中信期货：商品维持配置但侧重基建出口链，黄金维持配置

Group 1 - The core viewpoint indicates that domestic equity allocation is being reduced while waiting for policy and profit recovery in late August [1] - Commodity allocation is maintained with a focus on infrastructure and export chains, while gold remains a part of the allocation strategy [1] - In the overseas market, U.S. stocks are being reduced due to high valuations, while U.S. Treasury bonds are still being allocated [1] Group 2 - There is a slight increase in allocation to RMB funds to alleviate pressure from a weak dollar, while a reduction in allocation to dollar-denominated funds is noted due to concerns over interest rate cuts [1] - The overall strategy remains defensive, with a focus on the policy and data turning points expected in late August [1]