As of September 13, over a dozen brokerages have already convened their autumn strategy conferences, offering their latest assessments on market trajectory, investment priorities, and opportunities within specific sectors for the coming period. These events have become a vital channel for brokerages to strengthen communication with listed companies, institutional clients, and retail investors alike.
A consensus is emerging among multiple brokerage analysts that the market is currently in a phase of stabilization, repair, and rebalancing. They anticipate the A-share "Golden Autumn Rally" has room to extend, with technology remaining a core allocation theme while high-dividend opportunities also capture investor attention.
Seeking Opportunities Amidst Divergence
The overarching themes of these autumn strategy conferences offer a window into institutional thinking on the market's near-term prospects. For instance, Guotai Haitong Securities chose "Navigating Change, Planning for Autumn," while Huatai Securities selected "Divergence, Reassessment, Rebalancing." GF Securities titled its conference "Traversing Long Waves," Caitong Securities opted for "Gathering Wisdom for Innovation," and Western Securities focused on "New Momentum." These themes collectively underscore the industry's focus on seeking progress amid transformation, acknowledging market divergence and volatility while actively hunting for structural opportunities.
On the macroeconomic front, Bian Quanshui, Chief Macro Analyst at Western Securities, noted that China's economic structure is undergoing profound changes, with AI and new quality productive forces set to become key growth engines. "In the coming years, economic growth momentum is expected to shift from external demand dependence to domestic demand leadership," he said, adding that policies to boost domestic demand and counter "involution" are likely to work in tandem to foster economic rebalancing.
Regarding A-share performance, Fang Yi, Chief Strategy Analyst at Guotai Haitong Securities, believes the "Golden Autumn Rally" could extend further. "Recently, the market has generally shown signs of stabilizing, repairing, and recovering. Looking ahead, the core driver of this rally stems from narrowing uncertainty expectations, which boosts market risk appetite," Fang stated. He expects the rally to broaden, with investment opportunities becoming more diversified rather than concentrated in a single sector. He favors emerging technology, advanced manufacturing, and the broader financial sector.
Volatility often accompanies opportunity, a view echoed by Liang Hong, Chair of the Institutional Business Committee at Huatai Securities. He observed that the market is currently in a phase where macro volatility coincides with technological leaps, making divergence both a defining characteristic and a source of opportunity. The scarcity value of Chinese assets is becoming increasingly prominent. Looking ahead three to six months, Liang predicts the market will gradually move away from single-theme speculation into a portfolio rebalancing stage, where investment logic reverts to fundamentals, separating winners from losers through scrutiny of crowded trades and earnings validation.
Tech Remains the Unchanged Core Theme
Brokerages have also unveiled distinctive perspectives on investment priorities and allocation strategies for the fourth quarter. Overall, the technology sector remains a favored main line for many, while high-dividend, cyclical, and consumer stocks also attract considerable attention.
Wei Jixing, Chief Strategy Analyst at Kaiyuan Securities, suggests that in the short term, the market's micro-structure has improved notably compared to July and August. Investors can seize rebalancing opportunities stemming from the broadening wealth effect, focusing on industries with better-than-expected net profit growth such as electronics, national defense, and non-bank financials. Meanwhile, high-dividend sectors like banks and utilities offer attractive risk-reward profiles in a volatile market. "In the medium term, technology remains the core allocation theme, with the next phase of gains likely to come from re-selecting opportunities within the tech sector itself," Wei added.
Deng Lijun, Chief Strategy Analyst at Huajin Securities, recommends buying into tech growth, select cyclical, and some consumer sectors at lower levels in the short term. Specific directions include electronics (semiconductors, AI hardware), telecommunications, computers, media (AI applications, gaming), lithium batteries, defense, non-ferrous metals, and innovative drugs, alongside brokerage and consumer stocks.
Notably, strategy conferences are placing increasing emphasis on identifying opportunities within niche sectors. For example, Huafu Securities hosted seven specialized sub-forums at its autumn conference, delving into hot investment areas like humanoid robots, beauty products, and tea beverages. GF Securities organized ten sub-forums covering industry hotspots such as AI, innovative drugs, consumption, autos, and going global, as well as key topics like macro assets, fixed income, and quantitative trading. Sinolink Securities also arranged multiple industry-specific forums spanning artificial intelligence, energy, and pharmaceuticals.
Yu Fenghui, a senior researcher at Pangoal Institution, noted that specialized sub-forums are becoming a standard and growing feature of these conferences, reflecting a shift in brokerage research services. "In the past, strategy conferences focused on macro direction and major trends. Now, with pronounced structural market divergence, investors need to know which specific segments benefit, the timing, and whether earnings can materialize," Yu explained. Additionally, institutional clients have varying interests even within the same sector. By hosting more specialized forums and deepening their research, brokerages can better connect with listed companies and institutional investors, enhancing communication efficiency and client loyalty.