冬藏蓄势等贝塔，防守亦有阿尔法

Market Strategy - The market is experiencing increased adjustment pressure, with participants adopting a more conservative mindset as trading willingness decreases due to limited rebound heights and accelerated sector rotation [6] - It is suggested to wait for better layout opportunities rather than frequent trial and error in timing [6] Style Strategy - Defensive strategies are emphasized as year-end approaches, with a focus on mid-cap blue-chip stocks for medium-term timing [3] - The gold sector is expected to benefit from a decline in dollar credit, leading to potential price increases [3] Theme Strategy - The special steel industry is anticipated to undergo high-quality development due to expected cost declines and new import-export management regulations [4] - The implementation of export license management for certain steel products is expected to optimize the export structure and enhance domestic profitability [6] Investment Opportunities - Investment targets include Chifeng Gold (600988, Buy) and Nanjing Steel (600282, Buy) as they are positioned to benefit from the current market dynamics [6]