Zhongyuan Securities: Telecommunications and semiconductor sectors lead gains, A-shares fluctuate upwards.

Zhongyuan Securities pointed out that after the rapid fluctuations in the previous period, the A-share market gradually stabilized and rebounded last week. The possibility of achieving a growth target of around 5% for the whole year is high, with the macroeconomic situation in a state of mild recovery but still needing to be consolidated. The medium and long-term support for this round of A-share rally has not changed, and the market is looking forward to the upcoming important meeting, which will set the tone for next year's economic policies and may serve as a catalyst for boosting a new round of market trends. It is expected that the Shanghai Composite Index is likely to consolidate around 4000 points, and the market style rebalancing will continue, with cycles and technology expected to take turns performing well. It is advised for investors to maintain reasonable positions and closely monitor macroeconomic data, changes in overseas liquidity, and policy trends. In the short term, it is recommended to focus on investment opportunities in industries such as communication equipment, semiconductors, consumer electronics, and non-ferrous metals.