CITIC Securities: The Federal Reserve restarts its interest rate cuts, and the subsequent market trading may become clearer.

On September 21, the latest research report from CITIC Securities pointed out that the Federal Reserve cut interest rates as expected by 25 basis points this week, causing global asset prices to fluctuate. After adjusting, gold and US stocks rebounded, while A-share stocks surged but then fell back. Previous uncertainties affecting asset pricing are gradually being resolved. The Federal Reserve has restarted its interest rate cutting cycle, with this cut being a "risk management-style" cut that continues the previous framework of rate cuts. The subsequent path of rate cuts may become clearer, providing strong support for economic growth. There were also new developments in the US-China trade negotiations this week, bringing positive signals for US-China relations. The main trading themes in the market may become clearer. Overseas, attention is focused on the narrative development of the AI industry. Domestically, with a stable export environment, domestic and foreign demand in China is expected to resonate and support a bottoming out, while the continued promotion of "anti-inner loops" is ongoing. Asset pricing in China is focusing on "moving away from deflation." In addition, the potential incremental benefits from the "Fifteenth Five-Year Plan" are also worth paying attention to.