Tianfeng Securities pointed out that after waiting for low volume, the volatility amplifies, and grasp the large fluctuations in the consumption stage: first, the A-share market since August has shown a high sensitivity to market expectations for domestic demand policies; second, domestic consumption sectors may have relative advantages in overseas recession trades in 24H2 and US election trades. In the long term, there may be two types of conditions for the excess reversal of high dividends: first, the central long-term government bond interest rate no longer declines, and second, the dividend yield of high dividend sectors is further hindered from increasing. Long-term style switch requires patience to wait for more right-side signals, and high dividend assets with monopoly and scarcity may be revalued.