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2026-09-20 20:50:10
[CITIC Securities: A-shares have begun their second round of recovery] CITIC Securities believes that A-shares have officially begun their second round of recovery. The macroeconomic game triggered by the geopolitical conflict in the Middle East that pushed up oil prices and US Treasury yields has largely settled, with oil prices and long-term US Treasury yields subsequently declining. Domestically, the interest rate environment remains loose, and the RMB exchange rate is also maintaining a stable trend. The market's main focus has returned to the logic of earnings growth, and now is a crucial window for funds to flow back into high-growth sectors. However, it is still necessary to continuously monitor the sustainability of the decline in overseas interest rates and oil prices, as well as the potential external volatility caused by the Fed's FOMC meeting at the end of October. In terms of asset allocation, it is recommended to adopt a balanced and tiered approach. For offensive strategies, priority should be given to sectors with tight computing power supply and potential for price increases (including optical chips, PCB manufacturing, CCL, and server assembly), as well as industrial non-ferrous metals such as copper, aluminum, and tin. For defensive strategies, high-dividend assets can be used as a core holding to hedge against market fluctuations. At the same time, investors can flexibly seize investment opportunities in domestic demand sectors such as agriculture, medical aesthetics, and textiles and apparel, which are driven by policy expectations.
