CITIC Construction Investment released a research report pointing out that the investor sentiment index fell into a slump this week. Be wary of passive deleveraging in the short term, and it is becoming particularly critical for market stabilization funds to continue to play a supporting role. The short-term overfall in the technology sector has reached historic levels. Combined with the third quarter's performance growth rate, which is still supported by fundamentals, it is expected to usher in a round of technical rebound after the collapse, but in the medium term, it is still being suppressed by the triple factors of capital chips, overseas interest rate hikes, and geopolitics. Overseas, although the US CPI exceeded expectations in September, it declined in breadth. Federal Reserve officials intensively released dovish signals. The urgency of continuing to raise interest rates was reduced, the interest rate hike window or moved back to December, and US bond yields fell to a high level. Marginal improvements in overseas liquidity are expected to provide phased valuation support for the growth style of A-shares in particular. Short-term allocations at the allocation level should lock in bottom positions with deterministic dividends, wait for style rebalance with a light chip structure, and hedge against both inflation and geopolitical risks with real assets. The industry focuses on: banking, non-banking, utilities, coal, petroleum, oil transportation, basic chemicals, pig breeding, AI industry chains, etc.

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