Analysis: The Strait of Hormuz shipping is approaching, awaiting demand replenishment.

Odaily Planet Daily News: CITIC Securities believes that the US and Iran are increasingly close to reaching an agreement, and the market has essentially priced this in as the baseline scenario. The biggest change after the agreement is the simultaneous replenishment of supply and demand, and a rapid warming of economic activity. Currently, some economic indicators are noticeably weak, reflecting delayed demand ahead of the US-Iran agreement and the reopening of the Strait of Hormuz. Microeconomic entities are waiting rather than rushing to restock and restart, which is an abnormal disturbance. Once the agreement is reached and the strait resumes navigation, supply and demand will return to normal. After June, economic activity will show significant improvement, and changes in macro variables will also alter the environment assumptions for market strategies, leading to a gradual balancing of styles.

Large-scale fund reductions are nearing their end. After macro stability is achieved, allocation funds will gradually return, driving some undervalued sectors to recover. In terms of allocation, continue to actively reduce volatility and reconstruct the AI + energy transformation "barbell" structure. (Jin10)