China International Capital Corporation's research report believes that looking forward to the future, although the recovery trend since February has encountered setbacks, it has not yet ended. The overall valuation of the A-share market is still at a relatively historical bottom, accompanied by the mid-to-long-term reform bonus of stable growth policies in the second half of the year. There is no need to be pessimistic about the future performance of A-shares. In terms of asset allocation, sectors and individual stocks that perform better than market expectations in the mid-year performance disclosure phase are expected to have relative performance. Pay attention to the technology innovation field, especially sectors with independent industrial logic. External demand still has resilience, and there are continuing opportunities to allocate resources to export chain industries and globally-priced resources. The logic of dividend assets in the mid-to-long term remains unchanged, but in the future, it is necessary to pay more attention to the basic fundamentals of the molecular end and the sustainability of dividends.