CITIC Securities: It is recommended to continue to adhere to China's advantageous manufacturing industry and wait quietly for the decision in April.

CITIC Securities research report believes that the short-term capital market is still in a period of cooling emotions, and the mentality of avoiding losses may lead to a reduction in positions. In terms of allocation, it is recommended to continue to adhere to China's advantageous manufacturing industry and wait for a decision in April. Currently, the recommended bottom position is still in industries where China has a share advantage, the overseas production cost reset difficulty is high, and the supply elasticity is easily influenced by policies, focusing on the chemical industry, non-ferrous metals, power equipment, and new energy. On top of these bottom positions, it is recommended to continue increasing exposure to undervalued factors, with a focus on insurance, securities firms, and power companies. Considering the framework of short-term economic signals driving the market, price hikes remain the "sharpest spear", with the probability of PPI trading becoming the main trend of the whole year increasing, and April-May being a critical period.