As per a research report from CITIC Securities, the market was going through an oversold rebound phase in early August. Sectors that had witnessed substantial declines earlier demonstrated stronger rebound momentum. At present, the year-to-date returns for sectors such as non-ferrous metals, chemicals, non-banking finance, and electrical & new energy still fall short of their theoretical averages. The report conducts a quantitative evaluation of the recovery progress of popular sectors from three angles: holding costs, liquidation of leveraged positions, and overcrowding. When it comes to holding costs, tech growth stocks and small-cap stocks are under concentrated pressure from unrealized losses that require further digestion. As for leveraged positions, over half of the leading gainers have undergone liquidation. Regarding overcrowding, trading activity in the tech sector stays at a high level. On the whole, sectors like electronics, non-ferrous metals, innovative pharmaceuticals, and non-banking finance are recovering relatively swiftly, while chemicals, electrical & new energy, and telecommunications are progressing more slowly in their recovery. In terms of portfolio allocation, technology holdings are centering on core assets, and non-technology allocations are on the rise in areas such as energy & chemicals, non-ferrous metals, innovative pharmaceuticals, and leading securities firms.