Entering September, there was a phased and fine-tuning of the market style, the overall risk appetite for A-shares subsided, capital began to be allocated to deterministic assets, and the high-dividend sector ushered in a phased recovery of the market. Since September, the A-share Shanghai Index has maintained a volatile trend. Among the five Shenwan Tier 1 industries that have risen, the banking industry index rose more than 3% during the month, ranking first among the 31 Shenwan Tier 1 industries; the utility industry index rose more than 1.9% during the month, ranking second; in addition, the transportation industry declined slightly, but outperformed the Shanghai Composite Index by a large margin. The banking, utilities, and transportation industries are all typical high-dividend industries, which means that some high-dividend industries have been relatively strong this month.

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