Xinhua News Agency, May 25, China CITIC Construction Investment News pointed out that after the recent continuous decline in the market, A shares have entered the bottom area, and we do not think the market needs to panic excessively. At present, the performance-to-price ratio of equity asset allocation is high, most industry sectors have fallen back to low levels, the asset shortage caused by abundant macro liquidity is expected to provide bottom support, while pessimistic economic and policy expectations are also likely to be poor expectations. We believe that A-share bottom is coming, the strategy can gradually shift from defensive thinking to layout thinking, low layout, step by step to buy. Short-term defensive varieties perform better, medium-term positive layout has the direction of performance support, style value before science and technology, "special evaluation" and "TMT" two main lines are carried out in turn.