CICC highlights that January will mark the peak period for annual report performance forecasts and summary reports. According to their research report, the full-year earnings of A-shares in 2024 are anticipated to be flat or slightly higher compared to the first three quarters, trending towards zero growth. The financial sector is poised for positive growth, whereas non-financial sector earnings are projected to decline year-on-year. Among the non-financial sectors, industries experiencing high prosperity are notably scarce, with the export chain and select TMT industries emerging as standout performers. Notably, upstream and midstream energy and raw material industries have generally seen a decline in performance, and the midstream manufacturing sector continues to face pressures. However, export-related industries have demonstrated resilience. The consumer industry is expected to witness improved performance, fueled by the trade-in policy. Within the TMT sector, several industries are thriving, particularly the semiconductor industry, which is currently in an upswing phase. The AI industry's trajectory is driving substantial demand growth in certain areas, and it is anticipated that the TMT sector will maintain its high structural prosperity throughout the fourth quarter of 2024.