During the National Day holiday, most global markets achieved a "good start" to the fourth quarter, with relatively stable internal and external environments and high activity in the technology industry. Analysts believe that active funds may gather again after the holiday, and A-shares are expected to have a "good start". The momentum of local long positions is expected to increase, and structural opportunities may further increase. Looking ahead to the future, technology remains the core focus, and China's technology industry is at a critical juncture of upward breakthroughs. The arrival of more "DeepSeek" moments in the technology field in the future will continue to strengthen the logic of China's asset revaluation. During the National Day holiday, the overall stability of the external market was maintained, and the global stock market tended to be stable. There were no major index fluctuations or "black swan" events, which laid a relatively stable external foundation for the opening of the A-share market in the fourth quarter. Specifically, in terms of the US stock market, Wind data shows that from October 1st to October 7th local time, the Dow Jones Industrial Average, Nasdaq, and S&P 500 index have cumulatively risen by 0.44%, 0.57%, and 0.39% respectively. In terms of important news, AMD and OpenAI have reached a cooperation agreement worth billions of dollars; OpenAI announced multiple API updates at its Developer Day event, including the latest language model GPT-5Pro and a new video generation model Sora2; Microsoft collaborates with emerging computing service providers to alleviate computing power shortages and plans to integrate AI into Office. In the European market, from October 1st to October 7th local time, the German DAX index rose by over 2%, the French CAC40 index rose by over 1%, and the UK FTSE 100 index rose by over 1%. In the Asia Pacific market, from October 1st to October 8th, the Nikkei 225 index rose by over 6%, and the Korea KOSPI composite index rose by over 3%. In terms of the Hong Kong market, there were only four trading days from October 1st to October 8th, during which the overall Hong Kong stock market surged and fell. The three major indexes rose sharply on the first trading day and continued to fall in the following three trading days. The Hang Seng Index fell below 27000 points, with a cumulative decrease of 0.10% during the period, to 26829.46 points; The Hang Seng China Enterprises Index fell 0.33% to 9523.87 points; The Hang Seng Technology Index almost gave up its gains, with a cumulative increase of 0.75% during the period, reaching 6514.19 points. After the holiday, A-shares entered the first trading day of the fourth quarter. Li Hui, Chief Analyst of New Stocks at Huajin Securities, believes that the external market remained generally stable during the National Day holiday period. With the return of safe haven funds after the holiday and the continued activity of the technology industry during the holiday period that the market is concerned about, the active funds after the holiday may re gather, and the momentum for local long positions will be strengthened. Structural opportunities are expected to further increase. During the National Day holiday, multiple Hong Kong stock prices hit historic highs. The Hong Kong stock market surged and fell, with sectors such as semiconductors and non-ferrous metals performing well on the market, and many underlying stocks hitting historic highs. The semiconductor sector is the focus of investors' holiday attention. From October 1st to October 8th, the Wind Hong Kong Semiconductor Index rose by 10.34% cumulatively. Among them, the stock prices of Huahong Semiconductor, SMIC, and Shanghai Fudan all reached historic highs during this period. Huahong Semiconductor has accumulated a rise of over 13%; SMIC has risen by over 12%, and as of the close on October 8th, the premium rate of SMIC's AH shares has decreased from 92.94% on September 30th to 71.49%; Shanghai Fudan University has seen a cumulative increase of over 4%. In terms of non-ferrous metal sector, from October 1st to October 8th, the Wind Hong Kong Nonferrous Metals Index rose by 8.76% cumulatively. Among the constituent stocks, China National Nuclear Corporation International rose by more than 48% cumulatively, Chifeng Gold rose by more than 23% cumulatively, and Jiangxi Copper Industry Co., Ltd. and Shandong Gold both rose by more than 15%. Among them, the stock prices of Chifeng Gold, Jiangxi Copper Industry Co., Ltd., and Shandong Gold all reached historical highs during this period. In the view of Chen Gang, Chief Analyst of Strategy at Dongwu Securities, the main driving factor for the current rise in Hong Kong stocks is still AI storytelling. He believes that the reason for the surge in Hong Kong stocks on October 2nd is partly due to the resurgence of semiconductor leaders; On the other hand, the stock prices of Internet giants continued to rise. Gao Feng, Chief Analyst of the Electronics Industry at China Galaxy Securities, stated that the global semiconductor industry has shown significant recovery, with a market size of 346 billion US dollars in the first half of the year, a year-on-year increase of 18.9%, mainly driven by investment in AI infrastructure and demand for terminal applications. From a historical perspective, if no major risk events occur during the holiday period, some funds will flow back into the stock market, driving risk appetite and market indices to rise, and the market usually welcomes a 'good start'. ”Yuan Chuang, Chief Economist and General Manager of Research and Development Center at Caixin Securities, stated. Xia Fanjie, a strategic analyst at CITIC Securities, stated that this round of market trend started on September 24th last year and had multiple conditions before its launch, including loose liquidity, strong policy support, historically low stock market valuations, and economic fundamentals stabilizing and recovering at the bottom. The current A-share market is in an upward trend, with valuations significantly recovering from lower levels. The economic fundamentals are still in the bottom stabilization stage, and loose liquidity and policy support will be key factors driving the market to continue to strengthen in the future. In the short term, Yuan Chuang believes that the technology growth style continues to dominate, and if there are signs of sustained improvement in China's economic data in the future, the pro cyclical style is expected to take over. For ordinary investors, they can avoid the situation where the index rises but does not make money by investing in index fund products and other means. In terms of investment allocation, Li Lifeng, Chief Strategy Analyst of Huaxi Securities, suggests that investors pay attention to three main lines: firstly, the technology industry, which remains the core line. Currently, China's technology industry is at a critical point of upward breakthrough, and the emergence of "DeepSeek" moments in more fields in the future will continue to strengthen the logic of China's asset revaluation, with a focus on theme investment opportunities in AI computing power and applications, innovative drugs, robots, high-end equipment manufacturing, and future industries; The second is the theme of "anti involution", focusing on the improvement of supply and demand patterns and the direction of technology driven development. Priority should be given to areas that benefit from both "anti involution" profit improvement and new technology progress, such as non-ferrous metals, chemicals, new energy vehicles, batteries, wind power, fiberglass, etc; The third is the variety that benefits from the rise in the stock market, such as securities firms, insurance, fintech, etc. (New Society)