良性调整期时间和空间如何预期？

Group 1 - The report highlights that the ongoing US-China trade friction and marginal weakening of the macro economy are raising policy expectations, with significant changes anticipated in both internal and external factors, leading to potential market disturbances in the short term [3][4][5] - The upcoming Fourth Plenary Session is expected to clarify the strategic direction of the 14th Five-Year Plan, focusing on economic growth, domestic circulation, and technological self-reliance, which may boost market risk appetite [5][27] - In terms of industry allocation, the report suggests a continued "high cut low" strategy in the short term, with potential focus areas including finance, public utilities, steel, petrochemicals, food and beverage, and home appliances, while also indicating that the current period is a good time to position for growth industries [6][39] Group 2 - The report notes that the third quarter GDP growth is expected to be around 4.8%, reflecting a continued marginal slowdown in the economy, with external challenges increasing due to the US-China trade situation [4][14] - The analysis indicates that the current growth style is in a healthy adjustment phase, transitioning from the first to the second stage of the industrial prosperity cycle, with historical data suggesting that such adjustments typically last 1-2 months with a decline of 15-20% [6][29] - The report emphasizes that the upcoming disclosure of third-quarter results may serve as a catalyst for the end of the current adjustment phase, as growth industries are expected to maintain relative performance advantages [6][37]