A-share market opening express | The three major indexes collectively opened higher, with the non-ferrous metal sector leading the gain.

A-shares three major stock indexes collectively opened higher, with the Shanghai Composite Index up 0.55% and the Growth Enterprise Market Index up 1.37%. In terms of the market, the sectors with the highest gains include non-ferrous metals, CPO, rare earth permanent magnets, controllable nuclear fusion, and storage chips. Institutional Views on the Future Market Guotai Haitong: Geopolitical impacts and adjustments are inevitable, but they will not last long, and the style will not switch, with emerging technology as the main theme. Guotai Haitong believes that the asset price drop caused by external impacts is a good opportunity to increase holdings in the Chinese market. Unlike the impact in April, the current boundaries of trade risk are relatively clear, and domestic financial stability conditions are more clear, so external impacts are disturbances and will not end the trend. Investments should focus on the intrinsic certainty of the trend of the "transformation bull" in China: the acceleration of Chinese transformation, the sinking of risk-free returns, and capital market reforms. Currently, there is a continuous surge in demand in Chinese society and among investors for "finding assets," especially for high-quality assets with solid development logic. Therefore, the asset price drop caused by conflicts and disturbances in the external situation is actually a buying point. Geopolitical impacts and adjustments are inevitable, but they will not last long, and the magnitude is controllable, making it a good time to increase holdings in China. Geopolitical and economic situations are complex, and sectors that are easy to falsify in terms of data and policies are not a good choice. Therefore, we believe that the style will not switch, focusing on industrial development, "anti-inner circle" efforts, and stable value, with emerging technology as the main theme and cyclic finance as the dark horse. EB Securities: Multiple factors intertwine, and the market may enter a period of wide fluctuations in the short term, focusing on high-dividend and consumer sectors. EB Securities believes that in the short term, the market may enter a period of wide fluctuations. On the one hand, after the previous rise, the market valuation is relatively high in recent years, and some funds are relatively cautious. Combined with the continued uncertainty in Sino-US relations, market risk appetite may decline. On the other hand, the Fourth Plenary Session of the 20th CPC Central Committee is approaching, and policy expectations in the market are expected to heat up, combined with the possibility of Fed rate cuts within the year, which may provide support to the market. Therefore, under the intertwining of multiple factors, the market may enter a period of wide fluctuations in the short term. In the medium term, the profitability of listed companies is expected to improve, adding new momentum to the market. The current profitability of listed companies still needs to stabilize, and the economic recovery process is relatively slow. However, some areas have shown improvements in data, such as the cumulative year-on-year growth rate of industrial enterprise profits from January to August and the narrowing of the year-on-year decline in the PPI in August. In addition, future domestic exports may continue to show resilience, and the sustainability of domestic demand improvement may exceed expectations. Overall, with policy support, A-shares' profitability in the fourth quarter is expected to see a slight improvement, adding new momentum to the market. Orient: There is still a possibility of market fluctuations, which may delay the recovery and upward trend, but it will not change the trend of market growth. Orient believes that compared to expectations, the impact of the current trade war is slightly weaker, but there is still a possibility of market fluctuations in the future, which may delay the recovery and upward trend, but will not change the trend of market growth. Looking at the fourth quarter, the accelerated restructuring of the RMB order will continue to be re-evaluated, the upcoming release of the "Fifteenth Five-Year Plan," important technology industries facing breakthroughs, all make this round of market trends have the conditions for a "slow bull." Considering that the Shanghai Composite Index has fallen back into a sideways range, if there is a strong upward push in the future, it would be a time to reduce holdings, on the contrary, in the short term, adjustments due to irrational emotions provide a good opportunity to participate, with technology and non-ferrous metals remaining key participation targets.