[Debon Securities Cheng Qiang: The valuation of A-shares has entered a reasonable range and multiple favorable conditions are converging] October 25th, "Currently, the valuation of A-shares has entered a reasonable range, the early negative factors have been fully priced in, the index has limited room for further downside, and the margin of safety has increased significantly. Multiple favorable conditions are converging, the market has the foundation to move from stabilization to recovery, and the New Year's market is worth looking forward to." Cheng Qiang, chief economist and director of the research institute of Debon Securities, said in an interview with reporters. Cheng Qiang believes that from an industrial perspective, the multiple main lines corresponding to new productivity still maintain a relatively high level of prosperity. Against the background that core industries continue to maintain high prosperity, profit growth itself constitutes the internal driving force for valuation restoration. In terms of allocation, Cheng Qiang is optimistic about dividends and technology sectors. He believes that the semiconductor sector, which is dominated by domestic computing power, is expected to achieve excess returns. He is also optimistic about the allocation value of marine equipment, battery energy storage and other sectors. (Brokerage China)