CICC: What are the key points to focus on during the Mid-Autumn Festival holiday period, both domestically and internationally?

According to the information from the Wise Finance APP, CICC released a research report stating that during the A-share market closure period of the Mid-Autumn Festival holiday, the Hong Kong stock market performed well, with the Hang Seng China Enterprises Index rising nearly 2% over two trading days, and the U.S. stock market also showing good performance. Overall, during the Mid-Autumn Festival holiday, both the Hong Kong stock market and major overseas markets performed well. The external environment had a slightly positive impact on the A-share market. In the future, the focus will be on the implementation and pace of domestic stable growth policies, progress in fiscal expenditures, and the marginal impact of the Fed's interest rate cuts on China's monetary policy, exchange rate, and capital markets.Key points from CICC:Which areas are worth paying attention to during the Mid-Autumn Festival holiday? Before the Mid-Autumn Festival holiday, the A-share market continued its weak consolidation trend, with no significant improvement in economic fundamentals in the short term, coupled with pre-holiday effects, leading to subdued investor sentiment.1) From the perspective of fundamental data, the previously released data for August on prices, imports and exports, finance, and the economy further indicated a temporary weakness in domestic demand. The performance of real estate investment and sales still needs to be repaired. During the Mid-Autumn Festival holiday, some high-frequency consumption data in China showed a trend of increasing quantity and decreasing prices. The current economic environment in China still requires additional support for stable growth policies. Before the holiday, President Xi Jinping emphasized at a symposium the need to "strive to complete the annual economic and social development goals."2) On the international front, before the holiday, the second U.S. presidential debate took place, and some overseas tracking indicators showed that Harris performed better than expected in the debate, leading to an increase in support rates. CME data indicated that the market expected a probability of over 50% for a 50 basis point rate cut by the Fed in September. After the Mid-Autumn Festival holiday, the Fed will hold its interest rate meeting, which is highly anticipated by the market. Fluctuations in international oil prices, record highs in gold prices, and issues such as U.S.-China trade policies are also of concern to investors.3) During the A-share market closure period of the Mid-Autumn Festival holiday, the Hong Kong stock market performed well, with the Hang Seng China Enterprises Index rising nearly 2% over two trading days, and the U.S. stock market also showed good performance. Overall, during the Mid-Autumn Festival holiday, both the Hong Kong stock market and major overseas markets performed well. The external environment had a slightly positive impact on the A-share market. In the future, the focus will be on the implementation and pace of domestic stable growth policies, progress in fiscal expenditures, and the marginal impact of the Fed's interest rate cuts on China's monetary policy, exchange rate, and capital markets.Currently, the A-share market exhibits many characteristics of a bottoming out phase: the turnover rate of A-shares calculated based on free float market value is at historically low levels of around 1.5%; in terms of valuation, the dividend yield of the CSI 300 compared to the 10-year national bond rate exceeds 1.1 percentage points, and the forward valuation of the CSI 300 index is near historical bottom levels of one standard deviation, indicating good valuation attractiveness in the market. The phenomenon of strong stocks experiencing corrections is often seen at historical cyclical bottoms.In terms of allocation, the dividend sector has regained attractiveness after adjustments, and more attention is needed on the fundamental aspects and sustainability of dividends. Since mid-July, consumer electronics and semiconductors have experienced corrections of over 10%, with reasonable valuations. Coupled with potential catalysts in the recent consumer electronics sector, there may be a phase of market activity in this sector. Attention should also be paid to the technology innovation sector, especially sectors with independent industrial logic. The export chain and globally priced commodities have been affected by recent overseas fluctuations and may experience differentiation after a short-term pullback