Core Viewpoint - The A-share market has started strongly in the fourth quarter, with the Shanghai Composite Index surpassing 3900 points, leading to a focus on market trends and investment strategies. Multiple fund companies believe there are opportunities for bullish positions, particularly in technology growth sectors and high-dividend blue-chip stocks [2]. Group 1: Market Sentiment and Outlook - The public fund industry generally sees a significant increase in the attractiveness of stock assets, but a slow bull market requires fundamental support [3]. - Overall, there is a cautious outlook from some funds regarding the market's current valuation attractiveness, suggesting that further increases will need more policy or economic support [3]. - Historical experiences indicate that early bull markets often rely on liquidity improvements for valuation recovery, while sustained increases require tangible improvements in fundamentals [3]. Group 2: Investment Opportunities - Despite the need for fundamental support, there is a consensus among public funds that the market still offers opportunities for bullish positions [4]. - Structural market opportunities are expected to remain, with ample liquidity and a favorable environment for equity assets [4]. - The current economic environment in China is seen as providing valuable certainty, which may attract more long-term global capital into A-shares and Hong Kong stocks [5]. Group 3: Sector-Specific Strategies - Investment strategies should focus on technology growth sectors and high-dividend blue-chip stocks, which are expected to provide stable returns [6]. - High-dividend blue-chip stocks, particularly in banking, public utilities, and transportation, are highlighted for their stability and attractive yields compared to bond returns [6]. - The pharmaceutical sector is viewed positively, with expectations for innovation-driven growth and recovery in medical device industries [7]. Group 4: Market Dynamics and Risks - Key upcoming events, such as the Fourth Plenary Session and the US-China summit, are expected to influence market sentiment and create investment opportunities [8]. - The potential for increased volatility due to US-China trade tensions is acknowledged, with expectations for the market to stabilize and rise amidst fluctuations [8].

中国基金报记者 张燕北 【导读】多家公司发布四季度权益投资策略： 四季度， A 股强势开局，沪指站上 3900 点。后市行情走势和投资策略成为当下焦点。多家 基金公司认为市场存在做多机会，宜优先布局行业景气持续验证的科技成长方向，同时关注 高股息蓝筹股。 慢牛行情仍需基本面接棒 公募多认为当前环境下股票资产吸引力显著提升，但慢牛行情需要基本面支撑。 招商基金表示，整体而言对后市偏谨慎，认为市场当前位置估值吸引力下降，进一步上涨需 要政策或者经济基本面的更多支撑，对四季度经济比较谨慎；但对更长期的股市运行的底层 根基变化认为是向好的。 在招商基金看来，本轮行情有远期宏大叙事支撑，但增量资金来源略显不足；宏观基本面和 股市上行的反差短期阶段性收敛，如无重大逆周期对策反差有可能进一步扩大，但后续市场 对基本面的定价权重也会提升。 东方红资管认为，在当前环境下，市场的理想路径为基本面接力，以期走向可持续的 " 慢牛 " 。从历史经验看，牛市早期往往依赖于流动性改善带来的估值修复，而后续的持续上涨则需 基本面的切实改善提供支撑。 参考 1999 年 "5·19" 行情，行情启动的催化剂来自资本市场政策的超预期发力，迅速 ...