CITIC Securities: Two possible evolutions of the slow bull market trend.

CITIC Securities Research Report believes that the current slow bull market began on June 23rd and has 4 characteristics: structural prosperity is the main driving force of the current market; internal and external uncertainties limit the rapid inflow of short-term funds; the market's long direction is clear but the rhythm is steady; the first half of the week is stronger than the second half. Currently, investor sentiment is rising rapidly, and attention should be paid to the possibility of overheating in the market. There are two possible evolutions for the mid-term market slow bull market: first, the market may consolidate in a correction, slowing down the pace of rise, with the slow bull market pattern expected to continue; second, the market may accelerate towards a peak, possibly due to overheated trading or deteriorating trading structure, resulting in a significant correction and the end of the current slow bull market. In terms of industry allocation, it is recommended to use dividend sectors as a base, and focus on rotational movements between new tracks. Key sectors to focus on include: dividends, liquid cooling servers, AI, innovative drugs, humanoid robots, beauty and skincare, electronics, non-banking financial institutions, non-ferrous metals, and defense industry.