Xin Lang Cai Jing·2025-12-07 05:40Core Viewpoint - The report from CITIC Securities indicates that before the emergence of unexpected changes in domestic demand, market fluctuations and structural opportunities are the norm, with a reassessment of global pricing power in resources and traditional manufacturing being an undervalued direction [1] Group 1: Market Dynamics - Since the "9.24 market" last year, the overall elevation of market levels has been accompanied by a systematic increase in financing scale, totaling a net increase of 1.11 trillion yuan, significantly exceeding the total issuance scale of public and private bullish products since October last year [1] - In the two market rallies, major broad-based and cyclical industries have completed most of their gains, while excluding the significant rise phases of financing, the market has mostly been in a sideways trend [1] Group 2: Sector Performance - During the sideways period, sectors that achieved effective growth include quantitatively driven micro-accounts, bank-driven insurance, price-driven non-ferrous metals, and innovative pharmaceuticals driven by pipeline exports [1] Group 3: Future Outlook - The current market fluctuation may be a normal state before the emergence of unexpected changes in fundamentals, with adjustments in the bond market posing challenges to stock-bond balanced strategies, which may require higher control over position volatility and indirectly affect stock allocation strategies [1] - Potential appreciation pressure on the renminbi may lead to unexpected monetary easing, which could be a source of unexpected changes and break the current fluctuation pattern; until then, the focus should remain on the reassessment of pricing power in resources/traditional manufacturing and corporate overseas expansion [1]