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 ...

Market Overview - The overall market experienced a significant decline on October 10, with the Shanghai Composite Index falling by 0.94% and the ChiNext Index dropping by 4.55%. The total trading volume for the A-share market was 2.53 trillion, a slight decrease of 5.2% from the previous trading day [1] - There was a notable divergence in industry performance, with previously strong sectors like electronics (-4.71%), power equipment (-4.46%), and computers (-3.70%) leading the declines, while weaker sectors such as building materials (1.92%), coal (1.37%), and textiles (1.30%) saw gains [1] Market Dynamics - The sharp decline in the growth technology sector coincided with recent strong gains, indicating a risk-off sentiment among investors. The market structure shifted towards a broader decline in previously high-performing sectors, driven by profit-taking and event-driven impacts [2] - Several brokerage firms adjusted the margin financing rates for high static P/E ratio stocks to 0%, particularly affecting stocks in the electronics, computing, and related sectors that had seen significant price increases. This led to widespread declines in these stocks [2] Export Controls and Commodity Prices - Export controls on lithium batteries and artificial graphite negative materials raised concerns about the sustainability of export demand, resulting in declines in battery stocks and related energy metal stocks [3] - A significant drop in precious metal futures led to a corresponding decline in precious metal stocks. Following a period of rapid price increases, the market showed signs of overheating, culminating in a sharp correction [3] Long-term Market Outlook - The underlying support for a medium to long-term market uptrend remains intact, driven by the heightened focus of decision-makers on the capital market and the ongoing liquidity inflow amid an asset shortage [4] - The recent measures to adjust margin financing rates aim to curb speculative behavior and promote more rational investment decisions, suggesting a potential return to a more stable market environment [5] Key Investment Themes - The primary investment theme for the medium to long term is the establishment of a new growth industry cycle, particularly in AI computing infrastructure and its applications. Key sectors to watch include TMT, computing (CPO/PCB/liquid cooling/fiber optics), robotics, gaming, software, and military industry [6] - The second key theme focuses on sectors with strong fundamental support, including power equipment (wind power/storage/batteries/power supply), non-ferrous metals (rare earths/precious metals), and machinery (construction machinery). These sectors are expected to benefit from high demand and favorable market conditions [6]

Market Overview - The A-share market experienced fluctuations this week, with the Shanghai Composite Index rising by 0.37%, while the Shenzhen Component and ChiNext Index fell by 1.26% and 3.86% respectively. The Hang Seng Index dropped by 3.13% [1] - In terms of sector performance, non-ferrous metals, coal, and steel led the gains, increasing by 4.44%, 4.41%, and 4.18% respectively. Conversely, media, electronics, and power equipment sectors saw declines of 3.83%, 2.63%, and 2.52% respectively [1] Sector Analysis Cyclical Sector - Non-ferrous metals, coal, steel, oil and petrochemicals, and construction materials showed strong performance, particularly benefiting from enhanced expectations of a Federal Reserve interest rate cut [1] Consumer Sector - The tourism sector experienced a decline, with the National Day and Mid-Autumn Festival data meeting expectations, leading to profit-taking by some investors. Innovative pharmaceuticals also saw a pullback due to a lack of short-term catalysts [1] Technology Sector - The storage sector performed well, likely due to overseas industrial information catalysts, while the gaming sector faced significant adjustments, negatively impacting media performance [1] Manufacturing Sector - The energy storage lithium battery sector experienced a pullback, possibly due to export control policies. The robotics sector showed volatility, and the nuclear fusion theme performed well [1] Debt Market - The bond market strengthened overall, with the 10-year government bond yield at 1.77%, down 2 basis points from the previous week. The central bank's reverse repos totaled 10,210 billion yuan, resulting in a net withdrawal of 16,423 billion yuan [2] - China's foreign exchange reserves slightly increased to 333.87 billion USD by the end of September, up by 16.5 billion USD from the end of August. The gold reserves also rose to 74.06 million ounces, marking an increase of 40,000 ounces [2] Consumer Spending Trends - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, an increase of 108.19 billion yuan compared to the previous year. However, per capita daily spending was 113.9 yuan, down 13.1% year-on-year [3] Federal Reserve Insights - The Federal Reserve's September FOMC meeting minutes indicated a consensus among most members for further interest rate cuts this year, although there were differing views on the pace and path of future cuts [4]

一、市场回顾 9月市场整体高位震荡，结构分化明显，和科创板涨幅明显并创出本轮行情新高，其他主要指数以震荡 为主。受产业因素催化的电力设备、电子、传媒等科技成长类行业以及受益于美联储降息的等行业表现 较好，军工、金融、消费等行业表现相对较弱。 二、市场展望： 经济指标向下，市场分化加剧 8月投资、消费、生产等经济数据普遍延续放缓趋势并弱于市场预期，显示经济压力趋于增加。投资端 固定资产投资当月增速连续两个月转负且降幅扩大，主要受地产、制造业、基建投资增速下滑的共同影 响；需求端社会消费品零售总额增速放缓，"以旧换新"政策效果边际弱化；生产端工业增加值和服务业 生产指数均维持5%以上增长，增速环比放缓，是经济增长的重要支撑。在经济下行压力增大的背景 下，市场结构明显分化，受益于市场风险偏好保持高位和产业催化不断增加，科技成长板块维持强势， 但交易拥挤度偏高；顺周期类资产偏弱，反内卷政策效果尚待观察，基本面和价格预期未显著改善。 从股债收益比、A股总市值/GDP、A股总市值/居民存款等指标看，市场相对历史水平仍有上行空间，居 民超额储蓄的多元化配置在逐步展开，美联储降息周期开启有望带动全球资金再平衡，国内市场将持续 ...

Market Overview - Hong Kong's stock market has become deeply "localized" and "new economy-oriented," characterized by "low valuation" and "high dividend" features[3] - As of July 2025, mainland enterprises account for 57% of the total number of listed companies and 81% of the total market capitalization in Hong Kong[11] Market Structure - The main board of the Hong Kong Stock Exchange dominates with 2,337 listed companies and a total market capitalization of 44.82 trillion HKD, while the growth enterprise market has 314 companies with a market cap of 0.07 trillion HKD[10] - The market is highly concentrated, with 69.43% of companies having a market cap between 0-20 billion HKD, contributing only 1.80% to total market capitalization[42] Valuation Characteristics - As of August 15, 2025, the Hang Seng Index has a price-to-earnings (P/E) ratio of 11.52 and a price-to-book (P/B) ratio of 1.20, both lower than major global indices[49] - The average valuation premium of A-shares over H-shares is approximately 55%, with most dual-listed companies showing significant price differences[52] Shareholder Returns - The dividend yield of the Hang Seng Index has remained stable between 3%-5% since 2020, outperforming major markets like the US and Japan[64] - Annual cash dividends in the Hong Kong market have steadily increased from under 700 billion HKD in 2015 to over 1.2 trillion HKD in 2024[68] Investor Structure - The investor base in Hong Kong is highly internationalized, with foreign investors contributing 41% of total trading volume, and institutional investors accounting for 57%[79] - The market has seen a significant shift, with the market share of mainland funds through the Stock Connect program rising to 12.29% by July 2025[81] Southbound Capital - Cumulative net inflows from southbound funds have reached 4.60 trillion HKD as of August 2025, significantly impacting market liquidity and asset pricing[94] - The proportion of southbound funds in the Hong Kong market has increased, with their trading volume accounting for nearly 50% of total market transactions in 2025[96]