[CITIC Securities: Maintain the judgment that the A-share market will fluctuate during the year. The period around the third quarter report is the last wave of offensive windows during the year] On September 27, CITIC Securities Research Report pointed out that U.S. stocks hit new highs driven by a new round of application proliferation and hardware repairs, and the external market should no longer be considered as an influencing factor for A-shares. Although the sentiment is relatively sluggish for the time being, CITIC Securities still maintains the judgment that A-shares will fluctuate during the year. Around the third quarter report is the last wave of offensive windows during the year. The probability of the index repairing during the year is actually much greater than hitting a new low. In fact, when the earnings trend is upward, macro risks have become explicit, and sentiment has fallen into a downturn, the possibility of a substantial index adjustment is very small. At the same time, the conditions for the recovery of the Shanghai Composite Index are not as harsh as imagined. The CITIC Securities scenario tested 5 possible paths for the recovery of the Shanghai Composite Index within the year. In line with the industrial boom and taking into account the limited short-term incremental funds, the rising structure based on technology leaders, resource energy and financial weights can best take into account fundamentals and liquidity. During the period of market hesitation, we should remain optimistic and respond with AI+ capabilities in allocation.