Industry Notes

Industry Notes / August–December allocation / Chapter 2 of 3 · Timeline

Four-stage path

Different drivers each phase—different working sectors

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  1. August
    Interim results weed fake momentum; oversold + verified tech hardware, price chains, brokers, innovative drugs
  2. September
    Domestic policy window + FOMC; domestic-demand/dividends may trade; consumption turn not confirmed
  3. Oct–Nov
    Q3 prints + US midterms; vol up—cut portfolio vol early, buy dips
  4. December
    Central Economic Work Conference and next-year strategy; theme rotate + dividend rebalance

Aug earnings screen → Sep policy add-ons → Oct–Nov global vol (US midterms) → Dec policy set. Vol windows are often accumulation windows.

Source：A股2026年8月交易逻辑与8-12月配置路线图 §四

Research notes, not investment advice.