CITIC Securities: It is expected that the market will start a medium-term repair that will last for several months, and the four main lines of the market will rotate slowly.

Securities Times e Company News, CITIC Securities believes that investor confidence has begun to gradually recover, the resilience of A-shares has increased significantly, and the impact of RMB exchange rate fluctuations and the Fed’s interest rate hike on A-shares has also significantly weakened. , the four main lines of modern infrastructure, real estate, resumption of work and production and consumption restoration are slowly rising. On the one hand, investor confidence began to recover gradually under the improvement of multiple factors. The situation of epidemic prevention and control has improved significantly, and the market has strengthened the confidence that Omicron can be effectively controlled; it is expected that April will be the low point of the whole year, and the resumption of work and production will promote the trend of the economy from May; overseas inflationary pressure It has become the focus of contradictions, and the trade environment may improve in stages; after the investor positions are fully adjusted, the market selling pressure has subsided significantly, and there has been a continuous bottom-out layout of incremental funds in the near future. On the other hand, the impact of exchange rate fluctuations and Fed rate hikes on A shares has attenuated. From the perspective of the factors affecting the exchange rate, the cross-border capital flow is stable, and the continuous and rapid unilateral exchange rate fluctuations are difficult to sustain; at the same time, the allocation-oriented foreign capital has resumed the trend of net inflow, and domestic investors’ game behavior against the Fed’s current round of interest rate hikes has been in April. It has also been completed, and it has weakened significantly after May. Overall, market confidence has begun to gradually recover. It is expected that A-shares will officially start a mid-term repair market that lasts for several months. It is recommended to firmly deploy the four main lines of modern infrastructure, real estate, resumption of work and production, and consumption repair.