CITIC Securities Research Report pointed out that the current market environment and atmosphere have some shadows of the end of 2014, including: investors have accumulated a certain profit effect in Hong Kong stocks, small and micro-cap stocks and industrial tracks, and new products have begun to pick up moderately; non-financial sector profit expectations are approaching the bottom, investor patience has improved, and confidence has yet to be restored; anti-involution and boosting domestic demand have become clear policy goals, and the introduction of specific policies and adjustments in thinking are only a matter of time. The "15th Five-Year Plan" may show a new policy path. The market currently lacks only a catalyst for ignition, which may be unexpected policies from China and the United States, or new changes in the technology industry. From the perspective of allocation, we still maintain three ideas in the mid-term report season. The first is industries with super-strong industrial trend characteristics, focusing on AI and innovative drugs; the second is industries driven by performance and valuation matching, focusing on North American computing power chain, nonferrous metals and games in communications and electronics; the third is industries with certain themes and position-based game nature, related to military industry and anti-involution-related new energy. Overall, the rotation of nonferrous metals, AI hardware, innovative drugs, games and military industry may still be the main theme of the mid-term report season.