CICC notes that while the market currently encounters numerous short-term uncertainties, it holds a positive outlook for the second half of the year in the medium term. Fundamentally, financial indicators are signaling market trends, with improvements in metrics such as money growth rates suggesting that policies are gaining traction. High-level meetings have reiterated the importance of 'anti-involution' strategies, emphasizing concerns over issues like inflation. From a capital standpoint, after 10 months of market volatility, the structure of chip stocks has undergone optimization. The current price level surpasses the average cost of funds over the past year and three years, enhancing the profitability outlook. Amidst an environment of 'asset scarcity', the dividend yield of A-shares appears more attractive when compared to long-term bond yields, forming the cornerstone logic for a favorable market forecast.