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I'm unsatified with the answer that ALT + Enter is a match for CTRL + 1.
CTRL + 1 provides shortcuts to generate code depending on what you are doing. For example, if you are on a method it can generate code for a local field based on the return type.
CTRL + ALT + V ... generates a local variable based on the return type of a method which I'd say is one my main uses of CTRL + 1.