According to a research report by CICC, A-share earnings have confirmed an inflection point and entered a moderate recovery channel, but structural differentiation far outweighs the overall significance, highlighting the accelerated switching of new and old drivers of growth. The market style is biased towards growth, and technology manufacturing has become the core engine with high performance growth driven by the AI cycle and domestic substitution; the midstream manufacturing industry has benefited from the decline in costs and its profit resilience has become more prominent. This recovery is more about price repair than expansion of volume. In the new track, the performance of the AI industry chain has been strongly realized, and robots and innovative drugs are facing opportunities for mass production and reversal of difficulties. New consumption needs to focus on the transmission of revenue to profits. Overall, the economic recovery still needs policy consolidation, and the market will be a structural trend, requiring the selection of high-prosperity tracks.