Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall performance of A-shares in the third quarterly report continued to recover, with overall revenue and net profit attributable to the parent increasing year-on-year, and ROE showing an upward trend. There were significant structural differentiations among different industries and indexes [6]. - The overall risk appetite in the capital market decreased last week, which may lead to short - term shrinking and volatile market conditions. Attention should be paid to industries with high profit quality and large valuation safety margins in the third quarterly report [7]. - The current investment mainlines of A - shares may focus on strategic mid - upstream industries under "anti - involution" and the spread of technology application ends, and short - term attention should be paid to the structural rebound brought by consumption - promoting policies [9]. Summary According to Relevant Catalogs Market Review - Most of the major market indexes rose last week, with the Shanghai Composite Index having the largest increase of 1.08%. Among the large - scale industries, the energy index and the industrial index performed relatively well, with weekly changes of 4.56% and 2.42% respectively; the healthcare index and the optional consumption index performed weakly, with weekly changes of - 2.34% and - 1.13% respectively [10][14]. - Among the 30 Shenwan primary industries, 18 industries rose. The industries with relatively large increases were power equipment, coal, and petroleum and petrochemicals, with increases of 4.98%, 4.52%, and 4.47% respectively; the industries with relatively large decreases were beauty care, computer, and pharmaceutical biology, with decreases of 3.10%, 2.54%, and 2.40% respectively [17]. - The average daily trading volume of Wind All - A last week was 2.01235 trillion yuan (the previous value was 2.325335 trillion yuan), which was at a relatively high historical level (89.50% of the three - year historical quantile) [20]. - As of November 7, 2025, the valuation (PE_TTM) of Wind All - A was 22.20, an increase of 0.19 from the previous week, and it was at the 90.80% quantile of the recent five - year history. Among the 30 Shenwan primary industries, 12 industries' valuations (PE_TTM) showed signs of recovery [25]. Market Observation Impact of the Third Quarterly Report on Market Trends - After the disclosure of the A - share third quarterly report, the overall performance continued to recover. The overall revenue of all A - shares increased by 1.16% year - on - year, and the net profit attributable to the parent increased by 5.34% year - on - year. The ROE of all A - shares stopped falling and rebounded, and the profitability improved marginally. Among the major A - share indexes, the large - cap indexes recovered faster, and the ChiNext Index showed strong growth momentum. There were significant structural differentiations in the performance of different industries [6]. - From the perspective of the capital side, the overall risk appetite decreased last week. ETF and other long - term funds changed from net inflows to net outflows, the willingness of northbound funds and major industrial shareholders to leave the market in the short term increased, but margin trading funds continued to increase. The decrease in overall risk appetite in the capital side may lead to short - term shrinking and volatile market conditions, and the possibility of in - market funds clustering together increases [7]. Investment Recommendations - Combining the profit performance in the third quarter and policy signals, the current investment mainlines of A - shares may further focus on strategic mid - upstream industries under "anti - involution" and the spread of technology application ends, and short - term attention should be paid to the structural rebound brought by consumption - promoting policies [9]. - Mainline 1: Strengthen the "AI application and terminal" direction in the technology sector, and focus on sub - sectors such as robots, consumer electronics, Hang Seng Technology, and innovative drugs [9]. - Mainline 2: "Anti - involution" + "rare - earth - like" of key industries. These mid - upstream high - prosperity sectors are still underestimated by the market and may form a strong mainline [9]. - Mainline 3: Pay attention to the phased allocation opportunities of securities firms. Benefiting from the recovery of market popularity and policy support, securities firms may see double improvements in fundamentals and expectations [9].