CITIC Construction Investment believes that the decline in A-shares before the holiday season was driven by the concentrated resonance of several short-term factors, and the post-holiday market is expected to recover after the short-term factors have been digested. The future market looks at profit in the short term: A-shares will enter a performance verification period in October; medium-term policy expectations: a new round of policy strength may arrive; long-term focus on liquidity: the probability of interest rate hikes in October has declined, but interest rates on 30-year US Treasury bonds are still high. CITIC Construction Investment expects that after recovering the market after the holiday season, the overall pattern of A-shares will continue to fluctuate, and continue to have a balanced balance between offense and defense. Offensive side: With AI computing power and innovative drugs as the core. Defense side: Use dividend sectors such as banks, non-banks, coal, and utilities as bottom positions.

CITIC Construction Investment believes that the decline in A-shares before the holiday season was driven by the concentrated resonance of several short-term factors, and the post-holiday market is expected to recover after the short-term factors have been digested. The future market looks at profit in the short term: A-shares will enter a performance verification period in October; medium-term policy expectations: a new round of policy strength may arrive; long-term focus on liquidity: the probability of interest rate hikes in October has declined, but interest rates on 30-year US Treasury bonds are still high. CITIC Construction Investment expects that after recovering the market after the holiday season, the overall pattern of A-shares will continue to fluctuate, and continue to have a balanced balance between offense and defense. Offensive side: With AI computing power and innovative drugs as the core. Defense side: Use dividend sectors such as banks, non-banks, coal, and utilities as bottom positions.