The essence of the securities morning meeting | "Defense to offense" still needs time, waiting patiently for more stable market policies to be introduced.

Yesterday, the three major indexes of A-shares collectively fell. As of the close, the Shanghai Composite Index fell by 0.8%, the Shenzhen Component Index fell by 1.81%, and the ChiNext Index fell by 2.7%. The trading volume of the Shanghai and Shenzhen stock markets was approximately 1.9926 trillion yuan. In terms of sectors, shield tunneling machines, high-speed rail, sports industry, automotive, banking, precious metals, and other industries and concepts outperformed in terms of gains, while coal, coal chemical industry, methanol, coal mining and selection, energy metals, electronic chemicals, and other industries and concepts led in terms of declines. At today's morning meeting of securities firms, Huaxi believes that "defensive to offensive" still needs time, and more stable market policies need to be awaited. CICC believes that future industrial investment opportunities may be in the "future" rather than the "present". Huaxi: "Defensive to offensive" still needs time, waiting for more stable market policies to be introduced The direction of the US-Iran conflict is still the core variable overseas, and it is also the primary external factor suppressing the risk appetite of A-shares. Due to the large gap in the core demands of both parties, the difficulty of the "TACO" deal has significantly increased. As of now, the US-Iran war has lasted for a month. Although there have been negotiation signals in the market this week, from the perspective of the US "15-point ceasefire plan" and Iran's "5 conditions for ceasefire", there is still a significant difference between the two sides. The uncertainty of negotiations is high, and it is a high probability that there will be continued fighting while negotiations are ongoing. In terms of industry allocation, defensive strategies are currently favored. Suggestions include: 1) defensive sectors such as banks, utilities, essential consumer goods; 2) new energy, power, energy storage, lithium batteries related to energy independence and control; 3) industries with strong growth prospects and performance certainty, such as AI computing power, innovative drugs, etc. CICC: Future industrial investment opportunities may be in the "future" rather than the "present" The importance of future industries is strong, and the trends in industries and policies are relatively certain, and their market trends may be more stage-dependent, thematic, and internally differentiated. In the medium to short term (around one year), it is advisable to keep an eye on the progress of future industries, but most areas do not necessarily require immediate investment, and it is important to consider the matching risk between asset prices and business development. In the long term (more than one year or longer), with the development of industries, the application path becoming clearer, more outstanding companies emerging, and the competitive landscape becoming clearer, investors can further explore investment opportunities.