China Galaxy Securities research reports pointed out that with the implementation of a package of incremental policies, the economy is expected to continue its upward trend in the fourth quarter. Currently, the valuation of A-share market is at a historically moderate level. On the one hand, the domestic macroeconomy is showing signs of improvement under policy stimulus, leading to improved investor expectations; on the other hand, uncertainties such as the U.S. presidential election still exist. Looking ahead, A-shares are expected to fluctuate upwards. (2) In terms of industries, sectors with relatively high earnings growth rates and low valuation levels are worth noting. First, consumer industries including agriculture, forestry, animal husbandry, fishery, social services, food & beverage, autos, commerce, retail, and household appliances have higher profit growth rates and currently lower valuation levels. With the stimulus of existing policies promoting consumption and future policies promoting incremental consumption, the performance of the consumer industry is expected to further grow. Second, the non-banking financial industry, with leading profit growth rates, currently has a price-to-book ratio valuation at a historically moderate level, indicating significant potential for future performance and valuation increases. Third, industries such as electronics, telecommunications, and other technology sectors have shown higher performance growth rates in the first three quarters of 2024, and current valuations are at historically low levels, indicating room for further increase.