[Zhang Deli, chief macro analyst of Zhongtai Securities: The trend of the technology industry has not reversed, and the industry fundamentals are improving in the medium and long term] On October 29, Zhang Deli, chief macro analyst of Zhongtai Securities, said that the mass entrepreneurship and innovation index has been adjusted since the fourth quarter. At present, it is more about the rebalancing of valuations, rather than a reversal of industrial trends and policy environments. On the one hand, industry fundamentals are improving in the medium to long term, and policies will continue to strongly support technological independence. However, the market will fluctuate in the short term due to factors such as sentiment; on the other hand, there are many industries included in the index, and fluctuations in some industries with large early gains have led to adjustments to the entire index. Follow-up attention should be paid to changes in earnings expectations, progress in valuation repair, and whether more industries are seeing increased transaction activity.