[CICC Li Qiusuo: The market is expected to be the first to usher in valuation repair after the margin of external disturbances eases] On November 10, Li Qiusuo, chief analyst of domestic strategy at CICC Research Department, said that the recent external disturbances have shown signs of weakening, and the profit side is still resilient. If the margin of external disturbances eases, the market is expected to repair valuations first. In terms of configuration, it is recommended to adopt a dumbbell-type combination that combines "technology + dividends". In the next stage, the A-share market may continue to be dominated by structural trends. From the perspective of industry trends, the trend of the AI ​​industry is still continuing, the technology hardware boom is relatively more certain, and industries related to optical communications, semiconductor equipment, and upstream power bottlenecks deserve attention. In traditional industries, the supply and demand pattern in chemical, petrochemical, engineering machinery and other fields is on the path to improvement, which may lead to expected differences caused by performance repair. (CSI Taurus)