[The latest strategy of brokerage asset management in the fourth quarter: the overall allocation priority of stocks is better than commodities and bonds] October 11th, entering the fourth quarter, how do asset management institutions rank major categories of assets? Overall, most of the institutions surveyed ranked stocks first, while there were differences in the ranking of bonds and commodities. "From a relative price/performance perspective, stocks and bonds may be better than commodities as a whole." Li Meicen, chief asset allocation officer of Caitong Asset Management, told reporters that in terms of stocks, the valuations of most broad-based indexes are around the 60% historical quantile, and the GEM index is about the 25% quantile. You can choose a direction with performance support in the third quarter or a valuation switch opportunity in 2027 based on the growth boom segmentation and the sustainable direction of traditional undervalued dividends. In terms of commodities, the petroleum chain and agricultural products increased significantly in the third quarter, and there were more adjustments in other directions. In the fourth quarter, the layout can be centered around low-priced varieties. The relevant person in charge of Everbright Securities Asset Management believes that the relative cost performance of major asset classes in the fourth quarter is "stocks > bonds > commodities". The pace of policy efforts has been delayed, domestic demand pressure has increased from July to August, and the economy is likely to "decline first and then increase" in the second half of the year, which will be beneficial to the performance of the stock market in the fourth quarter, and the market is expected to spread from AI to traditional industries. (Brokerage China)