中信证券：市场信心持续恢复 “资源+传统制造定价权重估”继续加深

Core Viewpoint - CITIC Securities reports that market confidence is continuously recovering, and sectors that are relatively low and logically sound, but not in broad-weighted industries, are expected to see recovery [1] Group 1: Market Recovery - The consumer chain is identified as a key area for allocation, particularly from now until after the Two Sessions, focusing on expected trading [1] - The real estate chain may also experience significant recovery during this period, with the construction materials sector already showing signs of improvement [1] Group 2: Investment Strategy - A foundational portfolio is constructed around chemicals, non-ferrous metals, new energy, and power equipment, based on the principle of "resources + traditional manufacturing pricing power" [1] - This portfolio serves as an anxiety-reducing allocation choice amid the contradiction between the desire for growth and regulatory counter-cyclical adjustments [1] - There is a recommendation to increase allocation in non-bank sectors (securities, insurance) at low points, while enhancing returns through certain domestic demand varieties or high-prosperity sectors [1]