As the National Day holiday draws to a close, brokerages are releasing their October gold stock selections in quick succession. Wind data shows that as of October 7, 21 brokerages have unveiled their October gold stock lists, covering a total of 140 individual stocks after excluding duplicates. In terms of sector distribution, information technology, materials, industrials, and financials have become the four main allocation themes for the month. Looking back at September, brokerage gold stock portfolios came under overall pressure. Among the 352 gold stocks with comparable data, only 88 posted gains, accounting for roughly one quarter. By sector, healthcare gold stocks rose an average of 2.88% against the market trend, with CXO names dominating the monthly gainers list.

October picks concentrate on four sectors

Entering October, brokerage allocation themes revolve around four major directions: information technology, materials, industrials, and financials. In terms of sector coverage, information technology received the most recommendations, with 54 mentions in total, as sub-segments such as AI computing power chips, optical modules, and consumer electronics exports all drew focused recommendations. Within the financials sector, bank stocks including Bank of Ningbo, China Construction Bank, and Bank of Nanjing were jointly recommended by multiple brokerages, with their dividend attributes favored. At the individual stock level, WuXi AppTec became the most closely watched target among brokerages, receiving joint recommendations from nine firms including Zhongyuan Securities, Zhongtai Securities, Everbright Securities, Industrial Securities, Huayuan Securities, Ping An Securities, Kaisheng Securities, Zheshang Securities, and Shenwan Hongyuan Securities. As a leading CXO player, the company's shares rose 8.47% in September, ranking among the top performers in the gold stock pool. Zhongji Innolight was recommended by four brokerages including China Galaxy, Huatai Securities, Pacific Securities, and Western Securities, making it the most recommended target in the information technology sector. In addition, China Jushi and Hisense Visual Technology each received recommendations from three brokerages, while Rockchip, Hygon Information, Zijin Mining, Tianfu Communication, Bank of Ningbo, and China Construction Bank were each jointly recommended by two or more brokerages. Data source: public brokerage research reports, Wind.

September gold stock gainers list revealed, pharma names shine

In September, the market experienced volatile adjustments, and brokerage gold stocks showed significant divergence. On the gainers list, Hengfeng Paper, recommended by Tianfeng Securities, topped the chart with a monthly gain of 29.64%. Biocytogen-B, recommended by Huafu Securities, rose 24.11%, while Akeso, jointly recommended by Pacific Securities and Huafu Securities, gained 20.91%, ranking second and third respectively. Pharmaceuticals emerged as the most outstanding sector among September gold stocks. Beyond the top gainers, WuXi XDC, recommended by Soochow Securities, rose 17.23%; Asymchem, recommended by Shenwan Hongyuan Securities, climbed 16.72%; and WuXi Biologics, recommended by Zheshang Securities and Industrial Securities, advanced 14.76%, as the CXO and innovative drug chain strengthened collectively. In addition, Poly Developments, recommended by Guotou Securities, gained 16.10%, making it one of the few real estate sector names to rank among the top gainers. Lenovo Group, recommended by four brokerages including Kaisheng Securities, Northeast Securities, Soochow Securities, and Guosheng Securities, rose 14.98%, posting a standout performance.

October earnings verification becomes the core variable

Looking ahead to October, the market enters a window for third-quarter earnings verification. Shanxi Securities believes that earnings delivery capability will replace valuation expansion as the core pricing factor. Overall, major A-share indices have retreated to the lower-middle range of their consolidation zone, with downside supported by earnings and liquidity, while upside requires earnings verification and policy catalysts to work in tandem. Guolian Minsheng Securities stated that, combined with the continued implementation of domestic pro-growth policies and further博弈 over overseas interest rate expectations, the market's main theme is expected to shift from valuation games to genuine earnings delivery. Furthermore, the technology sector's earlier valuation digestion has been relatively thorough, but internal divergence within the sector will further widen, and the earnings delivery level of AI computing power and applied technologies is expected to become the core variable determining the sector's upside space. Everbright Securities believes that, based on historical patterns, October market performance is likely to warm up due to post-holiday capital inflows. The market may show more positive performance after the holiday, though overall it could remain relatively moderate. Regarding allocation themes, Donghai Securities suggests focusing on the following main lines in October: first, in the long term, investment in AI computing power and new AI application revolutions remain the investment主线, with the localization process of semiconductor equipment being certain, and falling model costs driving increased usage, so attention should be paid to the certainty of demand growth and price sustainability; second, oil prices may remain at relatively high levels, so focus on targets with overseas refining resources and those benefiting from refined oil exports; third, industries highly correlated with commodity prices, such as agriculture and non-ferrous metals, where resource attributes should be prioritized alongside price elasticity; fourth, after the implementation of the "9.29" incremental policies, effects may gradually emerge, so pay attention to the elasticity of investment-side recovery, as well as related beneficiary industries such as infrastructure and high-end manufacturing.