CITIC Securities research reports pointed out that in November, the PMI index recorded 50.3%, up 0.2 percentage points month-on-month, higher than the seasonal average of the past five years. The new order index rose to the expansion range for the first time since May, representing an increase in downstream business sentiment led by advanced manufacturing and consumer goods. We believe that with the stimulus of a series of policies since the end of September, manufacturing demand continues to improve, and the manufacturing industry is expected to see an increase in demand. Major companies in the current industry are at a low valuation, expected to benefit greatly from the stimulus of the stable growth policy. It is recommended to pay attention to the investment opportunities in the industrial control and low-voltage electrical appliance industry, as major companies are expected to benefit from the industrial recovery.