China Securities Co.,Ltd. Chief Strategy Officer Chen Guo's latest view believes that the recent downward adjustment of profit expectations and the low investor sentiment, but overall, the market has bottomed out. Recently, the market position and phenomena have shown characteristics of bottom region, but the Fed rate cut and domestic policy efforts will improve valuation and profit expectations, coupled with the base effect, the fourth quarter fundamental data is also expected to show an upward trend year-on-year. Investors should seize the opportunity for layout. Consider the following clues for improving the real economy along the lines of equipment upgrades and consumer goods replacing old with new, the resilience of mid-term reports in related sectors with strong domestic demand, the bottoming out expectations and the growth direction with its own industry logic for valuation recovery, having three key indicators for bottom layout. Key focus: appliances, autos, non-bank financials, military industry, lithium batteries, electronics, pharmaceuticals, etc.