Core Insights - The report from CITIC Securities indicates a shift of more listed companies from domestic exposure to global exposure, particularly in the manufacturing sector where Chinese companies are increasingly converting market share into pricing power [1] - Traditional economic analysis based on domestic inventory cycles is no longer sufficient to fully capture the market fundamentals [1] - The current market rally is largely driven by growth and value stocks that are related to overseas expansion or are deeply tied to the global supply chain [1] Market Evaluation - Future assessments of whether fundamentals and liquidity are aligned should adopt a global exposure perspective rather than a domestic economic cycle viewpoint [1] - There may be short-term emotional premiums leading to excessive turnover in the market, but CITIC Securities estimates that daily trading volume will return to 1.6 to 1.8 trillion yuan, which would indicate the digestion of this emotional premium [1] Investment Strategy - The recommended framework for industry selection should focus on resources, new productive forces, and overseas expansion [1] - CITIC Securities continues to concentrate on sectors such as resources, consumer electronics, innovative pharmaceuticals, chemicals, gaming, and military industry [1]