CITIC Securities: While maintaining the allocation in prosperous sectors, gradually increase the allocation to traditional industries that are relatively sensitive to macroeconomic factors

CITIC Securities believes that while residents' income confidence continues to decline, the expectation index has risen; employment sentiment has fluctuated; inflation expectations have slightly strengthened; confidence in housing prices has declined across all city tiers; in terms of A-share investment, most residents prefer to maintain their allocation rather than increase their positions, and the popularity of gold has risen with the increase in gold prices. It maintains its investment view, suggesting to keep allocations in prosperous sectors while gradually increasing allocations to traditional industries that are relatively sensitive to macroeconomic conditions