Brokerages' November Strategy: Low-Level Recovery and Earnings Visibility Become Key Allocation Themes

As October's market rally wraps up and third-quarter earnings reports are finalized, brokerages have begun releasing their November investment strategies. After the October adjustment, more brokerages are growing more optimistic about the November market, believing that market valuation and sentiment pressures have been released after the correction, and conditions for a rebound from oversold levels are improving. However, whether the market can sustain a rebound will still depend on incremental capital inflows and whether industry catalysts can further materialize. Based on brokerages' November strategies and their October research activity, market allocation thinking is gradually shifting from defensive toward a balance of offense and defense. On one hand, sectors with low valuations and relatively stable earnings are drawing attention; on the other, electronics, machinery equipment, and biomedicine have become key focuses of intensive institutional research. Low-level recovery, earnings realization, and policy catalysts have become important clues for institutions positioning for the November market. (China Securities Journal)