According to CoinMeta, a research report from CITIC Construction Investment indicates that the sentiment in the A-share market has warmed up driven by overseas rebounds. The domestic capital situation is still in a process of rebalancing, and the pace of recovery may be relatively steady, with the market consolidating at the bottom and preparing for an upward move. Overseas, the Federal Reserve remains cautiously hawkish, reiterating that its 2% inflation target is unshakable, which puts short-term pressure on global risk assets. However, the Fed's clear stance that stabilizing long-term interest rates and flattening the yield curve could help alleviate concerns about excessive tightening of financial conditions. NVIDIA's financial report and guidance far exceeded expectations, confirming the resilience of AI capital spending and demand for computing power, providing support for the medium- to long-term fundamentals of the technology sector. In terms of asset allocation, the focus is on "rebalancing" to enhance the portfolio's adaptability to volatile markets: maintaining positions in sectors with ongoing positive momentum, while also allocating defensive positions and looking for opportunities for recovery in areas with low valuations, low institutional coverage, and marginal improvements in fundamentals. Key industries to watch include AI computing power, non-ferrous metals, innovative drugs, banks, non-bank finance, oil, coal, steel, agriculture, etc.