Core Viewpoint - Despite increased market volatility, several subjective private equity institutions, including Freshwater Spring, remain optimistic about structural opportunities in the market [1] Market Dynamics - The recent market fluctuations are viewed as a healthy correction following rapid price increases in certain assets [3] - Current A-share market liquidity is primarily driven by institutional investors, with individual investors' demand for stock assets still accumulating but not fully released [3] - There has been a notable increase in interest from long-term active funds in Europe and the U.S. towards Chinese assets, although significant inflows have yet to materialize [3] - The liquidity environment is expected to remain abundant in the short term, providing a foundation for stable market operations [3] Seasonal Trends - The fourth quarter typically exhibits a defensive market trend, with undervalued sectors likely to outperform [4] - The market faces a reporting gap after the third-quarter results, making low-valuation and stable-earning sectors more attractive to investors [4] - The fourth quarter is also characterized by numerous economic work meetings, influencing market expectations for the upcoming year [4] Investment Strategies - Private equity firms are focusing on increasing allocations to high-growth and cyclical assets [5][6] - Freshwater Spring has adjusted its portfolio to include high-certainty growth companies in the electronics sector and strong fundamental pharmaceutical firms, while also maintaining positions in cyclical assets [6] - Qinghe Spring has shifted its focus towards upstream resource industries, citing the sustainability of weak dollar and supply constraints as key factors [7] - The firm is also exploring investment opportunities in cyclical companies currently at low price levels, anticipating potential profit increases as demand improves [7] Structural Opportunities - The market is expected to continue evolving in a "slow bull" manner, with ongoing structural opportunities [8] - Investment frameworks are centered around "technology + consumption," with a focus on industry and policy factors [8] - The emphasis is on technological breakthroughs and policy expectations related to the "14th Five-Year Plan," aiming to identify potential investment opportunities in resonant sectors [8]

Group 1 - The National Development and Reform Commission reported that the approval amount for real estate whitelist projects has exceeded 7 trillion yuan, indicating a growing scale in the existing housing market [2] - The Ministry of Industry and Information Technology emphasized the need for innovation in specialized and innovative enterprises, particularly in the chemical sector, to enhance safety and promote digital transformation [3] - The Ministry of Industry and Information Technology announced a plan to deepen the integration of 5G and industrial internet, focusing on the construction of new information infrastructure [3] Group 2 - The People's Bank of China conducted a total of 11,370 billion yuan in reverse repurchase operations, achieving a net withdrawal of 4,263 billion yuan [3] - The Guangdong-Hong Kong-Macao Greater Bay Area is projected to reach an economic total of 14.79 trillion yuan by 2024, positioning it among the top global economic and innovation centers [4] - The latest brokerage reports indicate a strong focus on technology sectors, particularly electronics and power equipment, as key investment areas for October [5] Group 3 - The automotive market saw a retail volume of 2.239 million units in September, with new energy vehicles accounting for 1.307 million units, reflecting a penetration rate of 58.5% [8] - Shenzhen is revising regulations to support the development of intelligent connected vehicles, allowing for fully unmanned testing scenarios [8] - The Ministry of Industry and Information Technology reported that China's computing power ranks second globally, with key technology developments in 5G-A and 6G [7] Group 4 - The third quarter saw a 9.3% year-on-year increase in the issuance of dim sum bonds, totaling 221.06 billion yuan, indicating a recovery in the offshore bond market [14] - The Guangdong provincial government plans to issue up to 7.5 billion yuan in offshore RMB local government bonds [14] - Country Garden is restructuring nine domestic bonds, with eight bondholder meetings approving the restructuring plan [14]

Market Overview - The A-share market showed resilience despite a divergence between growth and value styles, with the ChiNext index falling by 3.86% and the CSI 300 index rising by 0.37% [2] - The value style, represented by the CSI Dividend Index, performed well, increasing by 1.79%, indicating a preference for high dividend and low valuation stocks amid rising overseas uncertainties [2] - The average weekly increase for Wind's first-level industry was 0.15%, with 55% of sectors yielding positive returns, particularly in non-ferrous metals, coal, and steel, which rose by 4.44%, 4.41%, and 4.18% respectively [2] Fund Issuance and Performance - A total of 4 funds were issued last week, including 2 equity funds, 1 bond fund, and 1 FOF fund, with total issuance of 1.13 billion units [3][4] - The Wind All Fund Index decreased by 0.62%, with the ordinary equity fund index down by 1.58% and the mixed equity fund index down by 1.52% [3][7] Global Asset Review - Global equity markets experienced significant divergence, with major U.S. indices declining due to supply chain issues and government shutdowns, while Asian markets showed mixed results [4] - Gold prices reached a historical high, surpassing $4000 per ounce, while energy commodities showed weaker performance [4][5] Domestic Fund Market Review - The average weekly increase for Wind's first-level industry was 0.15%, with the public utility sector leading with a 3.69% increase, reflecting demand for stable cash flow and low valuation amid uncertainty [13] - The healthcare sector saw a decline of 1.21% for the week and 3.22% over the past month, attributed to internal sector differentiation and short-term sentiment [13] Bond Market Review - The bond market showed mixed performance, with long-term government bonds underperforming while mid-term bonds remained stable [15] - The 10-year government bond yield was recorded at 1.846%, reflecting a slight decrease of 1 basis point from the previous week [17]

策略周报 A 股估值扩张，有色金属行业继续领涨 A 股 TTM&全动态估值全景扫描（20251011） 核心结论 本周 A 股总体估值扩张，有色金属行业继续领涨。国庆期间有色行业利好发 酵，本周有色继续领涨。当前有色金属行业整体 PB（LF）处于历史 87.8% 分位数，细分行业中，铜/铝/锂/黄金行业 PB（LF）分别处于历史 92.1%/96.3%/40.7%/83.6%分位数，锂的估值提升空间相对更大。 创业板 PE（TTM）扩张幅度高于主板低于科创板。算力基建剔除运营商/资 源类的相对估值扩张。算力基建剔除运营商/资源类的相对 PE（TTM）从本 周的 5.80 倍降至本周的 5.66 倍，相对 PB（LF）从本周的 5.69 倍降至本周 的 5.54 倍。 观察行业绝对估值与相对估值的历史分位数—— （1）从静态的 PE（TTM）角度，大类行业中，可选消费、中游制造、大消 费、周期类、中游材料绝对估值和相对估值均高于历史中位数，其中可选消 费、中游制造绝对估值和相对估值均高于历史 90 分位数。资源类、必需消 费绝对估值和相对估值均低于历史中位数，其中服务业、金融服务、必需消 费相对估值低于历史 1 ...

Group 1 - The core factors influencing the October market trends are policies, external events, and liquidity [4][11][18] - The A-share market is expected to continue a slow bull trend in October, driven by positive policy expectations and a potential easing of liquidity [7][11][18] - Historical data shows that in 15 years since 2010, the Shanghai Composite Index has risen in October 8 times, often influenced by significant policy announcements [4][5][11] Group 2 - In October, technology and cyclical sectors are expected to outperform, with a focus on growth-oriented industries related to the "14th Five-Year Plan" [21][22][30] - The disclosure of Q3 earnings reports is likely to favor technology and cyclical sectors, as historically, industries with strong earnings tend to perform well in October [22][25] - The current Fed rate cut cycle is anticipated to benefit technology growth and certain cyclical industries, with historical trends indicating that high-growth sectors perform better during such periods [30][34] Group 3 - The calendar effect suggests that technology sectors such as computers, automobiles, home appliances, and electronics are likely to lead in performance during October [36] - The expected structural recovery in earnings for the A-share market is supported by a low base effect from the previous year, particularly in exports and retail sales [18][20] - Key sectors expected to benefit from policy support include communication, machinery, electronics, and new energy, while real estate investment is likely to remain weak [18][20]

Core Insights - The report indicates that the Shanghai Composite Index broke through 3900 points but faced a pullback, leading to increased market volatility. The outlook remains optimistic for a systematic "slow bull" market, with potential adjustments viewed as opportunities for increased allocation [1][4][58] - The report suggests a strategic focus on large financials, real estate, and infrastructure sectors, while tactical operations should monitor the performance of the ChiNext Index and key moving averages [1][5][59] Market Overview - The major indices experienced fluctuations, with the Shanghai Composite Index showing a slight increase of 0.37% over the week, while the ChiNext Index and the STAR Market saw declines of 3.86% and 2.85% respectively [12][56] - The report highlights a significant rise in cyclical sectors, with non-ferrous metals up by 4.35%, and coal and electricity sectors also performing well. Conversely, technology sectors showed weakness, with declines in media, electronics, and communications [15][57] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets increased to 2.59 trillion yuan, indicating heightened market activity. The margin trading balance also continued to rise, reaching 2.44 trillion yuan [24][29] - The report notes that the stock ETF saw a net inflow of 10.4 billion yuan, with the securities ETF leading in inflows, while the medical ETF experienced the largest outflow [31][39] Future Market Outlook - The report anticipates that if the ChiNext Index does not recover its upward trend in the short term, it may undergo a weekly level consolidation. The Shanghai Composite Index, having formed a five-wave structure, is expected to continue its upward trajectory unless external shocks disrupt this trend [4][58] - The report emphasizes the importance of monitoring the performance of key sectors, particularly large financials and cyclical stocks, as the market may shift focus away from technology [58][59]

旅发大会、湘超引爆文旅市场，今年国庆假期，湖南文旅成绩单格外亮眼：接待游客近4000万人次，同 比增长19.35%；游客总花费502.06亿元，同比增长25.96%。在这张高分答卷背后，电广传媒及其旗下芒 果文旅作为湖南文旅主力军，以"八城十景"的强大阵容，8天累计接待游客超200万；实现营收约3000万 元，成为领跑湖南文旅的"实力担当"。 转自：新华财经 多类产品人气爆棚 各有各的"芒果味" 节前在旅发大会正式开业的怀化榆树湾青春广场成为新晋文旅地标，在首个国庆假期便成功"出圈"。依 托雪峰鼓楼的独特标志景观，广场推出"中国狂欢节·当燃榆树湾"主题活动，8天累计接待游客65万人 次，其中10月2日最高接待量达7.9万人次。假期创收约600万元。 湘潭万楼·芒果青年码头以万楼"百年文化地标+红色基因传承"为特色，打造了一场融合庄严仪式感、沉 浸式红色体验、潮流互动演出的全民国庆盛会，累计42.8万人次游客欢度国庆。 衡阳青春东洲岛以"这个十一·平沙落雁放飞秀"为主题，呼应衡阳雁城文化，放飞76只大雁共庆祖国76 周年华诞，并推出川剧变脸、板凳飞龙、英歌战舞等民间技艺展演，接待游客量实现大幅增长。 全新引入芒 ...

Core Viewpoint - The latest brokerage reports for October highlight a continued focus on sectors such as electronics, power equipment, and media, with a strong consensus among brokers to remain bullish on technology stocks and a particular emphasis on the "14th Five-Year Plan" [1][3][8]. Group 1: Sector Focus - The electronics sector is leading with stocks like Zhaoyi Innovation and Luxshare Precision receiving multiple recommendations from brokers, indicating strong market interest [3][4]. - Zhaoyi Innovation is recognized as a core AI stock with significant growth potential due to its unique positioning in customized storage for AI multi-terminals [3]. - Luxshare Precision is noted for its breakthrough in overseas client connections, suggesting a favorable growth trajectory as the supply chain enters a new innovation cycle [3]. Group 2: Additional Recommended Stocks - Other stocks receiving recommendations from at least three brokers include Daikin Heavy Industries, Hikvision, Huayou Cobalt, Lens Technology, Hengli Hydraulic, Roborock, Luoyang Molybdenum, Deepin Technology, and Kaiying Network [4]. Group 3: Performance Insights - In September, stocks in the electronics and power equipment sectors showed significant gains, with Jiangbolong achieving an 86.49% increase, making it the top-performing stock for that month [7]. - The brokerage combinations demonstrated strong excess return capabilities, with several firms reporting cumulative returns exceeding 60% year-to-date [7]. Group 4: Market Outlook - As the Fourth Plenary Session approaches, brokerages are focusing on the "14th Five-Year Plan," anticipating a stable upward trend in the capital market due to long-term policy layouts and industry catalysts [8][9]. - The market is expected to benefit from a relatively loose liquidity environment, with opportunities concentrated in the technology growth sector [8].

"点"亮全运等你来 10月10日，在第十五届全国运动会倒计时30天之际，一场融合"全运互动+非遗美食+文化体验"的"食在广州 品味全运"城市狂欢夜活动于广州塔举行。 嘉宾代表共同上台启动第十五届全国运动会倒计时30天主题活动仪式，璀璨灯光瞬间点亮广州塔，将全运热 情注入这座城市地标。奥运冠军李小鹏、张洁雯、张雁全惊喜现身更是瞬间引爆全场。 展品可爱且充满岭南特色。 ● 全运主题菜单在现场同步发布，以全运精神入馔，将陆续在全市餐饮门店推广。 相关附件 本次活动由十五运会和残特奥会广州赛区执委会、中共广州市委金融委员会办公室、广州市商务局、广州市 文化广电旅游局、广州市市场监督管理局指导，广州日报·粤传媒主办，广州银行、抖音生活服务联合主办， 广粤文化·美食导报承办。 ● 现场构建了非遗与科技交融的体验空间，嘉宾们沉浸式穿梭于各个展区，在传统匠心与现代智慧的碰撞 中，触摸城市的文化脉动。 ● 在迎宾互动区，嘉宾既能在文化墙展区触摸城市的文化动脉，也能通过足球体感互动装置感受体育激情， 还可多方位与全运元素互动打卡。 ● 非遗美食区则集结了多个特色摊位。银记拉肠米香扑鼻，岳湖乳鸽红亮诱人，老西关水菱角软糯可口，黄 ...

证券研究报告 | 策略专题报告 2025 年 10 月 10 日 坚守成长，大盘风格占优 ——A 股流动性与风格跟踪月报（202510） 历史上无论 10 月还是四季度，大盘风格占优概率高。另外，尽管历史上前期强 势风格经常在四季度转弱，但目前尚不具备相关驱动条件，科技成长有望在四 季度继续占优。"十五五"规划的政策预期下，市场风险偏好预计保持高位。三 季报交易窗口将至，业绩有望保持高增或者明显改善的仍主要集中在高端制造、 AI 产业链等偏成长风格的方向上。外部流动性方面，市场对美联储 10 月降息 预期升温，行业类 ETF 成为市场重要增量资金来源有利于偏龙头、中大盘股票 表现。综上，我们认为 10 月市场偏大盘风格，成长有望继续占优。 风险提示：经济数据不及预期，海外政策超预期收紧 定期报告 相关报告 《短期震荡不改成长风格主线， 大盘股更优——A 股流动性与风 格跟踪月报（202509）》 《市场波动增大，优选主流风格 ——A 股流动性与风格跟踪月报 （202508）》 《偏大盘风格为主，成长价值或 相对均衡——A 股流动性与风格 跟踪月报（202507）》 《增量资金相对均衡，大盘风格 为主——A 股 ...