Eight public fund managers assess the fourth quarter: the market may trend upward slowly amid volatility, with tech shifting toward earnings realization.

The reporter interviewed the views of eight public fund institutions. Most of them believe that China's economy will continue its structural recovery within the year, and A-share valuation cost-effectiveness is drawing attention. However, against the backdrop of limited incremental capital, the market may show stock-game dynamics and structural rotation. AI remains a long-term main line, and the investment logic may shift from sector Beta to performance-delivery Alpha. At the same time, some public fund institutions added that energy and chemicals, strategic resource products, dividend low-volatility, consumption, pharmaceuticals, and the real estate chain will become important supplements for balanced allocation. Overseas CPI, FOMC meetings, and geopolitical disruptions remain key variables affecting the pace of investment.