CITIC Securities: In the short term, the structure is still dominated by technology, and the high dividend stock sector may become one of the main themes in the medium term.

China-Thai Securities stated that in the short term, the market will still maintain a structural active and index fluctuating operating pattern. With event catalysts and risk appetite support, the technology sector still has the basis for temporary activity, especially in the environment with a bias towards trading and short holding periods before the Spring Festival, there is still space for repeated performance in specific areas such as AI applications, robots, and semiconductor equipment. At the same time, as funds temporarily flow out of some high elasticity cyclical sectors, the internal market funds rebalance will accelerate, and the high dividend sector is expected to gain marginal improvement in relative returns. In the medium term, the investment logic of the high dividend sector will become clearer. After the Spring Festival, policy expectations such as stabilizing growth, promoting consumption, and improving the capital market system will gradually be realized, and the market style is expected to transition from "high elasticity trading" to "certainty allocation". In this process, sectors with low valuations, stable earnings, and high dividend certainty may experience a stronger and more sustained recovery trend, rather than short-term pulse rebounds.