研究报告全文：StockMarketthA-ShareMarketStrategyWeeklySeptember242023TradingStructureandMarketDisputesBringOpportunitiesStrategyResearchTeamFANGYianalystTel021-38031658FANGYianalystZHANGYifeiassistantMAHaorananalystEmailfangyi020833gtjascom021-38031658021-38038662021-38031560LicenseNoS0880118080080fangyi020833gtjascomzhangyifei026726gtjascommahaoran027837gtjascomHUANGWeichianalystStrategyReportTel021-38032684S0880118080080S0880122070056S0880523020002EmailhuangweichigtjascomLicenseNoS0880520110005SummarySUHuianalystTel021-38676434Emailsuhui012865gtjascomTechnicalreboundsmaytakeplacenearmarketbottomThisweekA-shareLicenseNoS0880516080006marketclosedatlittlehigherbutwithlargervolatilityandsmallerturnoverThedailyaverageturnoverofShanghaiandShenzhenstockmarketfellclosetonewlowsinceCHENXimiaoanalystOctober2022ThepressurecamemainlyfromoverseasAlthoughFedReserveTel021-38031655suspendedinteresthikethisSeptemberasanticipatedtheworldwidehighinterestratesEmailchenximiaogtjascommaylastlongerthanexpectedbecauseoftheupwardadjustmentsofeconomicgrowthLicenseNoS0880520120004forecastsandthehikeofthepolicyinterestratesfortheyear2024ThefastriseofUSbondrateshasalsodepressedriskassetsinglobalmarketAllthemajormarketsintheTANGWenqinganalystworldwitnessedbigsetbacksthisweekSomeinvestorsblameddomesticeconomyTel021-38676434PessimisticmarketsentimentsandriskaversionactivitiesbeforetheMid-autumnEmailtangwenqing027314gtjascomFestivalandtheNationalDayholidaysnextweekresultedinslackstockmarketturnoverLicenseNoS0880522100002WeanticipateA-sharemarkettostayincorrectionsintheshortrunwithopportunitiesoftechnicalreboundsthoughFirstsincestockpriceshavesteppedintobottomareaMAHaorananalystagainChineseinvestorshavebecomeincreasinglyanxiousfornewpolicysupportsonTel021-38031560Emailmahaoran027837gtjascommacroeconomyandstockmarketSecondtheinfluencesoftheinteresthikeexpectationsonUSbondrateswentdownmarginallyaftertheFOMCmeetingthisLicenseNoS0880523020002SeptemberAndtherecentameliorationofUS-ChinaeconomicandfinancialrelationsisalsofriendlytothetechnicalreboundsofA-sharemarketatpresentZHANGYifeiassistantTel021-38038662GrowthstocksandfinancialsectorsofgoodtradingstructureandbigmarketEmailzhangyifei026726gtjascomdisputeshavemorechancesthanothersUnderthecircumstancesofmarketLicenseNoS0880122070056bottomeconomicstabilizationandpolicysupportthestocksofgoodtradingstructurelong-durationoversellingandmarginalstimulusfactorswillenjoybettertradingGUOYinhanassistantopportunitiesOnonehandtherealestatepoliciessofarhavelimitedroomforfurtherTel021-38031691marketimaginationandtherealeffectsofthepoliciessuchastheeasingofhomeEmailguoyinhan026925gtjascompurchaserestrictionsinGuangzhouCityareyettobeobservedIncomparisontheLicenseNoS0880122080038marketdisputesonwhattheauthoritieswilldotoinvigoratecapitalmarkethavemadefinancialsectorsagoodplacetospeculateonSecondafterthepreviousbigTIANKaixuanassistantdevaluationAI-relatedsectorsarenowmuchhealthierintradingstructureandstockTel021-38038673valuationFastercommercializationofMicrosoftAIapplicationsandtheexcellentEmailtiankaixuan026724gtjascom2023Q3businessresultsoftheAIindustrialchainmaytriggerthereboundsofTMTLicenseNoS0880122070045sectorslaterFinancialscience-techandAIcomputingpowersectorshavebettertradingopportunitiesthanothersTheimportanceoftradingtacticsnowoverweighsthatofmarketexpectationsWeprefertheindustriesandcompaniesofmoderaterisksbigmarketdisputesandsoundtradingstructureIndetailwesuggestthreecluesasfollows1healthiertradingstructurelowstockvaluationandrisingbusinessclimateAIcomputingpowerandscience-techsectorsmachinerywarindustryelectronicsetc3risingexpectationsforfurtherpolicysupportsonmacroeconomyandstockmarketfinancialsectorsandconsumersectors4high-dividendSOEsoffranchiseormonopolyadvantagestelecomoperatorsoilpetrochemicalexpresswayetcAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinhigh-endequipmentmanufacturingHuaweiindustrialchainenergysecurityandruralarearevitalizationOfsub-sectorsandfeaturedcompanieswerecommend1high-endequipmentmanufacturingsemiconductorSkyverse688361industrialmachinetoolsNeway688697industrialcontrolHeChuanTech688320powergridWillfarInfoTech6881002HuaweiindustrialchainautomobileHuguang605333andRayhoo002997computingpowerTalkweb002261andDigitalChina0000343energysecurityoilandgasminingDevelopAdvancedManufacturing688377JerehOilfieldServices002353andOffshoreOilEngineering6005834ruralarearevitalizationurbanenvironmentalservicesandpublicinfrastructureSanfengEnvironment601827andXinxingDuctilePipes000778国泰君安版权所有发送给大家资产管理有限责任公司大家集团投资研究公共邮箱investmentresearchdjbxcomp1Majorrisksweaker-than-expectedrecoveryofdomesticdemandglobalgeopoliticaluncertainties本报告内容译自同日发布的简体中文报告A股策周报报告观点及内容如有任何一致的地方一以该简体中文版报告为准PleasereadthelastpageforexplanationofratingsanddisclaimerGTJAsRatingsonStockOverweightOWStockisexpectedtooutperformCSI300byover15inthenext12monthsConservativelyOverweightCOStockisexpectedtooutperformCSI300by5-15inthenext12monthsNeutralNTStockisexpectedtoperformwithin-55ofCSI300inthenext12monthsUnderweightUWStockisexpectedtounderperformCSI300byover5inthenext12monthsGTJAsRatingsonIndustryOverweightOWIndustrialindexisexpectedtooutperformCSI300inthenext12monthsNeutralNTIndustrialindexisexpectedtogoalmostwithCSI300inthenext12monthsUnderweightUWIndustrialindexisexpected1661617tounderperformCSI300inthenext12monthsGuotaiJunanSecuritiesShanghaiOffice20FOneMuseumPlace669XinzhaRdShanghai200041Tel862138676666ShenzhenOffice27FBuildingBRongchaoTower6003YitianRdShenzhen518026Tel8675523976888BeijingOffice18FSouthTowerFinancialStreetCenter9AFinancialStreetBeijing100132Tel861083939888WebsitewwwgtjacomHE-MAILgtjaresearchgtjascomHDisclaimerThisreportissubmittedtoforthereferenceofselectedclientsandotherprofessionalinvestorsanddoesnotconstituteaninvitationoroffertosubscribeforbuyorsellsecuritiesbyGuotaiJunanSecuritiesThoughbesteffortshavebeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisresearchreportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinUndernocircumstanceshallGuotaiJunanbeliabletoanyconsequenceofinvestorsinvestmentdecisionbasedonthisreportGuotaiJunananditsaffiliatedorassociatedinstitutionsmayatanytimeholdatradingpositionoforprovideinvestmentbankingfinancialconsultationorotherservicestoanysubjectcompanydiscussedinthisreportAnyunauthorizeddistributionandorcirculationofthisreportorthecopythereofbeyondtheintendedscopewouldresultinpossibleviolationofpertinentsecuritieslaws国泰君安版权所有发送给大家资产管理有限责任公司大家集团投资研究公共邮箱investmentresearchdjbxcomp2