continuously under pressure. - **Main Logic**: On October 20, the mainstream spot prices of urea in Shandong and Hebei declined, and the downstream's follow - up purchases were cautious. Fundamentally, both supply and demand have weakened to a certain extent. The operation rate is at a relatively low level, and the agricultural demand has not improved. The pattern of strong supply and weak demand remains unchanged, and there is no effective positive support, so the futures price shows a narrow - range oscillation [27]. - **Ethylene Glycol (EG)** - **Viewpoint**: There is a lack of substantial positive factors, and it is in a low - level range adjustment without fundamental driving forces. - **Main Logic**: The overall atmosphere in the chemical product market is cold, and ethylene glycol oscillates and declines. Fundamentally, supply is increasing while demand is stable. The operation rate of ethylene glycol is at a high level, and multiple integrated plants have restarted. Although there will be maintenance operations at Shell and Fulian plants later, they are all short - term shutdowns with limited impact. The port inventory continues to accumulate gradually, and the price is still under pressure under the expectation of weakening supply - demand [18]. - **Plastic (LLDPE)** - **Viewpoint**: The oil price is still weak, and plastic oscillates on the weak side. - **Main Logic**: The oil price is still weak, the fundamental pressure persists, the geopolitical support is weakening marginally, and the macro - economic expectation is constantly fluctuating. The indication of the oil price is still pessimistic. The oil price has a limited impact on the expected US production next year, and it is still in the downward - seeking bottom stage. If there are positive macro - economic and geopolitical factors, it will rebound, but the downward trend is difficult to reverse. The fundamental support for plastic itself is still limited. It is now in the second half of the "Golden September and Silver October" period. As the peak season fades, the upstream and mid - stream still have the intention to reduce inventory at high prices, which will suppress the upward space of the price. The profit support is limited. The profit of oil - based refineries is stable under the weak oil price, the coal - based profit has slightly declined, and the profit of gas - based ethane is still good. In the short term, the futures price has slightly stabilized near the previous low, and the support strength should be monitored [31]. - **PP** - **Viewpoint**: The weakness of the oil price continues, and PP oscillates on the weak side. - **Main Logic**: The oil price oscillates weakly, the fundamental pressure persists, the geopolitical support is weakening marginally, and the macro - economic expectation is constantly fluctuating. The indication of the oil price is still pessimistic. The oil price has a limited impact on the expected US production next year, and it is still in the downward - seeking bottom stage. If there are positive macro - economic and geopolitical factors, it will rebound, but the downward trend is difficult to reverse. The fundamental support for PP itself is still limited. Currently, the production continues to increase year - on - year, but the demand support is limited, and the high - level inventory will still suppress the price performance. The profit support is limited. The profit of oil - based refineries is stable under the weak oil price, the coal - based profit has slightly declined, and the profit of gas - based ethane is still good. PP has slightly stabilized near 6600, and the focus of subsequent attention is the change in maintenance operations [32]. - **PVC** - **Viewpoint**: It has a low valuation and weak expectations, and PVC oscillates. - **Main Logic**: At the macro - level, the disturbance of China - US tariffs has resurfaced, and attention should be paid to the negotiations between the two sides at the APEC meeting. At the micro - level, the fundamentals of PVC are under pressure, and the cost is stable. Specifically, the autumn maintenance of upstream plants increased in mid - October, so the PVC production will decline; the downstream operation has recovered stage by stage, and only the low - price purchases have increased; the export order signing of PVC has improved; the operation rate of calcium carbide has decreased, and the number of PVC maintenance operations has increased, so the calcium carbide price is weakly stable; there coexist the marginal production reduction of alumina plants and the stockpiling for new plant commissioning, and the caustic soda spot may fluctuate narrowly. The static cost of PVC is 5190 yuan/ton, and the dynamic cost is expected to remain stable [35]. - **Caustic Soda** - **Viewpoint**: The spot price is stable, and the futures price oscillates. - **Main Logic**: At the macro - level, the disturbance of China - US tariffs has resurfaced, and attention should be paid to the negotiations between the two sides at the APEC meeting. At the micro - level, the medium - and long - term demand growth for caustic soda may be limited, and the production may also increase. The spot price may oscillate narrowly, manifested as: the alumina market remains in surplus, and the industry profit is poor. Recently, marginal plants have started to reduce production; the procurement by Wenfeng has relieved the pressure on 32% caustic soda in Shandong, but the caustic soda receipt volume of Weiqiao is equal to its daily consumption, and the caustic soda inventory of Weiqiao is high; the commissioning of a 4.8 - million - ton alumina plant in Guangxi in 2026 will boost the demand for caustic soda, and some factories have issued caustic soda procurement tenders; the non - aluminum operation rate is stable, and the replenishment intention is not high, and the operation rate will decline from November to December; the production of caustic soda in late October is not high, and the production will increase after the end of maintenance and new plant commissioning in the future [36]. 3.3 Product Data Monitoring - **Inter - period Spread**: The report provides the inter - period spreads of various products such as Brent, Dubai, PX, PTA, MEG, etc., along with their changes [38]. - **Basis and Warehouse Receipts**: The basis and warehouse receipts of products like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc., are presented, as well as their changes [39]. - **Inter - product Spread**: The inter - product spreads between different products such as 1 - month PP - 3MA, 1 - month TA - EG, etc., are given, along with their changes [41].

Economic Growth - China's GDP growth rate for Q3 2023 is 4.8%, slightly above market expectations of 4.7%[2] - Nominal GDP growth rate decreased by 0.2 percentage points to 3.7%[2] - Q3 quarter-on-quarter economic growth accelerated by 0.1 percentage points to 1.1%, exceeding the market expectation of 0.8%[2] Domestic Demand - September retail sales growth fell for the fourth consecutive month, decreasing from 3.4% in August to 3.0%[3] - Fixed asset investment showed a significant decline, turning negative at -0.5%, below the market expectation of 0.1%[5] - Cumulative urban residents' disposable income growth rate decreased by 0.3 percentage points to 4.4%[2] Industrial Production - Industrial production value growth rebounded by 1.3 percentage points to 6.5%, surpassing the market expectation of 5.0%[5] - Manufacturing production growth in September increased by 1.6 percentage points to 7.3%[5] External Trade - Exports in September rebounded by 3.9 percentage points to 8.3%, with a trade surplus maintained above $90 billion[7] - The trade conflict with the U.S. poses significant risks, with a 40% chance of renewed tariffs on Chinese goods by November 1[8] Policy Outlook - Limited economic stimulus measures are expected in Q4, with a forecasted GDP growth of around 5% for the year[9] - Monetary policy predictions include a 50 basis point reserve requirement ratio cut and a 10-20 basis point interest rate reduction[10]

Core Viewpoint - The upcoming leadership election within Japan's ruling Liberal Democratic Party (LDP) is seen as a critical opportunity for change, with key candidates including Shinjiro Koizumi and Sanae Takaichi, each representing different economic policies and political ideologies [1][2][3]. Candidate Overview - Shinjiro Koizumi, the current Minister of Agriculture, has announced his candidacy and is viewed as a potential agent of generational change within the LDP, emphasizing reform as a core campaign theme [3][5]. - Sanae Takaichi, another prominent candidate, has criticized the Bank of Japan's interest rate hikes and may advocate for a slower pace of monetary tightening if elected [1][3]. - Yoshihide Suga's administration has faced challenges, leading to a loss of majority in both houses of the Diet, prompting the need for a new leader to revitalize the party [2][3]. Election Dynamics - The election is expected to be competitive, with Koizumi currently polling at 23% and Takaichi at 28%, while Yoshifumi Hayashi trails at 11% [3]. - The entry of Yoshifumi Hayashi may split the votes that would have supported Koizumi and Takaichi, reminiscent of previous election dynamics that led to unexpected outcomes [2][3]. Economic Implications - The strengthening of the yen against the dollar, moving from 147.54 to 147.02, is partially attributed to Koizumi's announcement, indicating market sensitivity to political developments [1]. - Analysts suggest that Koizumi's potential leadership could lead to less volatility in financial markets compared to Takaichi's more aggressive economic policies [5]. Campaign Strategy - Koizumi has appointed Katsunobu Kato, a seasoned politician, as his campaign team leader to enhance his political influence and credibility [4]. - The campaign activities for the LDP presidential election will commence on September 22, with voting scheduled for October 4 [5].

Group 1 - The 10-year government bond yield in China rose to 1.87% on September 11, reaching a five-month high, driven by market expectations of additional economic stimulus policies [2][4] - The increase in bond yields indicates a sell-off in the bond market, as investors anticipate a further rise in the stock market [2][4] - The 30-year government bond yield also reached 2.2%, marking a six-month high, reflecting growing concerns about short-term trading restrictions on bonds [4] Group 2 - The adjustment plan for investment fund fees announced by the China Securities Regulatory Commission on September 5 has heightened market fears regarding the suppression of short-term bond trading [4] - The chief economist for emerging markets at SMBC Nikko Securities noted that with the ongoing downturn in the real estate sector, there is a rising interest in stocks as an investment option, suggesting a strong possibility of further interest rate increases supported by stock market gains [4]

Market Overview - The A-share market has rapidly risen, reaching a 10-year high, with the index stabilizing above 3800 points and approaching 3900 and 4000 points, indicating strong market participation and a healthy "volume-price rise" pattern [1] - The current bull market is considered to be in the nurturing phase, driven by valuation recovery, with the potential for further upward movement being limited as the market approaches historical highs [1] Valuation Metrics - The current price-to-earnings (P/E) ratio of the Shanghai Composite Index is 16.57, which is at the 100% historical percentile for the past 3 years, and the price-to-book (P/B) ratio is 1.51, also at high historical percentiles [1] - The asymmetry in upward and downward momentum suggests a higher risk of correction as valuations continue to recover [1] Economic Drivers - The core of the long-term upward trend in the A-share market relies on substantial improvements in corporate profitability, which is currently under pressure due to weak macroeconomic demand and ongoing adjustments in the real estate sector [9] - Domestic economic stimulus policies and the recovery of overseas demand are crucial for driving demand-side improvements, while supply-side efforts must focus on optimizing industrial structures and eliminating excess capacity [9] Policy Impact - Recent macroeconomic policies have shown effectiveness, with GDP growth reaching 5.3% year-on-year, surpassing the annual target of 5% [11] - Policy measures include adjustments in real estate regulations and direct subsidies to households, aimed at transitioning the economy towards consumption and service-driven growth [11] Global Economic Context - The Federal Reserve's dovish stance and anticipated interest rate cuts in major economies are expected to support a recovery in manufacturing, which is sensitive to financing costs [12] - The potential for increased export demand from overseas markets could provide significant support for the profitability of A-share listed companies [12] Supply-Side Developments - The implementation of anti-involution policies is expected to improve profit margins for companies by reducing excessive competition and promoting healthier market dynamics [15] - Historical precedents suggest that supply-side reforms can lead to significant improvements in profitability for key industries [15] Profitability Trends - Recent data indicates signs of improving corporate profitability, with industrial profits showing a narrowing decline and expectations for positive growth in A-share earnings after four years of decline [16] - Non-financial listed companies are projected to see revenue and net profit growth of approximately 1.6% and 8.3%, respectively [16] Investment Strategy - The overall bullish outlook remains, but the market may experience a "three steps forward, one step back" pattern during the nurturing phase of the bull market [19] - Focus on high-growth sectors such as robotics, innovative pharmaceuticals, and artificial intelligence, while also considering cyclical sectors like food and beverage, power equipment, and non-ferrous metals for potential investment opportunities [19]