HTSC research report pointed out that the recent volume fell back, consumer core assets fell to a low level, switching of assets between offensive and defensive ends (dividend->A50, export chain->technology), may reflect the weak fundamental expectations that the market is still looking for new expectations and mainlines. The risk premium of the entire A stock market is approaching the upper limit of the ±1.5x standard deviation corridor, and the implied real estate/M1 expectations may have already substantially exceeded, and positive clues such as subsequent fiscal pulses (leading M1 year-on-year by about three quarters, fiscal policy has gradually warmed since the fourth quarter of last year) will gradually emerge. Against the background of low market expectations, the "Seven Up" trend may still be expected. In terms of configuration, A50 and consumer electronics with low implied ROE and expectation gap in the market's ability to cross the cycle are the bottom positions, followed by industries with bidirectional improvement in supply and demand, such as consumer electronics, panels, shipping, light industry, etc.