According to CoinMeta, CITIC Construction Investment stated that overseas risks are controllable, and the technology sector is waiting for a clearing out process. In the A-share market, margin trading and ETF funds are seeing alternating gains and losses. Although the clearing process is not yet complete, volatility has begun to converge. The pressure from funds that bought at low prices earlier to recover their losses may limit the upward momentum of the market. The 10-year U.S. Treasury bond yield is fluctuating around 4.7%, reflecting dual factors: inflation and the rise in long-term interest rates due to AI debt financing. The U.S. Treasury Department has increased its treasury bond repurchases, indicating that policymakers do not wish for a hard tightening of financial conditions that could harm AI and the overall economy. Therefore, the pressure of interest rates on equities is relatively controllable. At the strategic level, there is a bottom to the market recovery, but also an upper limit; policymakers' willingness to support the market is clear. However, additional funds have not yet come into play, and the current market is characterized by a game of balance among existing investors. For an upward breakthrough in the index, stronger catalysts are needed. In terms of asset allocation, it is important to consider both economic prosperity and balance, while waiting for the technology sector to clear out. Key industries to focus on include: AI (upstream materials and equipment, domestic computing power, etc.), innovative drugs, non-ferrous metals, machinery, new energy, and dividend-paying stocks.