中信证券：推动人民币升值的因素逐渐增多 可关注三条线索

Core Viewpoint - The report from CITIC Securities indicates that factors driving the appreciation of the Renminbi are increasing, leading to heightened market attention. Investors need to adapt their asset allocation strategies in a continuously appreciating Renminbi environment [1] Group 1: Historical Context and Market Behavior - Over the past 20 years, there have been seven cycles of Renminbi appreciation, and exchange rates are not the decisive factor in industry allocation decisions. However, certain industries may perform better in the early stages of a sustained appreciation expectation, suggesting a potential for market memory to replicate past behaviors [1] - Approximately 19% of industries are expected to see profit margin improvements due to the appreciation of the Renminbi, which will gradually attract investor attention [1] Group 2: Policy Implications and Industry Allocation - Policy responses aimed at curbing rapid unilateral appreciation trends are considered more significant in influencing industry allocation than the appreciation itself [1] - In the context of ongoing Renminbi appreciation, three key drivers for industry allocation should be monitored: short-term memory effects, profit margin changes, and policy changes [1]