As analyzed by Huatai Securities, the A-share market has recently shown a volatile trend, with investors increasingly adopting a wait-and-see attitude and focusing their attention on when a 'primary uptrend' will form. Taking into account the earnings elasticity of A-shares, policy orientation, and the influence of overseas markets, the combined factors for a market breakthrough still require further consolidation. Going forward, investors should closely monitor the release of NVIDIA's earnings report, the convening of the Political Bureau meeting, and shifts in the A-share capacity cycle. The catch-up rally logic in underperforming sectors still holds potential for short-term gains. By integrating fundamental analysis with market sentiment, it is recommended to focus on the following: The sentiment within the AI industry chain has cooled to its lowest point since July, encompassing undervalued stocks in areas such as the Hang Seng TECH Index, domestic computing power, AI end-user devices, and applications. Sectors that have underperformed, such as construction machinery, textile manufacturing, and photovoltaic equipment, show promise for improvement. Additionally, within the lithium-ion battery industry chain, areas with relatively lower hype, such as fluorine chemicals, are also noteworthy.