Group 1 - The report indicates that the A-share market is entering a new profit cycle, with the profit structure shifting from upstream resource dominance to a dual drive of technology and overseas expansion, currently with a profit share exceeding 30% [10][12][21] - The technology and overseas expansion sectors are expected to continue rising, potentially reaching a profit share of 60% in the next 5-8 years, marking them as the core fundamental themes of this economic phase [2][3][10] - The report highlights that the rise of technology and overseas expansion will significantly impact the A-share profit cycle, with a breakthrough of 50% in their profit share likely to usher in a new upward cycle for A-shares [3][10][12] Group 2 - The analysis of the Q3 financial reports indicates that the bottom of the A-share profit growth has gradually become clear, with profit growth rates for the entire A-share market and non-financial sectors showing slight increases compared to H1 2025 [7][28] - The report identifies AI industry chains, overseas expansion, and rising resource prices as the core themes driving profitability, with notable growth in sectors such as electronics and communication equipment [8][37] - The report emphasizes that companies with a higher proportion of overseas business revenue have significantly better revenue and profit growth compared to domestic demand-driven companies, with ROE levels also showing continuous improvement [23][25][28]