According to the CITIC Construction Investment Research Report, the September asset portfolio allocation can revolve around three main lines to defend against stagflation: low-volatile assets such as dividends and high dividends to counter stagflation; structural attacks: A-share resources and hard technology with strong profit certainty; and the focus on US stocks shifts from crowded hardware bottlenecks to cloud vendors, software applications, computing power leaders, and semiconductor devices. In other words, dollar liquidity-sensitive assets may have an opportunity in September. Careful allocation: Don't chase up China's long-term bonds, and be careful about the room to go long in the domestic demand growth sector. Implicit allocation advantages and disadvantages: gold, copper, and resource dividend assets are preferred; US stock software applications, cloud vendors, and computing power equipment are followed; long-term bonds in bonds, domestic demand consumption in stocks, and aluminum in bulk is cautious.

According to the CITIC Construction Investment Research Report, the September asset portfolio allocation can revolve around three main lines to defend against stagflation: low-volatile assets such as dividends and high dividends to counter stagflation; structural attacks: A-share resources and hard technology with strong profit certainty; and the focus on US stocks shifts from crowded hardware bottlenecks to cloud vendors, software applications, computing power leaders, and semiconductor devices. In other words, dollar liquidity-sensitive assets may have an opportunity in September. Careful allocation: Don't chase up China's long-term bonds, and be careful about the room to go long in the domestic demand growth sector. Implicit allocation advantages and disadvantages: gold, copper, and resource dividend assets are preferred; US stock software applications, cloud vendors, and computing power equipment are followed; long-term bonds in bonds, domestic demand consumption in stocks, and aluminum in bulk is cautious.