Zhongjin: Layout for the End of Year Policy Window Period.

Zhongjin believes that before the heavyweight meeting between China and the United States, whether it is the expectation of continued easing in the United States or the expectation of incremental policies in China, it may support the performance of risk assets. Specifically, we suggest maintaining an overweight position in Chinese stocks before the meeting, with a more balanced style. After the meeting, choose style sectors based on policy conditions. Currently, the growth style has experienced a significant pullback, and there may be opportunities for a rebound; the valuation of the cyclical value style is relatively low, and there is room for a rebound; entering late December, dividend assets may also show defensive value. Overall, the dynamic price-earnings ratio of the CSI 300 Index is 12 times, close to the historical average. The valuation has sufficient room for expansion compared to the previous high point of the bull market, and we believe that the bull market for Chinese stocks has not ended yet.