[CITIC Construction Investment: Looking forward to October, performance has entered the verification period, and overseas liquidity pressure has been marginally eased] On October 5, CITIC Construction Investment Securities Research Report pointed out that the overall adjustment of A-shares in September, the tightening of overseas liquidity and the digestion of the valuations of sectors with higher previous gains, the direction of growth and resources has retreated significantly, and low-level sectors such as real estate, medicine, and banks are relatively dominant. Looking forward to October, overseas liquidity pressure has eased, the market has entered a period of intensive disclosure of third quarter reports, and the importance of fundamental verification has further increased. It is expected that the profit of the technology sector will maintain a high growth rate in the third quarter report, and the profit expectations of some industries such as resource products, pharmaceuticals and non-bank finance will also improve; in terms of high-frequency boom, AI hardware will continue to have a high boom, energy prices will remain strong, and the mid-term supply and demand logic of industrial metals will still be supported. After the adjustment in September, the valuation pressure on some high-prosperity industries has been relieved. In terms of allocation, it is recommended to focus on AI hardware with high performance certainty, industrial metals, coal, oil and gas and basic chemicals supported by supply constraints and improved profits, as well as innovative drugs with good industry trends and securities insurance with low valuations and improved profits.