CITIC Securities: A-shares show more resilience.

Guosen Securities research report indicates that the strengthening of the US dollar and the anticipation of interest rate hikes at the beginning of May coincided with the acceleration of global market K-shaped differentiation, with the core being the damage of tightening expectations to non-AI sector demand. As the market has reached its current stage and the K-shaped differentiation has reached a temporary peak, even the overseas technology sector is narrowing down, and the pricing of stocks, bonds, commodities, and currencies has already shown signs of early-stage recession trading; if subsequent tightening measures do occur, it may further damage demand in the carbon-based world; conversely, the K-shaped differentiation may temporarily converge. Compared to the volatile external market, the A-share market trend is more resilient, with some non-AI sectors showing signs of left-hand money entering, and a few undervalued sectors already showing signs of recovery, just waiting for the right opportunity.