Cinda Securities' Research Report states that in terms of industrial control, large-scale equipment updates may be imminent, and it is believed that a new round of the industrial control cycle is gradually approaching. It is believed that future fiscal policy increases are expected to drive a new round of procyclical recovery and boost the industrial control cycle upward. Meanwhile, the PMI for October 2024 stands at 50.1%, returning to the expansion Range, with the finished goods inventory year-end of industrial enterprises above designated size in September being 4.6%, slightly down from August. It is believed that enterprises are accelerating inventory destocking, and the inventory of industrial enterprises is already at a relatively low level. A new round of inventory cycle is gradually approaching, coupled with domestic macroeconomic support policies, the manufacturing industry is expected to recover, and this may stimulate enterprises to shift from destocking to restocking, with the industrial control cycle expected to warm up. Key recommendations include Shenzhen Inovance Technology, Ningbo Xusheng Group (covered by Cinda Securities' Electric New & Autos team), and suggested attention to Shanghai Liangxin Electrical, Wuxi Xinje Electric, Suzhou Veichi Electric, and Shenzhen Invt Electric.