According to CICC's May 13 strategy report, global investors have paid a high level of attention to Chinese assets recently. In an environment of partial fluctuations in major stock markets such as the US, Japan, Europe, and India, A shares and Hong Kong stocks have clearly rebounded. In particular, the Hang Seng State-owned Enterprises Index has increased by 16.5% from the beginning of the year, leading the world's major stock markets. The A-share Shanghai Composite Index and Shanghai and Shenzhen have both increased by around 6% since the beginning of 300. Looking ahead, although it is not ruled out that investor sentiment will recur again in the short term after experiencing a continuous rebound, combined with the above changes and the current undervaluation level of A-shares, the recovery in the A-share market since February may not be over, and the current opportunities in the A-share market still outweigh the risks. In terms of allocation, the TMT sector, which is driven by technological progress expectations and catalyzed by new quality productivity-related policies, is still expected to perform relatively well in the medium term; green sectors such as new energy focus on recent marginal changes in industrial policy, which can help reverse investors' expectations; many recent eventful factors in the real estate chain have brought phased performance, but sustainability requires attention to the strength and pace of policy implementation.