According to CITIC SEC Research Reports, looking ahead to January, the policy is in a window period. The market is expected to remain relatively active in the first half of the month, while external disturbances will gradually increase in the second half, leading to a cooling of market sentiment. Considering the rhythm of the first quarter, it is expected that policy expectations will warm up again after the Spring Festival, and the market will begin to prepare for the spring offensive. From a funding perspective, foreseeable incremental funds before the Spring Festival will only come from Insurance, and existing active funds are expected to focus more on themes. In terms of style configuration, due to continuous trading losses, it is predicted that a purely Small Cap style will be difficult to sustain, and the CNI Large Cap.Value Index style will prevail. Regarding sector allocation, it is recommended to continue adopting a dividend + theme barbell strategy, leaning more towards dividends while closely monitoring policy catalysts in the pharmaceutical sector. As for industry allocation, within the dividend sector, stable high dividends and Consumer high dividends are predominant. It is advised to downplay the Energy-type dividend industry. Within the theme sector, there is optimism about active funds focusing on edge-side AI, New Retail, and Siasun Robot&Automation, but caution should be exercised regarding the retreat of theme trading in mid to late January.