Guangfa Securities: Q4 calendar effect is evident, bullish on cyclical industries and high-growth sectors.

Guangfa Securities issued a research report stating that in the fourth quarter of the year, there is an important feature in the market sector structure: since 2005, the probability of cyclical industries rising in the fourth quarter exceeds 65%, and there is a probability of over 60% outperforming the Shanghai and Shenzhen 300. However, certain conditions need to be met, namely, the "cyclical" industry in the fourth quarter is based on the expectation of improving macroeconomic fundamentals. With few bright spots in the macroeconomic fundamentals, but active in the industrial race track years, the stock price in the fourth quarter plays a stronger role in guiding the next year, pre-empting the high-growth sectors for the next year during the performance vacuum period.