On May 23, A50ETF Huabao (159596) fell 0.97% with a turnover of 148 million yuan. In terms of constituent stocks, Changjiang Electric Power rose 0.65%, and Midea Group rose 0.5%. Zijin Mining fell 3.2%, CITIC Securities fell 2.28%, China Merchants Bank fell 1.55%, China Ping An fell 1.37%, and all other individual stocks turned green. The minutes of the Federal Reserve's latest policy meeting were released last night. Many policymakers are worried that the decline in inflation is not progressing enough and believe that it will take more time to be confident that interest rates will be cut, which suggests that the wait-and-see state of continuing to maintain high interest rates should continue for longer. Hualong Securities believes that the market market+value style is relatively dominant, showing the characteristics of the overall market value style in terms of ETF weekly performance and capital flow. The real estate-related industry chain is receiving high market attention as catalyzed by policies, but sustainability remains to be seen. Currently, the market is gradually biasing the market style, and the allocation value of high-quality and highly elastic indices is still there.