The King Strategy team said that in the next stage, the two major investment themes are expected to continue to go out of excess, one is the core asset stocks with expanded competitive advantage in the stock economy, and the stock price has been fully adjusted, focusing on post-epidemic repair; the other is the science and technology new economic growth stocks in the context of transformation. 1) High prosperity growth: electric vehicles / photovoltaic / wind power / military / computer innovation / digital industry; 2) core assets of consumer medicine: spirits / hotels / live pigs / innovative drugs / CXO/ Internet leader; 3) benefit costs decline and completion cycle warms up: kitchen electricity / furniture / consumer building materials. The cycle is optimistic about coal and real estate completion chain.