According to CoinMeta, a research report by CITIC Construction Investment indicates that the low point at the end of October is likely to be the bottom of this market cycle. The valuation as indicated by AIAE is relatively low, and November is seen as the starting point for recovery, but the pace is more likely to be "two steps forward and one step back," with the rate of recovery still subject to certain constraints. Market stabilization policies have shifted from emergency support to mechanism building. The "quasi-equity stabilization funds" of Huijin, the "structural guidance" of Guoxin Chengtong, and the inflow of broad-based ETF funds, along with repurchase and additional lending, together form a support level. The position at the end of October can be considered as a reference for short-term bottom support. Overseas interest rate hikes, the NVIDIA incident, and uncertainties in AI regulatory measures have temporarily increased risk premiums, but in the medium term, the logic of self-control and autonomy is strengthened. At the end of the year, attention should be paid to valuation shifts: institutional positions are concentrated, and the opportunity for catch-up gains comes from "underweighting + low congestion." At the same time, it's advisable to position for New Year's themes. Key industries to watch include military, agriculture, forestry, animal husbandry, fishery, food and beverages, pharmaceuticals, banking, non-bank finance, and public utilities. Themes of interest include AI short dramas, physical AI, and domestic computing power.