The growth of technology remains the main theme, securities firms are optimistic about the A-share market continuing its upward trend in the fourth quarter.

Approaching the end of September, the A-share market has entered a high-level oscillation state. Whether the upcoming fourth quarter can regain momentum and break through previous highs is of great concern. In recent times, many brokerage firms have successively released A-share strategy reports for the fourth quarter of 2025. Overall, they hold a relatively positive attitude towards the future market, believing that the upward trend has not yet ended and that the market is likely to continue to challenge new highs in the fourth quarter. In terms of liquidity, the appreciation of the Renminbi exchange rate is attracting foreign investment, and the resonance of domestic and foreign policies is expected to present more thematic opportunities in the market. In terms of style, A-shares in the fourth quarter are expected to be more balanced. In terms of investment, while focusing on the technology growth sector, it is also optimistic about the rally of some cyclical varieties and the direction of improving business conditions.