China Securities Co.,Ltd. research reports indicate that if this round of bull market follows the 'three stages' theory, the market has transitioned from the 'blitzkrieg' of the first stage to the 'tug-of-war' of the second stage. In the short term, it will present a volatile pattern, but the medium term is also a preparation period for the third stage. On Saturday, the Ministry of Finance explicitly stated the central government's willingness and ability to deleverage, but the market still needs more confirmation on specific details. However, from a medium-term perspective, domestic demand recovery trade will become an important investment clue for the market. Investors can actively pay attention and position themselves on dips. Industries to focus on in the near term include: internet plus-related, electric vehicles, banks, insurance, construction, electronics, machinery, and non-ferrous metals. Short-term thematic focuses: debt restructuring (eco-friendly concept, AMC, etc.).