昨日A股三大股指走势分化，沪指探底冲高午后再低回落收跌，深成指及创业板指高开高走后震荡下 行。 截至收盘，沪指报3860.50点，跌0.26%；深证成指报13005.77点，涨0.63%；创业板指报3066.18点，涨 1.52%。沪深两市成交额合计2.28万亿元。 广发证券分析，复盘2010年以来全A"量顶"之后的表现，可以发现，"量顶"往往意味着趋势二阶导见 顶，加速上涨阶段结束后，上涨趋势大概率仍会延续，只不过斜率有所放缓。 盘面上，储能概念股表现活跃，宁德时代（300750）大涨超9%，股价创历史新高；汽车产业链板块上 涨，浙江世宝（002703）等多股涨停；游戏股表现强势，星辉娱乐（300043）、完美世界（002624）涨 停；猪肉股集体拉升，得利斯（002330）、傲农生物（603363）封板。卫星互联网概念下挫，三维通信 （002115）跌超5%；文化传媒股大跌，果麦文化（301052）跌超10%。 国泰海通认为，中国市场机会是广泛的，年内还有望走出新高，全球宽松在即，中国反内卷和增量经济 支持举措也有望进一步加码，继续看升中国股市行情。 ...

随着未来更多上市公司从国内敞口转向全球敞口，尤其是在制造环节，中国企业不断将份额转化为定价权，传统的基于 国内库存周期的经济分析已经不能全面刻画市场基本面状态。复盘本轮行情，无论是成长还是价值，涨得多的品种大多 还是跟出海相关，或者深度绑定海外供应链。未来我们评价基本面和流动性是否匹配，要站在全球敞口而不是国内经济 周期的视角去全面评估。 除过去4周有明显的情绪溢价，本轮行情其他绝大部分时候都还是沿着"聪明的钱推动的结构性行情"的脉络演绎，这决定 了策略应对思路应该是淡化波动、不做扩散。市场短期或有一些情绪溢价带来的超额换手，但我们估计日均成交回归1.6 万亿~1.8万亿元可以认为消化掉了这部分情绪溢价。配置上，行业选择的基本框架应该是坚守资源+新质生产力+出海， 我们继续聚焦资源、消费电子、创新药、化工、游戏和军工。 中信证券：站在全球敞口视角去评价基本面 国泰海通：股市不会止步，年内股指还有新高 中国股市上升的逻辑是可持续的，年内中国A/H股指还会走出新高：第一，中国转型加快，经济社会发展不确定降低，能 见度提高是估值重估的重要前提。第二，无风险收益系统下沉，股票市场机会成本降低，资产管理需求井喷和增量入 ...

Group 1 - The core viewpoint is that the A-share market is experiencing a "slow bull" trend, with high-growth sectors being the preferred choice for investment [1][2] - Policy support is expected to strengthen with the upcoming Fourth Plenary Session in October, particularly in hard technology and new productivity sectors [1][2] - Recent increases in overseas AI industry capital expenditure are positively influencing market sentiment [1][2] Group 2 - A total of 12 out of the 15 leading companies with the highest gains since June are linked to overseas expansion, particularly in the AI supply chain and innovative pharmaceuticals [2][3] - The market consensus has been strong since August, but the intensity of sector rotation has decreased to a new low since April of the previous year [2][3] - The focus should be on high-growth sectors such as solid-state batteries, energy storage, and innovative pharmaceuticals, while also considering new consumption trends [1][2] Group 3 - The current market sentiment is characterized by a high degree of volatility, with a potential for a significant upward trend if new catalysts emerge [3][4] - The upcoming October meeting is anticipated to clarify the direction of the "14th Five-Year Plan," likely emphasizing technological innovation and new productivity [3][4] - The market is expected to see a shift towards cyclical trades as the economy transitions from service to manufacturing sectors [4]