[monarch strategy: pro-cyclical technical rebound expected return depends on actual policy space] June 11, the monarch strategy team said that the view on the future is: 1) the strength of real estate policy is difficult to be falsified in the short term. The expected downward space is limited, whether it is a "Jedi counterattack" or "bottom repair", there should be a technical rebound in the pro-cycle, and the expected return depends on the actual policy space. 2) with the emergence of the wave of technological progress and industrial trends, considering the expectation of more sustainable industrial policies, the growth of science and technology and secondary new stocks are still the main battlefields after the stage is stabilized in a pro-cyclical stage. Defend and counterattack and keep the bullets flying.