CITIC Securities: Pessimistic sentiment repaired, style tends to balance

Jinshi data news on September 1st, CITIC Securities' latest research report pointed out that as we enter September, policies are in the observation period for effectiveness, external signals are further clarified, and the inflection point of price signals still needs to be waited for; the landing of interim reports, the transformation of dividend expectations, and the easing of market Liquidity pressure have jointly promoted the repair of investors' extremely pessimistic sentiment, and the style has tended to be balanced in stages; in terms of allocation, it is necessary to wait for the inflection point of price signals for bottom-dividend allocation, increased allocation of overseas markets, and short-term repair of growth and domestic demand; on the one hand, from the progress of the three major signals, it is expected that the policy to boost domestic demand will be successively introduced in September, with the expected intensity relatively mild; the Fed's interest rate cut has landed, and the US election situation is clearer; the inflection point of price signals is temporarily difficult to appear, and more positive factors need to be accumulated to completely reverse expectations. On the other hand, from the driving factors of the repair of market pessimism, after the A-share interim report season risk has landed, it has temporarily entered a performance gap; the expansion of SAFE's holdings and the intervention of the Central Bank in the yield curve have temporarily broken the consistent expectation of being bullish, and the style will usher in a stage of balance; the pace of foreign capital outflow has slowed significantly, and the market Liquidity environment is expected to improve.