Last week, A-shares continued their oscillating weak trend, with technology growth sectors such as computing power hardware, semiconductors, and CPO continuing to adjust. The CSI Dividend Index rose against the trend, while heavyweight sectors such as banks, petroleum and petrochemicals, coal, and food and beverages were relatively resilient. Entering November, market sentiment warmed up, and on November 2 the main stock indices rebounded collectively. Institutional figures believe that with external liquidity relatively tight and short-term risk appetite under pressure, the market may fluctuate repeatedly, but A-shares are in a rebound incubation period rather than at the endpoint. Third-quarter earnings continued to recover, and industrial capital buybacks and increased holdings confirmed the bottom area, constituting medium-term support; after external uncertainties clear, risk appetite is expected to recover. In terms of operations, it is recommended to use dividend assets as the foundation and let high-performing growth follow through, seize the short-term repair window, anchor to earnings certainty over the medium term, and position accordingly.