China International Capital Corporation's research report suggests that the overall valuation of A-share market has returned to the historically low level. After the index has declined for five consecutive weeks, the asset prices may have reflected the overly pessimistic expectations of the investors. The policy of stable growth in the second half of the year, combined with the continuous improvement of current capital market policies, is expected to help maintain the active capital market, restore investor confidence, and continue to focus on phase and structural opportunities in the second half of the year. In terms of allocation, the Lujiazui Forum released a positive signal of capital market reform, supporting the development of new production forces. This week, the Securities and Exchange Commission announced eight measures to deepen the reform of the science and technology innovation board, along with the favorable policies in the technology field, such as the establishment of the integrated circuit industry fund phase III and the basic research fund for large aircraft, the technology innovation sector, especially the sectors with independent industrial logic, is expected to perform relatively well. Under the strong background of foreign demand, there are still opportunities for investment in export chain industries and globally priced resource industries. The logic of dividend assets has not changed in the medium and long term despite recent adjustments. Focus on marginal changes in recent industrial policies of new energy and other green sectors.