CITIC Construction Investment released a research report stating that in September, the overall adjustment of A-shares was compounded by tightening overseas liquidity, and valuations were digested by sectors with higher increases in the previous period. There was a large retracement in the direction of growth and resources, and lower-level sectors such as real estate, pharmaceuticals, and banking were relatively dominant. Looking ahead to October, the pressure on overseas liquidity has eased, the market has entered a period of intensive disclosure of three quarterly reports, and the importance of fundamental verification will further increase. Judging from industrial enterprise data and analysts' unanimous expectations, profits in the technology sector have maintained a high growth rate, and profit expectations for some industries such as resource products, pharmaceuticals, and non-bank finance have also improved. In terms of the high-frequency boom, AI hardware continues to be high, energy prices remain strong, and the medium-term supply and demand logic for industrial metals is still supported. After the September adjustment, valuation pressure was released in some booming industries. In terms of configuration, it is recommended to focus on AI hardware with high performance certainty, industrial metals, coal, oil and gas, and basic chemicals supported by supply constraints and profit improvements, and innovative drugs with positive industrial trends, and securities insurance with undervalued and improved profits.

CITIC Construction Investment released a research report stating that in September, the overall adjustment of A-shares was compounded by tightening overseas liquidity, and valuations were digested by sectors with higher increases in the previous period. There was a large retracement in the direction of growth and resources, and lower-level sectors such as real estate, pharmaceuticals, and banking were relatively dominant. Looking ahead to October, the pressure on overseas liquidity has eased, the market has entered a period of intensive disclosure of three quarterly reports, and the importance of fundamental verification will further increase. Judging from industrial enterprise data and analysts' unanimous expectations, profits in the technology sector have maintained a high growth rate, and profit expectations for some industries such as resource products, pharmaceuticals, and non-bank finance have also improved. In terms of the high-frequency boom, AI hardware continues to be high, energy prices remain strong, and the medium-term supply and demand logic for industrial metals is still supported. After the September adjustment, valuation pressure was released in some booming industries. In terms of configuration, it is recommended to focus on AI hardware with high performance certainty, industrial metals, coal, oil and gas, and basic chemicals supported by supply constraints and profit improvements, as well as innovative drugs with positive industrial trends, and securities insurance with undervalued and improved profits.