CITIC Securities issued an article stating that the macroeconomic policy environment continues to improve, and many positive factors are accumulating. Various types of capital rush are driving the recent comprehensive recovery of China's assets. Optimism is sprouting, and the market has returned to normal. It is recommended to downplay the game and focus on the three main themes of excellent performance growth, low-wave dividends, and active themes. First, judging from the recent intensive positive factors, first, the real estate policy tone has changed significantly, and the industrial chain difficulties are expected to be reversed; second, the market has entered a performance vacuum in the short term, and the first quarter results are expected to be low throughout the year; third, some industry policies have begun to focus on production control and price insurance to improve the competitive landscape and corporate profitability; and fourth, the logic of going overseas has been widely recognized by the market, opening up the growth and valuation ceiling for traditional industries. Second, judging from the incremental capital structure of the market, the rapid increase in private equity positions and the intensive inflow of capital from northbound transactions brought growth to A-shares. Continued inflows of capital from the south and the rebalance in the Asia-Pacific allocation of foreign capital accelerated the development of the Hong Kong stock market. Finally, judging from the market ecology, investors have emerged from an overly cautious atmosphere, and the normalization of IPOs also marks the return of the market to normal.