Grain headline October 15th | Lyon issued a report, benefiting from the improvement in downstream demand, expecting most industrial sector profits to bottom out in the third quarter, with byd company limited, flat glass, and jiangsu hengli hydraulic being the top picks. The bank expects byd's net income per vehicle in the third quarter to improve to 9000 yuan, supporting healthy growth in revenue and net income. In addition, the mainland auto industry performed well in September, with strong orders during the National Day golden week in October. Earnings forecasts have been raised, and the bullish factors of a re-rating overlap should continue to drive the auto sector to outperform the broader market. The report points out that the recovery of mainland construction machinery has exceeded expectations, and with the easing of negative factors in real estate and infrastructure activities, replacement demand will begin to take effect. As for the solar energy industry, due to cost reductions and price rebounds, it is estimated that losses in the third quarter will continue to narrow. It is bullish on the solar glass sub-sector due to its low valuation and better supply-demand balance. In this sub-sector, the bank's top picks are xinyi solar, flat glass, and gcl tech.