Securities firms reached a consensus at the spring strategy meeting, external shocks did not change the stable market foundation.

Currently, the global capital markets are at a stage where geopolitical tensions and the transformation of the AI industry are intertwined. On one hand, the tense situation in the Middle East is increasing market risk premiums, disrupting global supply chains. On the other hand, the disruptive innovation brought by AI continues to reshape market perception. Against this backdrop, A shares have become the focus of attention at the spring strategy meetings of brokerage firms. On March 19, at the Citic Securities 2026 Spring Capital Market Forum, Qiuxiang, the chief A-share strategist of Citic Securities, stated that geopolitical turmoil coincides with the index reaching a critical juncture, making spring a period of confidence rebuilding and index determination. In the context of rising global energy costs and weakening financial conditions, low valuation and pricing power are the two most important factors. In terms of allocation, it is crucial to focus on the layout of overweight Chinese manufacturing advantages and pricing power. According to a review by Securities Times reporters, several brokerage firms believe that while the short-term market is experiencing external disturbances, their assessment of the long-term positive trends in Chinese assets remains unchanged.