According to a research report released by BOCOM International, global equity markets mostly declined in September, with central banks in the U.S., Europe, and Japan all raising rates, while Hong Kong stocks continued their correction, suggesting a possible short-term bias toward defensive positioning. The firm recommends a barbell-shaped allocation strategy, balancing growth and defense at both ends. It notes that amid sticky inflation, shifts in monetary policy, and the ongoing AI technology narrative, room for liquidity and valuation expansion may be constrained, though a barbell portfolio can retain flexibility across different scenarios. The October top picks include NVIDIA Corp (NVDA.US), based on confidence in the sustainability of long-term AI demand; Minth Group Ltd (00425), as its traditional business remains resilient and new ventures enter a ramp-up phase; Tencent Holdings Ltd (00700), as the market once again focuses on the commercialization progress of agents; HUTCHMED (China) Ltd (00013), which is returning to a growth trajectory with key breakthroughs expected for savolitinib and ATTC; GCL Technology Holdings Ltd (03800), as significant industry production cuts are expected to drive polysilicon prices higher; and China Taiping Insurance Holdings Co Ltd (00966), favored for its high dividend yield and potential for valuation recovery.