The third quarter has officially wrapped up. Today is National Day, and I wish everyone a happy holiday and family happiness. Overall, the A-share market saw a significant pullback in the third quarter, with the ChiNext and STAR Market indices dropping more than 20%. Many AI technology stocks that had risen strongly in the first half of the year experienced sharp declines, essentially a process of deflating the bubble. When everyone was chasing the "light" in May and June, I advised that one must always stand closest to the exit when dancing. An overly crowded track will inevitably lead to a major decline. Sure enough, the entire month of July saw a sharp downturn in the A-share market, especially in technology stocks. In May and June, I proposed a three-step strategy to address the risk of an overcrowded technology stock track: first, resolutely deleverage; second, cut positions by half; third, hold technology with one hand and dividend stocks with the other, avoiding bets on a single track. If you followed this strategy, your third-quarter losses would have been reduced to a relatively low level. When technology stocks corrected, the dividend sector represented by the four major banks saw substantial gains, hedging against the downside risk from technology stocks. Looking ahead to the fourth quarter, there is no need to be overly pessimistic. Recently, China has rolled out a package of major policies to boost economic growth, which will help enhance investor confidence, stabilize the real estate market, and improve economic performance. On September 28, the State Council executive meeting deployed incremental policies; the central bank also adjusted and improved several monetary policy tools, and the Ministry of Finance, central bank, and National Financial Regulatory Administration introduced interest subsidy policies for residential mortgage loans to stabilize the housing market. These policy tailwinds are conducive to stabilizing the overall market trend. From a policy perspective, I remain bullish on this slow bull, long bull market. A slow bull, long bull market is an important aspect of boosting consumption and developing new quality productive forces. A stronger A-share market can also enhance the wealth effect for residents, thereby helping to stabilize the real estate market. In the first half of this year, technology stocks stood out alone. After the significant correction in the third quarter, many technology stocks have gradually fallen to attractive valuations. A valuation recovery is expected in the fourth quarter, because under the AI technology revolution, the earnings of these technology leaders may gradually be released. Since the beginning of last year, I have proposed the six major tracks, which are also the directions that AI technology has benefited from over the past two years, and stock price performance will continue to rotate. The first major track is chips and semiconductors, and the second is computing power, which have gradually released earnings and may lead again when they bottom out and rebound; humanoid robots, commercial aerospace, solid-state batteries, and innovative drugs have also shown rotating performance recently. This will bring sector rotation opportunities for investors, but sector rotation is indeed not easy, because rotation is too fast and hard to time. You can achieve this through diversified and balanced allocation. The market is expected to see a rebound rally in the fourth quarter, correcting some of the third-quarter decline to a certain extent. Therefore, the fourth quarter remains a quarter full of hope, and investors can seize the rebound opportunity in the fourth quarter to achieve a recovery in net asset value. In terms of US stocks, the third quarter was relatively strong. On a quarterly basis, the Nasdaq and S&P 500 rose about 2%, while the Dow Jones fell about 2%. This shows that technology giants represented by the "Magnificent Seven" continue to attract capital attention. When global capital markets experienced significant adjustments in the third quarter, the Nasdaq remained relatively strong. The first beneficiaries of this round of AI technology development are technology companies represented by NVIDIA (NVDA). They are both leaders in AI technology development and are gradually releasing earnings. Although their market capitalization keeps hitting new highs, their price-to-earnings ratios are not absurdly high, and there are currently no signs of a bubble bursting. Currently, total US debt has exceeded $40 trillion, and the US government needs to spend nearly 20% of its fiscal revenue each year to pay interest, which has many investment veterans worried about a US debt crisis. In reality, this is more of a warning worth heeding, and does not mean a crisis will happen immediately. One of the most sensitive and accurate indicators for observing when a financial storm will occur is the Nasdaq index. Because this bull market is an AI technology bull market, as long as the Nasdaq is fine, it is sunny; if the Nasdaq experiences a crash-style decline, you should consider significantly reducing positions, or even clearing out to avoid risk. Every morning when you wake up, first check overnight US stocks. If overnight US stocks have not fallen sharply, there is no need to worry too much, and the market is basically in a normal correction; if the Nasdaq drops more than 5% overnight, you may need to consider cutting positions by half; if the single-day decline exceeds 10%, it indicates a possible crash, and you should consider clearing positions to avoid risk. On one trading day in June this year, the Nasdaq fell 5% in a single day. If you had cut positions by half at that time, you should have been able to avoid a large subsequent decline. In May this year, I attended the Berkshire Hathaway shareholders meeting in the United States for the eighth time. Buffett has stepped down as CEO of the company, with Greg Abel responsible for operations and serving as CEO, while Buffett continues as chairman. This model of relatively separating management rights from ownership is also an innovation, and it is hoped that it will continue to drive this giant ship, Berkshire Hathaway, forward. Buffett has also said that in the future he will donate the vast majority of his personal wealth to charity, giving back to society through philanthropy. During his 61 years at the helm of Berkshire Hathaway, the company achieved an annualized return of 19.9%, with cumulative returns reaching 60,000 times, which can be said to be unprecedented and possibly unmatched. Buffett never chases bubbles. As US stocks climbed steadily, he consistently reduced positions on rallies, with his position at only about 40%, holding large amounts of cash and US Treasuries on the books, reflecting Buffett's consistent attitude. Buffett pursues extreme certainty in performance. Although in recent years he has underperformed the S&P 500 and even more so the Nasdaq, over the long term, Berkshire Hathaway's performance remains unmatched. Buffett's cautious approach also offers us great inspiration. During the holiday period, as long as US stocks do not experience a major decline, the possibility of a rebound and an "opening bell" rally in the A-share market after the holiday is still relatively high. Everyone can pay attention to US stock trends every day, temporarily forget about stocks, enjoy the holiday, and maintain a happy and healthy mindset. Once again, I wish everyone good health and a happy National Day. MACD golden cross signals have formed, and these stocks are performing well!