CITIC Securities: Contradiction between short-term benefits and long-term value intensifies in overseas markets.

Citic Securities research report believes that in recent overseas markets, risk preferences and liquidity have shown significant changes. Whether it is strategic security investment or representing future emerging infrastructure and technology investment, it implies that Europe and America will face more intense competition, while balancing short-term shareholder interests and long-term infrastructure investment strategic value, contradictions in the capital market will be repeatedly stimulated. For investors who are accustomed to making "easy money" in the long term, the uncertainty of the global financial market will continue to increase in the future, and risk assets based excessively on future cash flows or expectations of fund relay are more likely to undergo continuous valuation adjustments. In contrast, China's capital market has already completed the pricing of "getting rid of virtual and moving towards reality" in the past few years, and is currently in the process of verifying and pricing for "improving quality and efficiency", so there is no need to worry about short-term market fluctuations. In terms of allocation, it is recommended to continue to maintain a base of "resources + traditional manufacturing", bottom-fishing in non-bank sectors, increase allocation to consumption chains and real estate chains.