Citic Securities: Risk preference warms up, business theme rotation

CITIC Securities pointed out that the risk appetite for funds has increased, focusing on industries with high prosperity and new concept themes, and suggested prioritizing the direction of industry themes with outstanding performance in the first quarter report. With the release of the first quarter report, the market has entered a period of theme excitement. From the perspective of theme environment, combining liquidity indicators and market style characteristics, the market continues to layout on industry themes with high prosperity in the first quarter report, and shows a stronger preference for new theme concepts. In terms of catalytic factor analysis, it is recommended to focus on domestic policies such as stable real estate market and consumption stimulus in the internal circulation.