CITIC Securities: Continuous policy catalysis, focus on improving sectors related to domestic consumption.

According to the research report of CITIC Securities, based on the data strategy model, the industry allocation recommendations for May 2025 are: automobiles, wholesale and retail trade, transportation, agriculture, forestry, animal husbandry and fishing, and home appliances. The suggested investment themes for related ETFs are animal husbandry and home appliances. In terms of policies, the market sentiment hotspots in April 2025 are concentrated in industries such as light industry manufacturing, national defense and military industry, agriculture, forestry, animal husbandry and fishing. From the perspective of fundamental economic conditions, industries currently experiencing high prosperity include wholesale and retail trade, home appliances, and securities. In terms of liquidity, it is recommended to pay attention to the month-on-month changes in April, with the industries experiencing the highest increase in trading activity being agriculture, forestry, animal husbandry and fishing, food and beverage, and consumer services.