CITIC Securities: The previous adjustment in A shares has already released certain risks, holding stocks during the holiday season combines winning rate and odds.

The strategy team of Guosen Securities, led by Zhang Qiyao, pointed out that the recent global asset resonance adjustment is more about digesting emotions through narrative rather than substantial changes in fundamentals or policy paths. With a certain amount of risk being released from the previous adjustments, the impact of recent global narrative changes on market sentiment may gradually diminish. With more catalysts and factors such as the "Spring Festival effect," there is hope for creating a good environment for market recovery. Holding stocks during the festival period has both a high chance of winning and losing. In terms of allocation, one can gradually move away from defensive thinking and focus on the layout of the Spring Festival market.