CICC: Performance certainty may be an important clue in the current uncertain environment

CICC pointed out that the certainty of performance may be an important clue in the current environment of uncertainty. Although there is still uncertainty in the short-term market, the market sensitivity may decrease after fluctuations, and after a period of adjustment, the current situation may be a relatively low point in the A-share market. In the medium term, CICC believes that there has been no fundamental change in the macro environment in which the market operates, and the logic supporting the steady growth of the A-share market still holds true. The release of risks and downward adjustments are expected to bring about good allocation opportunities. In an environment of uncertainty, the certainty of performance may become a key clue for the flow of funds in the market. It is suggested to focus on sectors with high business strength and strong performance certainty. 1. Prosperous growth: Industries benefiting from the implementation of AI technology, such as optoelectronics; new energy-related sectors such as batteries, and energy storage. 2. Cyclical resource stocks: Taking into consideration the position in the production cycle, focus on sub-sectors with support for price increases and performance certainty in the supply-demand pattern, such as power grids, and chemicals. 3. High dividend stocks: In stages with low risk appetite, relative performance may be stronger, but overall, it may still be a phase and structural performance. Pay attention to matching with cash flow.