According to the CICC Research Report, judging from the public offering situation, although the share of stock holdings has declined slightly, the overall level is still at an all-time high. Structurally, high-dividend and resource stocks became the main trading line in the previous quarter. The institutional allocation ratio increased, while positions in growth industries such as TMT and pharmaceuticals declined sharply. Among them, high-dividend industries such as utilities, home appliances, telecommunications, and banking received additional positions, and resource stocks such as nonferrous metals, petroleum and petrochemicals also received a lot of additional positions. Closer to the disclosure period of the quarterly report, we focus on high-boom export sectors; external factors and supply clearance bring opportunities to the upstream resource products industry, focusing on resource sectors such as gold, petroleum and petrochemicals, and non-ferrous metals; the high-dividend sector needs to pay attention to logical changes, and the focus needs to shift to dividend ratios and intentions, which are expected to increase enterprises.