Galaxy Securities: Short-term fluctuations increase before the holiday, but the positive market trend remains unchanged.

Jin10 data reported on September 29 that a research report from Galaxy Securities stated that some funds are becoming cautious before the holiday, leading to a slight decline in market trading activity, with broad-based indices showing a fluctuating pattern. However, the short-term fluctuation does not change the positive trend of the market. At the same time, the structural market remains prominent, with the technology zone benefiting from ongoing domestic and international industrial trends. Despite adjustments in the market on Friday due to emotional factors, after short-term pressure is released, there is still potential for upward recovery. Looking ahead, as the 20th Central Committee's Fourth Plenary Session scheduled for October focuses on the 14th Five-Year Plan, the A-share market is expected to welcome a critical window period, and market risk appetite may further warm up. Additionally, liquidity is expected to continue its positive trend, with the margin trading balance in an upward channel, and the relocation of residents' deposits still in its initial stages. The Fed's rate cuts provide support for global liquidity. Attention is still needed on the impact of Sino-US negotiations on short-term structural markets.