中信证券：投资者要逐步适应在一个人民币持续升值的环境下去做资产配置

Core Viewpoint - The report from CITIC Securities indicates that factors driving the appreciation of the RMB are increasing, leading to heightened market attention. Investors need to gradually adapt their asset allocation strategies in a continuously appreciating RMB environment [1] Group 1: RMB Appreciation Impact - Over the past 20 years, there have been seven cycles of RMB appreciation, and exchange rates are not the decisive factor in industry allocation decisions [1] - Certain industries may perform better during the initial phase of sustained appreciation expectations, suggesting that the market may replicate this "muscle memory" [1] - Approximately 19% of industries are expected to see profit margin improvements due to RMB appreciation, making these sectors increasingly attractive to investors [1] Group 2: Policy Responses 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 RMB appreciation, three key themes for industry allocation are identified: short-term muscle memory-driven performance, profit margin changes, and policy changes [1]