CITIC Securities: China is in the first stage of the Kondratiev cycle, suggesting the allocation of bonds and gold.

CITIC Securities released a research report stating that among macro factors, global growth factors are differentiated, with growth rebounding in Europe and the United States, and domestic financial conditions remaining loose. The short-term volatility of the oil supply factor is downward. It is expected that in May 2025, China will still be in stage one of the Pring Six Cycles, and it is recommended to allocate to bonds and gold. The latest recommendation for the ChinaBond duration timing portfolio in the second quarter is a long duration aggressive allocation, and the recommendation for U.S. bonds is to maintain a long duration aggressive allocation. The performance tracking system of A-share listed companies found that the first quarter report's three major indices outperformed expectations, exceeding the average of the past five years.