According to a research report by Huatai Securities, during the National Day holiday, global equity markets generally witnessed an upswing, with Japanese and South Korean stock indices leading the rally. The U.S. stock market scaled new all-time highs, while Hong Kong stocks and A50 futures initially surged but then experienced a pullback, ultimately closing higher overall. The report highlights three key developments:

Firstly, domestic economic indicators are showing signs of improvement. The September PMI rebounded, and holiday travel data soared to a new historical peak. Both outbound and inbound tourism performed exceptionally well, and high-frequency data for the catering sector, cinema attendance, and real estate also saw a rebound.

Secondly, overseas risk aversion sentiment has risen, pushing gold prices to new highs. However, expectations for Federal Reserve rate cuts and Japanese fiscal expansion have grown, fueling optimism for global liquidity easing.

Thirdly, in the industrial landscape, OpenAI unveiled Sora 2 and announced collaborations with multiple firms, accelerating the pace of AI investment and application deployment.

Looking ahead, the calendar effect and incremental information gleaned from the holiday period are expected to have a generally positive impact on market risk appetite. Therefore, it is advisable to continue focusing on relatively undervalued stocks within the core investment themes.