As the September 2025 market concluded, multiple brokers have successively unveiled their October investment portfolios.
According to Wind data, as of publication, a total of 111 stocks have been included in the October monthly "golden stock" portfolios of 13 brokers. SMIC, WuXi AppTec, Huayou Cobalt, Hikvision, Haier Smart Home and others have attracted broker attention, while New China Life Insurance, UNIC Memory, Tuopu Group, Hygon Information, Fuyao Glass, SUNGROW and others have received broker recommendations.
Looking ahead to the upcoming October A-share market, institutions generally believe that under long-term policy support, intensive industry catalysts, and a loose liquidity environment, the October market will continue the structural trend of "growth-oriented with cyclicals as supplement," with technology growth and high-end manufacturing sectors worth attention.
**SMIC, WuXi AppTec Among Favorites**
As of October 1st publication, 13 brokers have released their latest monthly "golden stock" portfolios, with 111 individual stocks receiving broker recognition for their October investment value. Based on recommendation frequency, SMIC, WuXi AppTec, Huayou Cobalt, Hikvision, Haier Smart Home and other stocks have been recommended by 2 brokers each, including Haitong International, Guosen Securities, Everbright Securities, and Zhongtai Securities.
From the industries of the top-ranked stocks by broker recommendation frequency, information technology sector stocks such as GigaDevice, AUTEL, ZTE, SMIC, and Hikvision are most favored by broker institutions. In this regard, Everbright Securities believes that in a liquidity-driven market, TMT (Technology, Media, and Telecommunications - an industry cluster centered on information technology, encompassing internet, multimedia, communications and other fields) is more likely to become the main theme in the medium term, and this round may follow the same pattern. The TMT sector currently has multiple catalysts, such as continued progress in industry trends and the beginning of the Federal Reserve's rate-cutting cycle, which also provides upward momentum. From recent sector rotation patterns, TMT has already gained advantage, and future market trends may continue.
Regarding individual stocks, when recommending SMIC, Huaan Securities stated that as the only domestic wafer foundry leader with advanced process technology capabilities, SMIC deeply benefits from the explosive demand for AI chips and the domestic substitution trend. Additionally, the company's irreplaceable position in domestic AI computing chip foundry makes it a core supplier to key clients such as Huawei Ascend and Cambricon, with order visibility extending to 2026. The company is accelerating breakthroughs in 12-inch advanced processes (14nm and below), with advanced process revenue expected to grow 68% year-over-year in 2025, and plans to expand production capacity to become the world's third-largest wafer foundry.
Regarding WuXi AppTec, Huaan Securities believes that several global CXO giants have recently raised their performance guidance, including Medpace, Labcorp, ICONplc, and Lonza, mainly driven by factors such as biotech investment and financing recovery promoted by Federal Reserve rate cuts, weaker-than-expected tariff impacts, and explosive demand for innovative drug CDMO. When US CXO companies raise performance guidance, it usually indicates a recovery in global pharmaceutical R&D demand, which is expected to drive order growth for domestic CXO companies and transmit to the performance level, especially for leading companies including those that rely on overseas markets.
**October Market Outlook Promising**
Historical data shows that markets often experience light trading and narrowed volatility before holidays, with some funds temporarily exiting due to risk aversion considerations. However, markets typically see capital inflows after holidays end. According to Guangfa Securities statistics, A-shares have risen in the first week after National Day holidays in over 70% of cases over the past decade, providing strong support for holding stocks through holidays.
Guangfa Securities believes that multiple important events will concentrate after this year's holidays, including Federal Reserve interest rate meetings, the opening of third-quarter earnings disclosure window, and strengthened policy expectations from the Fourth Plenary Session of the 20th Central Committee, which are expected to inject new vitality into the market. Current A-shares are in a favorable environment with strengthened policy expectations, step-by-step confirmation of earnings bottom, and reasonably abundant liquidity. With post-holiday event catalysts, the market is expected to rebuild consensus and launch a new round of volatile uptrend.
Galaxy Securities' view states that in October, A-share opportunities may be more concentrated in technology growth areas, while Hong Kong stocks benefit from unique market structure and external liquidity expectations. First, October is a key policy deployment window, with the Fourth Plenary Session of the 20th Central Committee focusing on the "15th Five-Year Plan." As the meeting approaches, capital market expectations are steadily rising. Second, XPeng's fifth-generation humanoid robot will debut at "XPeng Tech Day" on October 24th, and at the mid-October European Society for Medical Oncology (ESMO) annual meeting, multiple Chinese pharmaceutical companies will announce new drug progress, potentially benefiting robotics and innovative drug sectors. Finally, markets are strongly betting on another Federal Reserve rate cut in October, though enthusiasm for another December cut has slightly diminished. If realized, Hong Kong markets will benefit synchronously due to the linked exchange rate system, promoting capital inflows and local market recovery.
Zhongyuan Securities stated that looking ahead to October, Federal Reserve rate cuts have raised market expectations for central bank rate cuts, thereby boosting risk appetite. Meanwhile, policies supporting economic recovery have been successively introduced, providing strong support for stock market confidence. However, the increased crowding in technology sectors has also amplified market volatility. Against this backdrop, investors are advised to continue balancing growth and value style allocations, with focus on TMT, pharmaceuticals, securities and other industries.