CITIC Securities has noted that as the Mid-Autumn Festival and National Day holidays draw near, investor sentiment remains cautious despite a modest uptick in market trading volume this Friday. Investors are hesitant to aggressively increase their positions ahead of the holidays and may postpone strategic moves until the release of third-quarter earnings reports. Within this constrained timeframe, short-term trading strategies should focus on sentiment-driven cycles, relying on scenario-based catalysts and a consensus-driven allocation of limited capital. This trend is particularly pronounced in emerging AI technologies and related themes. Considering the intense competition for institutional heavyweight stocks, active funds may pivot toward selecting stocks that are less favored by institutions. The market has already factored in September’s risk events, including the Federal Reserve’s interest rate hikes, the slowdown in AI development momentum, elevated oil prices, and potential Sino-European trade tensions. Market sentiment is expected to improve in October, potentially sparking a strategic offensive and even prematurely reflecting optimism for the coming year. This could represent the year’s final opportunity for significant market advances.