According to the research report of CICC, in the third quarter, the market was greatly adjusted due to internal and external factors, and the scale of Public Offering of Fund's shareholding declined, and the stock assets dropped from 6.6 trillion yuan in the second quarter to 5.8 trillion yuan, but the overall position declined relatively little. The position of active partial stock funds decreased from 87.5% in the second quarter to 86.4%, and the allocation ratio of Hong Kong stocks also declined. At the structural level, there are mainly the following configuration characteristics: 1) the concentration of leading companies' equity is declining; 2) The position of the main board decreased, the position of the science and technology innovation board increased obviously, and the position of the growth enterprise market also increased slightly. 3) Improve the position differentiation, increase the potential support fields of benefit policies such as machinery, computers and real estate, and reduce the positions of basic chemicals and medicines. 4) In terms of popular tracks, the position of industrial chain of new energy vehicles has dropped sharply, and the positions of military industry and photovoltaic wind power have increased. 5) Special and special new theme positions continue to rise. Overall, the congestion of public offering positions has improved compared with the second quarter. The recently adjusted A-share market sentiment and valuation indicators are close to historical lows. The turnaround of the market needs to pay attention to the following major contradictions and more potential catalysts, and the medium-term market opportunities gradually outweigh the risks.