CITIC Securities: With the end of the real estate era, the capital market's position is upgraded to become the core hub of economic development and resource allocation.

The research report from CITIC Securities pointed out that the global interest rate cut cycle will enter the second half in 2026, with the two core features of macro liquidity being "internal and external loose resonance" and "from extraordinary to normal". Pressure on the US dollar on the exchange rate side, and the appreciation of the RMB supporting the strength of A-shares. In terms of stock and bond reallocation, the long-term low interest rates reshape the logic of stock and bond allocation, and the medium-term "stock-bond see-saw" effect further supports the trend of A-shares. In addition, the demand for residents' "household deposit relocation" may become the largest marginal increment in the market. In terms of policy, in the post-real estate era, the capital market has been upgraded to become a core hub for economic development and resource allocation. The market funds ecology continues to improve, laying the foundation for the high-quality development of the capital market.