As September draws to a close, A-shares have entered a phase of pronounced volatility, sparking considerable interest in whether they can surpass their previous peaks in the fourth quarter. Several securities firms have recently issued their 2025 fourth-quarter A-share strategy reports, predominantly expressing a bullish stance on the market's prospects. They anticipate that the upward trajectory is far from over, with the market poised to test new highs in the coming months. From a liquidity perspective, the rebound in the RMB exchange rate is drawing in foreign capital, while the alignment of domestic and international policies could unlock additional thematic investment opportunities. In terms of market dynamics, A-shares are expected to exhibit a more balanced performance in the fourth quarter. As for investment strategies, while technology and growth sectors remain paramount, investors should also keep an eye on select cyclical industries and sectors showing signs of improvement.