Group 1 - The report indicates that the risks in the market have been alleviated, particularly regarding the U.S. service sector and regional bank concerns, which have contributed to a more stable investment environment [2][10][25] - The U.S. October PMI data showed service PMI at 55.2% and manufacturing PMI at 52.2%, both exceeding market expectations, which alleviated recession fears [10][25] - The TMT sector has seen a shift in trading logic, expanding beyond AI infrastructure to include domestic computing power and consumer electronics, indicating a rebalancing of investment styles [3][13][14] Group 2 - The report highlights the potential for global manufacturing recovery, which is expected to drive physical consumption expansion and create investment opportunities in key resources like copper and lithium [25][27] - China's position as a "seller of shovels" in the global manufacturing landscape is emphasized, particularly in the power sector, where it has advantages in renewable energy equipment exports [25][27] - The report suggests that the combination of effective markets and proactive government policies will be crucial for navigating deflationary pressures and stabilizing domestic prices [44][45] Group 3 - The report outlines a shift in investment focus towards physical assets, particularly in the context of a potential interest rate cut cycle, which could enhance manufacturing activity and resource demand [4][56] - The recommended investment sequence includes upstream resources and capital goods, reflecting China's role in the global supply chain and the expected recovery in domestic consumption [4][56] - The report notes that the market is currently in a phase of seeking new opportunities as risks have subsided, with a focus on sectors that show signs of recovery and growth potential [53][54]