According to a research report by CITIC Securities, the geopolitical impact of the Middle East conflict is great, but the actual impact on Chinese assets is limited; however, the Middle East conflict has triggered a sudden change in risk appetite, and the most affected structurally are the high-level, high-volume and highly consensus sectors. The factors that support the rise of micro-cap stocks are cracking, and such sectors are more likely to fluctuate in the future; the weakening of the small ticket and theme rotation mode also means that the logic of returning to the strong industrial trend represented by AI will be strengthened; another clue worth tracking is back to policy, and the continued and generally depressed price signals may become a new catalyst, but it requires patience. Overall, downplaying macro disturbances, returning to industrial trends, and being vigilant against micro-cap fluctuations are still the core strategic ideas for the next stage.