CITIC Securities: Entering the period of annual report preview, the weight of performance clues begins to rise again.

The research report by CITIC Securities pointed out that the adjustment of margin financing will not affect the overall direction of market volatility upwards, but will affect the market structure. The game of theme sectors intensifies, and the one-sided trend market driven purely by narrative and fund relay has come to an end. As we enter the period of annual report previews, the weight of performance clues begins to rise again. The massive redemption of ETFs is part of countercyclical regulation, providing a window for structured funds to calmly "get on board". In terms of allocation, a good portfolio should be experienced, have low resistance, and be resistant to anxiety, based on the advantage of building a portfolio around "resources + traditional manufacturing pricing weight estimation". On this basis, it is possible to increase allocation to non-bank stocks on dips, while enhancing returns through some service consumer goods or high-growth sectors.