CMB Securities: There is a high probability that A shares will turn into a more gently sloping upward trend.

Short-term market adjustment is coming to an end, transitioning to a low-slope upward trend that is more sustainable. After the adjustment, market sentiment may slow marginally, and the pace of incremental funds may become healthier. As described in our September report, the probability of the market transitioning to a lower slope upward trend is high. We are still in the second phase of a bull market, and the core strategy after adjustment is to "embrace low penetration tracks." Currently, attention can be focused on areas such as solid-state batteries, AI computing power, humanoid robots, commercial spaceflight, etc. In addition, from a medium-term perspective, it is also advisable to focus on high intrinsic return quality growth strategies.