The CITIC Securities Research Report pointed out that US stocks hit new highs driven by a new round of application proliferation and hardware repairs, and peripheral markets should no longer be considered as influencing factors for A-shares. Despite the temporary relative slump in sentiment, CITIC Securities maintained its judgment that the A-share market fluctuated during the year. The three quarterly report was the last wave of attack in the year, and the probability that the index will recover during the year is actually much lower than the rate of innovation. In fact, in a situation where profit trends are upward, macro risks are evident, and sentiment is already sluggish, it is very unlikely that the index will adjust drastically. At the same time, the conditions for the recovery of the Shanghai Composite Index were not as stringent as expected. The CITIC Securities scenario tested five possible paths for the recovery of the Shanghai Composite Index during the year. In line with the industrial climate and considering the limited short-term incremental capital, the upward structure, which mainly focuses on technology leaders, resource energy, and financial weight, can best balance fundamentals and liquidity. We should remain optimistic during the market hesitation period and respond with AI+ energy in terms of configuration.

The CITIC Securities Research Report pointed out that US stocks hit new highs driven by a new round of application proliferation and hardware repairs, and peripheral markets should no longer be considered as influencing factors for A-shares. Despite the temporary relative slump in sentiment, CITIC Securities maintained its judgment that the A-share market fluctuated during the year. The three quarterly report was the last wave of attack in the year, and the probability that the index will recover during the year is actually much lower than innovation. In fact, in a situation where profit trends are upward, macro risks are evident, and sentiment is already sluggish, it is very unlikely that the index will adjust drastically. At the same time, the conditions for the recovery of the Shanghai Composite Index were not as stringent as expected. The CITIC Securities scenario tested five possible paths for the recovery of the Shanghai Composite Index during the year. In line with the industrial climate and considering the limited short-term incremental capital, the upward structure, which mainly focuses on technology leaders, resource energy, and financial weight, can best balance fundamentals and liquidity. We should remain optimistic during the market hesitation period and respond with AI+ energy in terms of configuration.