[CITIC Construction Investment: The current A-share market has started the second round of repair market] On September 20th, CITIC Construction Investment believes that the current A-share market has started the second round of repair market. The macro-game triggered by the overseas geopolitical conflicts in the Middle East, which has pushed up oil prices and U.S. bond interest rates, has come to a stage. Oil prices and long-term U.S. bond interest rates have gradually settled. Since then, the domestic loose interest rate environment and the RMB exchange rate have remained stable, the main line of the market has returned to performance prosperity, and there is a window for funds to return to high-prosperity sectors; however, it is still necessary to continue to track overseas interest rates, the persistence of the fall in oil prices, and external disturbances brought about by the FOMC meeting at the end of October. In terms of configuration, a balanced allocation and hierarchical layout are adopted. On the offensive end, the focus is on sectors where computing power is in short supply and prices are rising (optical chips, PCB manufacturing, CCL, server complete machines) and industrial non-ferrous metals such as copper, aluminum, and tin. On the defensive end, dividend assets are used as bottom positions to hedge against fluctuations, and at the same time, the company flexibly seizes periodic opportunities in domestic demand sectors such as agriculture, medical beauty, textiles and clothing, which are catalyzed by policy expectations.