CITIC Construction Investment holds the view that while the year-end market rally is anticipated to persist, the likelihood of short-term technical pullbacks has risen. The firm maintains a positive outlook on the year-end rally, highlighting that industry hotspots are centered around emerging industries, artificial intelligence (AI), semiconductors, and the price-hike chain within resource commodities. Over the medium to long term, the market is projected to ascend amid fluctuations, necessitating that investors adapt their strategies flexibly to capitalize on both offensive and defensive opportunities. This year, technology and resource commodities are identified as the two primary investment themes for A-shares, characterized by more frequent rotations among industry sectors and shifts in investment styles. Consequently, investors are advised to closely monitor enhancements in fundamental factors and the validation of market sentiment.