After the National Day holiday, A-shares entered a phase of consolidation, and the Brand 100 Index also moved steadily, edging up 0.03% for the week to post a positive start after the holiday.

Some market analysis noted that in the short term, consensus is strengthening that the market is currently in the bottom range for the year. As the holiday effect fades, trading volume and margin balances are gradually returning, and risk appetite is expected to improve.

This week, the A-share market fluctuated lower. As of the close on October 9, the Shanghai Composite Index fell 0.74% for the week to 3,813.79 points; the Shenzhen Component Index dropped 1.91% to 12,641.86 points; the ChiNext Index and the STAR 50 Index fell 2.93% and 4.75% for the week, respectively.

The Brand 100 Index, by contrast, performed steadily this week, inching up 0.03% to 927.82 points and outperforming the three major A-share indices.

Among constituent stocks, more than 60% of the Brand 100 Index components posted gains. Among them, PDD Holdings Inc (PDD), Xiaomi Group-W and Nongfu Spring rose more than 5% for the week; Jinlongyu, Li Auto-W, Vipshop, Sinotrans and Haidilao also gained more than 4% for the week.

On the macro liquidity front, with the implementation of the Federal Reserve's short-term rate hike and the market fully pricing in expectations of future tightening, pressure on valuations will be released to some extent. Domestically, monetary policy in the fourth quarter will continue its "moderately loose" tone. Investors may focus on the pace of economic growth and domestic demand recovery, banks' net interest margins and the Fed's rate hike path. If these variables do not deteriorate significantly, policy is more likely to rely mainly on structural tools and targeted liquidity injection.

Some brokerage institutions pointed out that the market is currently in a bottoming and consolidation process. As the Shanghai Composite Index adjusted below 3,900 points, market risks have been effectively cleared. On fundamentals, under policy support, economic growth is expected to reach an inflection point, while earnings will need to be verified and confidence rebuilt. After valuations generally return to reasonable levels, under the policy arrangement of "enhancing the resilience and confidence of the capital market," liquidity is expected to stabilize and recover. In particular, the inflow of medium- and long-term funds will reduce downside risks in the market, and A-shares are expected to gradually recover amid volatility.

Looking at the performance of the Brand 100 Index constituents this week, PDD Holdings Inc (PDD) rose relatively strongly, with a weekly gain of 7.92%, leading among constituent stocks and attracting considerable attention from market funds.

It is understood that in the second quarter of 2026, PDD Holdings Inc (PDD) achieved revenue of 112.4 billion yuan, up 8% year on year; R&D investment under non-U.S. accounting standards was 4.3 billion yuan, up 40% year on year. The company posted non-GAAP net profit of 28.5 billion yuan in the second quarter. Although it declined year on year, it was still better than market expectations.

At the second-quarter earnings call in late August, Chen Lei, chairman and co-CEO of PDD Holdings Inc (PDD), said publicly that since the beginning of the year, regulatory and compliance environments in various global markets have changed significantly, with challenges and opportunities coexisting. The company is at the intersection of global trade and will continue to bet heavily on the supply chain, steadily advancing supply chain upgrades, and will not change the long-term direction of its globalization business because of short-term fluctuations.

Specifically, the strength in PDD Holdings Inc (PDD) shares reflects the market's reassessment of its globalization and supply chain upgrade strategy. On the domestic business side, PDD Holdings Inc (PDD) continues to root itself in domestic industrial belts and keeps increasing investment in R&D, continuously iterating around supply chain digitalization, cross-border risk control and AI platform tools, using technological capabilities to empower merchant operations and platform governance. On the overseas cross-border business side, Temu, under PDD Holdings Inc (PDD), continues to advance localized fulfillment construction, build an overseas warehousing and logistics system, bring in more local merchants, reduce dependence on a single market and enhance business risk resistance. In addition, the business continues to expand into global markets, with Europe and Latin America becoming new growth poles.

Guotou Securities analysis believes that PDD Holdings Inc (PDD) has chosen to concentrate resources on e-commerce and cross-border overseas expansion tracks rather than layout in areas such as instant retail, and its strategic direction is clear. In the short term, changes in overseas regulation and investment in self-operated business will put some pressure on profits; in the medium to long term, as the self-operated business becomes viable and overseas localized fulfillment is implemented, the company is expected to gain new performance growth points.