Recently reviewed the account setup and would like to share some ideas on real trading adjustments.

The account is mainly divided into three parts: on-exchange ETF account (2.6 million), a certain fund account (5.4 million), and a wealth management portfolio account (1.2 million), with total holdings exceeding ten million. As of last Friday, the year-to-date profit is 1.9 million, but compared to the peak of 2.3 million, the unrealized gains have retracted by 400,000.

**This Week's Rebalancing Actions**

The on-exchange ETF account mainly focuses on medium- and short-term swings, and this week a switch was made. Reduced holdings of a certain target worth 100,000 (used previously as liquidity reserve, took profit after earning over 5%), then fully added to the Hang Seng Consumer ETF. Now, the total position in this segment has reached 370,000. Although the unrealized gains have been diluted (from 11% down to 8%), the subsequent logic is clearer.

**Why Are We Optimistic About the Consumer Sector**

Honestly, the valuation of the consumer sector is already at a historic low. Targets like Pop Mart and Old Gold Shop have basically adjusted to fair value, and the cost-effectiveness is indeed prominent. Plus, next year there is a high probability of consumer-stimulating policies, which could boost industry prosperity. This is based on both macro expectations and micro valuation considerations.

The core of rebalancing is to increase the allocation weight in high-quality sectors at low points, shifting liquidity reserves toward sectors with greater growth potential. We will continue to monitor the account performance.