According to the Huatai Securities Research Report, due to many positive factors such as holiday social finance and consumption data, the market soared strongly in the first week after the holiday season, and the small micro market experienced a strong recovery. Although the dividend sector has subsided, it also showed strong performance. Investors are concerned about the continuation of the dividend market. We believe that due to changes in investors' medium- to long-term expectations, credit cycle recovery, and the dividend sector's relative fundamental support and incremental capital preferences, the dividend market is still somewhat sustainable, but the level of congestion may have reached a high level. After falling back, it may be a better time for additional allocation. The current internal rotation and logical spread or strengthening. In terms of allocation, maintain the idea of reducing volatility, continue to recommend the Shanghai and Shenzhen 300/Shanghai Stock Exchange 50, which have smooth capital, valuation, and chip logic, and focus on the potential direction of the spread of “dividend-like” ideas, such as food/dairy products, white electricity, construction, and travel chains.