China Galaxy Securities: The A-share market is likely to continue the trend of fluctuation and upward movement in the next stage, but attention should be paid to short-term volatility risks.

According to the research report from Galaxy Securities, A-shares are likely to continue the trend of volatile upward movement in the next stage, but short-term volatility risks should be monitored. Technology self-reliance, domestic consumption, and dividend stocks have medium to long-term allocation value. In terms of trend rhythm: September earnings are the anchor, and October policies are the sail. Looking ahead to the next stage, it is expected that the market will operate in a relatively high center in the short term, and after experiencing the previous uptrend, the market may temporarily show characteristics of consolidation and volatility. However, current market turnover remains active, with ongoing fund support and policy expectations heating up, providing support for the market. Future focus areas: short-term focus on opportunities for making up losses. In the medium to long term, focus on three main themes: first, the concept of "anti-inner circle" driven by the improvement of supply and demand patterns and industry profit recovery, and dividend assets with a safe margin of safety in valuation, the allocation logic is still clear. Second, the direction of domestic consumption: the consumer sectors under policy protection have investment value, and it is recommended to focus on undervalued targets in the service consumption sector. Third, the direction of technological self-reliance: sectors such as AI, robotics, semiconductors, and defense benefit from the rapid development of domestic high-tech industries.