Fangzheng Securities proposes a gradual shift from a “growth attack” to a “value defense”: for commodities that benefit from remaining global liquidity, including: gold, silver, copper, aluminum, etc., and in particular, gold may go higher and farther than market expectations; second, industries with a “dilemma reversal” logic, where supply is clear, and demand is stable or even rebounding: communications, agriculture, forestry, animal husbandry and fishing, environmental protection, traditional Chinese medicine, tourism and scenic spots, beverages, dairy products, black appliances, and panels; third, high-dividend industries that are less price sensitive.