Brokerages' November A-share strategy: low-level recovery and earnings certainty become the main allocation themes.

As the October market close and the completion of third-quarter earnings disclosures wrap up, brokerages' November investment strategies are being released one after another. After the market experienced adjustments in October, many brokerages' assessments of the November market are gradually turning more positive, believing that following the adjustment, valuation pressure and sentiment pressure in the market have been somewhat released, and conditions for an oversold rebound are improving. However, whether the market can form a sustained rebound still depends on whether incremental capital inflows and industrial catalysts can be further delivered. Judging from brokerages' November strategies and October brokerage research activity, market allocation thinking is gradually shifting from a defensive tilt toward a balance of offense and defense. On the one hand, sectors with low valuations and relatively stable performance are drawing attention; on the other hand, industries such as electronics, machinery and equipment, and pharmaceuticals and biologics have become focal points of intensive institutional research. Low-level repair, earnings delivery, and policy catalysts have become important clues for institutions positioning for the November market.