On November 10, Li Qiuesuo, Chief Domestic Strategist at CICC's Research Department, said in an interview that recent external disturbances have shown signs of abating, while earnings fundamentals remain resilient. Should external disturbances ease at the margin, the market is expected to be the first to undergo valuation repair. In terms of allocation, a barbell strategy of "technology + dividend" is recommended. Li analyzed that in the first three quarters, A-share companies' revenue and profit growth both outpaced nominal GDP growth over the same period, non-financial corporate profits remained relatively stable, and booming sectors such as AI and energy provided strong support for overall profits. On the valuation front, major broad-based A-share indices have recently seen significant declines. The CSI 300's forward price-to-earnings ratio is near its decade-long historical average, while the ChiNext Index's forward P/E sits at an extreme historical low. Overall market valuation is highly attractive, and valuation repair is expected once risks subside. Regarding the subsequent market style, Li said A-shares may continue to be dominated by structural market conditions in the next stage. From an industry-trend perspective, the AI industry trend is still unfolding, with relatively higher certainty of prosperity in technology hardware. Optical communications, semiconductor equipment, and industries related to upstream power bottlenecks are worth watching. In traditional industries, supply-demand dynamics in chemicals, petrochemicals, construction machinery, and other fields are on an improving trajectory, which may create expectation gaps driven by performance recovery.