On May 23, A50ETF Huabao (159596) fell 0.87% with a turnover of 52.8642 million yuan. In terms of constituent stocks, Changjiang Electric Power rose 1%, and Midea Group rose 0.14%. Zijin Mining fell 3.04%, China Merchants Bank fell 1.5%, CITIC Securities fell 1.35%, Hengrui Pharmaceutical fell 1.22%, and the rest of individual stocks also turned green. Huabao Securities pointed out that since 2024, White Horse stocks have once again counterattacked and become a “dark horse”, significantly outperforming all A-shares and small-cap stocks. Combining factors such as valuations, style changes, macroeconomic environment changes, and policy orientation, the counterattack of core assets represented by Hakuba stocks is not a short-term factor, and “return to core assets” still has a good medium- to long-term allocation logic.