The market saw some post-holiday fluctuations; however, trading enthusiasm stayed robust, with transactional funds emerging as the main driver of incremental capital inflows. The investor base expanded, reflecting net inflows from retail investors and margin trading activities. Meanwhile, the average daily registration volume of private funds maintained its level since July. The observed market volatility might be attributed to the seasonal downturn in new issuance scales of public funds. Nevertheless, the appreciation in net asset values is likely to support a continued upward trajectory. Regarding asset allocation, there has been a noticeable uptick in investors' inclination to take profits in the TMT sectors, primarily fueled by overseas computing power supply chains. This trend has redirected market attention toward industries undergoing capacity reductions, cyclical sectors, and defensive investment options.