According to the CICC research report, A-shares may have a “good start” after the holiday season. The performance of A-shares was weak under the influence of many external factors. Overseas markets rose and fell less during the holiday period, compounded by recent stable domestic economic data. The three-quarter report after the holiday season is expected to provide some performance support to the market. It is expected that investor confidence will recover in October, and A-shares are expected to have a “good start” after the holiday season. In terms of industry configuration, it is recommended to focus on two main lines: 1. Economic growth: The performance of the hardware sector of the AI industry chain is generally high, but as the narrative changes, it may face fragmentation in the future. Some areas with low barriers and rapid progress in production capacity investment are at risk, and areas where demand is determined and capacity bottlenecks are difficult to ease are expected to continue to benefit. It is recommended to focus on industries related to optical communications, semiconductor equipment, and upstream power bottlenecks. Outside of the AI industry chain, the overall boom in innovative drugs and power grid equipment is high. 2. Cycle improvement: Fundamentals in more and more fields are recovering from the bottom of the cycle. It is recommended to focus on areas where the supply and demand pattern has improved from the perspective of the production capacity cycle, such as the chemical, petrochemical, and construction machinery industries. The fundamentals of various fields of non-ferrous metals are better, but we need to pay attention to the impact of the risk of the Federal Reserve's austerity on financial attributes.

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