CITIC Securities: Emphasizing the defensive properties of dividend assets and positioning repair varieties after the marginal convergence of geopolitical risks.

The Zhongtai Securities research report indicates that the short-term market may still face fluctuations, but there is no systemic risk of a significant downturn. Structurally, it may revolve around strong independent economic sectors. In terms of allocation strategy, emphasis is placed on the defensive properties of dividend assets, and on positioning for the recovery of varieties affected by marginal convergence of geopolitical risks. 1. High dividend assets: In an environment of frequent geopolitical conflicts and weak global economic growth momentum, dividend assets have high configuration value due to their certainty and defensive properties. 2. Globally priced commodities: After the impact of this round of conflict emotions subsides, copper, gold, and other commodities will present clear allocation opportunities as geopolitical risks marginally converge. 3. Low position in growth sectors: Positioning in technology industry shortage sectors and manufacturing industries with global competitiveness at a low point, seizing the opportunity for profit and valuation double recovery after market sentiment calms down.