Tianfeng released a Research Report analyzing how to view the adjustment of A-shares at the beginning of the year. The report believes the market is in the 'strong expectations, weak reality' phase 2.0, similar to the 'barbell strategy' in the first half of 2023: on one side, the shift in policy attitude has improved future expectations and increased risk appetite, with transaction volumes remaining high, leading to a dominant theme market with active high-turnover technology sectors; on the other side, policies need time to take effect, and the pace and intensity of policy implementation will depend on the economic situation, leading to a continued 'weak reality' for some time. The monopoly dividends may occasionally emerge. Policies to improve livelihoods and stimulate consumption are also worth looking forward to.