First, industries that benefit from RMB appreciation are suitable for long-term investment. The accelerated appreciation of industrial profits will be affected to some extent, but more importantly, banks, real estate, services and basic materials (cement and paper) will still promote the rapid rise of the stock market. Second, from the perspective of changes in gross profit margin, the greater the value-added potential, the more worthy of attention. Coal and nonferrous metals in resource products; Processing of beverages, medicines and agricultural and sideline products in consumer goods; Professional equipment and electronic products in investment products; Cement and papermaking in raw materials; On the contrary, the petrochemical industry has fallen sharply, and both chemicals and steel may fall back at a high level. Third, upgrade the consumption structure, upgrade the concept stocks that benefit from the Spring Festival, and pay attention to two major industries. The high-end liquor industry has entered the price increase cycle, and the Spring Festival is the peak period of liquor consumption. LU ZHOU LAO JIAO CO.,LTD shares (love stocks, quotes, information) and Kweichow Moutai (love stocks, quotes, information) deserve special attention; The end of the year is the traditional sales season in the automobile industry, and automobile sales are expected to go out of a wave of end-of-year hikes. According to personal living environment and personal experience, all the commodities with rising prices around us can be the investment targets at this stage. It is suggested that banking, real estate, steel, petrochemical, medicine and paper making should be over-allocated in the near future, especially banking, medicine and paper making. Bank: (1) The stock market value of the bank is dominant; (2) The appreciation of RMB is accelerating and domestic demand is expanding; (3) Improve management ability and asset quality; (4) The hot stock market, hot-selling wealth management products, fund consignment and Hong Kong stock through train have created rich returns for banks; (5) favorable tax reform and preferential tax burden; (6) The rapid development of bank card business has accelerated the growth of fee income. Pharmaceutical industry: (1) The rapid growth of performance far exceeds expectations; (2) medical reform and policy care; (3) Equity incentive, ready to go; (4) domestic demand is expanding and industrial growth is strong; (5) In the third quarter, it was weaker than the broader market, and it was a cheap stock that did not "keep pace with the times" and had a strong desire to make up. Finally, with the rise of heavyweights, the center of gravity of the market is also moving up, and the composition of the bubble is also expanding. Then, in this case, it will be a good strategy for investors to wait until the market is completely adjusted. After all, the current market adjustment pressure is not small. On the other hand, the stock market is a barometer of the economy, and the market has opportunities, and the choice is the most important. (Zhu Shaohua, financial planner of CITIC Bank)