Group 1 - The market is expected to continue its fluctuations in the medium term, with accelerated style rotation, supported by monetary policy easing and strong export performance [1] - China's export focus has successfully shifted towards ASEAN and EU markets, leading to stable export growth despite basic economic downward expectations [1] - The market may experience a rotation pattern of "risk aversion - consumption - growth" in May [1] Group 2 - A-share market is experiencing accelerated rotation, with a rebound in financing activity and a shift towards small and mid-cap growth stocks [2] - The combination of policies aimed at stabilizing the market and expectations supports risk appetite, while structural market conditions are expected to prevail [2] - Key internal certainty clues include potential benefits for large-cap stocks and public utilities from new public fund regulations, and opportunities in sectors like military electronics and renewable energy equipment [2] Group 3 - Strategic metals are likely to undergo a value reassessment due to increased export control measures and the importance of these resources in the current international political context [3] - The crackdown on smuggling and export of strategic minerals is deemed urgent and significant for national security and development interests [3] - Prices of strategic metals such as rare earths, tungsten, and antimony are expected to rise, indicating a potential investment opportunity in the strategic metals sector [3]

Core Viewpoint - The report from CITIC Securities indicates that the recent strengthening of export controls on strategic metals may lead to a revaluation of these assets due to their significant strategic importance in the current international political context [1] Group 1: Export Control Measures - On May 9, a meeting was held by the National Export Control Work Coordination Mechanism Office, involving the Ministry of Commerce and other departments, to discuss the crackdown on the smuggling and export of strategic minerals [1] - The meeting emphasized that strengthening export controls on strategic mineral resources is crucial for national security and development interests [1] Group 2: Market Implications - The crackdown on smuggling exports is seen as an urgent and important task, which is expected to enhance supply rigidity in the market [1] - Prices for strategic metals such as rare earths, tungsten, and antimony are anticipated to continue rising, suggesting a potential revaluation of the strategic metals sector [1] - The report continues to recommend investment in the strategic metals industry chain due to its perceived value [1]