Group 1 - The article expresses a short-term bearish outlook due to the exhaustion of mid-term and short-term emotional resources, indicating a need for a return to replenish momentum [1] - The emotional indicators suggest a potential decline in the 40-day emotional line, which may lead to a colder emotional zone, possibly dropping to freezing levels [2] - The index is expected to decline gradually rather than sharply, as the recent volume decline slope has become more moderate, indicating a likely smoother index pullback [3] Group 2 - The overall market structure is viewed optimistically, with the first phase of horizontal consolidation lasting approximately 160 days, similar to previous bull market phases [3] - The article emphasizes the importance of managing stocks during periods of market fluctuations, as individual sectors and stocks may progress structurally despite index volatility [5] - Key investment themes identified include high dividends, consumption, semiconductors, computing power, and robotics, which are expected to persist throughout the bull market [5]