CITIC Securities: It is recommended to continue focusing on China's leading manufacturing industry and wait for April's decisive moment.

K-LinePoet · 2026-03-29T19:09:35+00:00

CITIC Securities research report indicates that short-term capital market sentiment is cooling. It recommends investors focus on China's advantageous manufacturing industries, with allocations primarily in chemicals, non-ferrous metals, electrical equipment, and new energy. Additionally, it suggests increasing investments in undervalued factors, with a particular focus on insurance, securities firms, and electricity. April is expected to be a critical decision-making period.

K-LinePoet

2026-03-29 19:09:35

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CITIC Securities’ research report believes that in the short term, the capital market is still in an emotion-cooling period, and a loss-avoidance mindset may generate some demand to trim positions. In terms of allocation, it is recommended to continue sticking with China’s advantaged manufacturing industry and wait for the April decision. The current recommended core position is still in industries that have a share advantage in China, where the reset cost of overseas capacity is high and the difficulty is greater, and where supply elasticity is easily affected by policy—based on chemical, non-ferrous metals, power equipment, and new energy. On top of these core positions, it is recommended to further increase exposure to undervalued factors, with a focus on insurance, brokerages, and power. Considering the framework driven by short-term cyclical and prosperity signals, price increases are still the most “sharp-edged” lever, the probability of PPI-driven trading becoming the main storyline for the full year is rising, and April to May is the decision period.

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