"[Institution: Walsh's Nomination as Fed Chair Represents the Policy Intention of the 'American Version of Redirecting from Speculation to Reality'] Odaily Planet Daily News - A research report by CITIC Securities believes that the current wave of concentrated ETF redemptions has essentially ended, and heavyweight stocks are entering a recovery window. A style shift is occurring on a large-cycle dimension, moving from small-cap to large-cap, and from thematic to quality. Walsh's nomination as Federal Reserve Chair represents the policy intention of the 'American version of redirecting from speculation to reality.' Regardless of whether this vision can be successfully implemented, it will have a significant impact on the style of global risk assets. The underlying commonality of the cyclical sectors is the large room for profit margin recovery, which is backed by China's policy shift from scale expansion to a gradual focus on improving quality and efficiency. The underlying logic of allocation should still revolve around industries with competitive advantages and the revaluation of global pricing power. However, increasing caution should be exercised toward the precious metals sector, which is becoming increasingly speculative. The recovery and agitation in the consumption and real estate chains should logically occur in the spring, which does not conflict with manufacturing and technology." (Jin10)