China Merchants Securities: With the Q3 Earnings Window, Allocation Standards Should Shift from Long-Term Potential to Current Performance Realization

36Kr reports that China Merchants Securities released a research note stating that following the market rebound, the core of allocation lies in earnings premium under high interest rates. In the short term, investors should focus on tech leaders with strong earnings and clean chip structures combined with dividend stocks, waiting for a broadening of the tech sector after US Treasury yields turn. This week's market was a mild rebound supported by micro-liquidity, characterized by increased net inflows into broad-based ETFs and a pulse-like net buying spike in the afternoon of October 9, pointing to stabilizing operations. Industrially, AI performance has not suffered systemic deterioration, with capital further concentrating on leaders with the strongest earnings and cash flows; combining with the Q3 earnings window, allocation standards should shift from long-term potential to current performance realization. In the short term, priority should be given to sectors expected to see high growth or improvement in Q3 earnings, such as the AI industry chain, resources, mid-to-high-end manufacturing, pharmaceuticals, securities, and textile manufacturing.