China Merchants Securities: the last inflection point of A-share "N" type may appear] on May 28, the China Merchants Securities research report pointed out that since mid-late April, A shares have experienced significant adjustments under the influence of the lower-than-expected month-on-month kinetic energy of economic data repair, the strengthening of the US dollar, and the temporary suspension of active capital inflows in hot sectors. We believe that the recent three reasons have ushered in a turnaround, and the last inflection point of the "N" type proposed earlier may appear. This round of market structure differentiation will be larger, it is recommended to focus on the direction of the highest performance growth and the largest slope improvement. From the perspective of the large industrial trend, opportunities in areas such as AI+/ digital economy / advanced manufacturing / autonomous control will still emerge one after another.