Gelonghui May 27| CITIC Construction Investment Research Report on May 27 pointed outbingoplusRecently, expectations of the Federal Reserve's interest rate cut continue to move backward, exchange rate pressure is rising, and China issues special treasury bonds, but the market in the early stagebingoplusExpectations of reducing reserve requirements and interest rates have not been fulfilled, and net investment has not occurred. The implementation of new rules on reducing A-share holdings, and the recent restart of IPO reviews, broad-based ETFs showed outflows and the margin of micro-liquidity shrank. The export boom is still there, and the recovery of domestic demand remains to be seen. Strategically, we can still be optimistic about A-shares, and tactically, we should focus on defense in the short term and wait patiently. The configuration is still based on dividends and bottom positions, while focusing on industries with independent fundamental logic.
