According to the CICC research report, in the short term, the impact of overseas disturbances has yet to be digested, and the geographical situation in the Middle East is still uncertain. At the same time, when September is the traditional peak season for US investment-grade credit bonds, credit supply pressure may rise again. It is difficult for US bond interest rates to decline rapidly, overall global liquidity is tight, and global risk asset volatility may increase. Follow-up attention will be paid to the September US FOMC meeting, changes in oil prices due to geographical uncertainty, and the impact of the US midterm elections. Currently, the impact of external disturbances on A-shares is still phased. There is no need to be pessimistic about the mid-term market trend. The long-term, steady trend since “9/24” is still expected to continue. At the allocation level, the dividend style is often relatively dominant during the stage where external shocks are more affected; in the future, if external risks are mitigated, it is still recommended to focus on fields and enterprises with strong performance certainty, and focus on exploration at the bottom-up level of industries and individual stocks. Two main lines are proposed: economic growth and cycle improvement.

According to the CICC research report, in the short term, the impact of overseas disturbances has yet to be digested, and the geographical situation in the Middle East is still uncertain. At the same time, when September is the traditional peak season for US investment-grade credit bonds, credit supply pressure may rise again. It is difficult for US bond interest rates to decline rapidly, overall global liquidity is tight, and global risk asset volatility may increase. Follow-up attention will be paid to the September US FOMC meeting, changes in oil prices due to geographical uncertainty, and the impact of the US midterm elections. Currently, the impact of external disturbances on A-shares is still phased. There is no need to be pessimistic about the mid-term market trend. The long-term, steady trend since “9/24” is still expected to continue. At the allocation level, the dividend style is often relatively dominant during the stage where external shocks are more affected; in the future, if external risks are mitigated, it is still recommended to focus on fields and enterprises with strong performance certainty, and focus on exploration at the bottom-up level of industries and individual stocks. Two main lines are proposed: economic growth and cycle improvement.