According to CoinMeta, a research report by Huatai Securities indicates that the core contradiction in the current technology market lies in whether the trading bottom has been established. Huatai Securities believes that we are currently closer to the "initial emergence of a trading bottom." The main supports for this judgment come from the following: 1. The adjustment space has been sufficient, with the main trend retracement reaching an over-adjusted range typical of high elasticity; 2. Leveraged trading funds both domestically and internationally have completed a certain degree of liquidation, with leveraged funds releasing all their incremental positions from the second quarter. Hedge funds in the U.S. stock market and leveraged funds in the Korean stock market have also retracted from extreme positions; 3. However, the selling pressure in the market remains strong recently, and no significant new increment has yet formed. The key window for a trend reversal is in late August, when mid-year reports, NVIDIA's financial results, and the redemption pressure during the rebound process will jointly determine whether technology can form a new round of upward momentum. In terms of asset allocation, dividends will continue to serve as a foundation for positions at the bottom, while the tech rebound will primarily focus on sectors with higher performance certainty, such as semiconductor equipment, which are part of the main trend. For sectors not part of the main trend, attention will be paid to those showing improvement in mid-year reports, such as securities firms and innovative drugs.