According to a CITIC Securities research paper, before changes in domestic demand that exceeded expectations occurred, shocks and rotation of structural opportunities were the norm, and the revaluation of resources/traditional manufacturing's global pricing power was still an underestimated potential direction. Since the “9.24 market” last year, the overall rise in the market level in both rounds has been accompanied by a systematic rise in the scale of financing, with a total net increase of 1.11 trillion yuan, far exceeding the total number of new subjective public and private equity products launched since October last year. In these two waves of the market, major broad-based and booming industries achieved the vast majority of gains. If the sharp upward phase of the two rounds of financing is excluded, the market basically fluctuates sideways at other times. The sectors that can achieve effective growth during the shock period are mainly quantification-driven micromarkets, insurance-driven banks, non-ferrous products driven by price increases, and innovative drugs driven by pipelines going overseas. The current market shocks may be the norm before changes in fundamentals exceed expectations. Due to adjustments in the bond market, the equity balance strategy is currently facing certain challenges. There may be higher requirements for controlling position volatility, and it also indirectly affects stock allocation strategies. The potential upward pressure on the RMB in the future may bring about monetary easing that exceeds expectations. This may be the source of changes exceeding expectations and breaking the volatile pattern. Until then, the allocation will continue to reassess resources/traditional manufacturing pricing power and the two directions of enterprises going overseas.

According to a CITIC Securities research paper, before changes in domestic demand that exceeded expectations occurred, shocks and rotation of structural opportunities were the norm, and the revaluation of resources/traditional manufacturing's global pricing power was still an underestimated potential direction. Since the “9.24 market” last year, the overall rise in the market level in both rounds has been accompanied by a systematic rise in the scale of financing, with a total net increase of 1.11 trillion yuan, far exceeding the total number of new subjective public and private equity products launched since October last year. In these two waves of the market, major broad-based and booming industries achieved the vast majority of gains. If the sharp upward phase of the two rounds of financing is excluded, the market basically fluctuates sideways at other times. The sectors that can achieve effective growth during the shock period are mainly quantification-driven micromarkets, insurance-driven banks, non-ferrous products driven by price increases, and innovative drugs driven by pipelines going overseas. The current market shocks may be the norm before changes in fundamentals exceed expectations. Due to adjustments in the bond market, the equity balance strategy is currently facing certain challenges. There may be higher requirements for controlling position volatility, and it also indirectly affects stock allocation strategies. The potential upward pressure on the RMB in the future may bring about monetary easing that exceeds expectations. This may be the source of changes exceeding expectations and breaking the volatile pattern. Until then, the allocation will continue to reassess resources/traditional manufacturing pricing power and the two directions of enterprises going overseas.