CITIC Securities: Stock game dominates the market, seize short-term rotation opportunities

According to the Securities Times, CITIC Securities pointed out that the game of frequent repositioning of stock funds will continue to dominate the June market. Fundamental factors have weakened short-term influence, and valuation is still the main driver. It is recommended to continue to seize opportunities under short-term market rotation. First of all, incremental funds have not entered the market significantly, and institutional funds have flowed slowly. Behind the trillions of transactions is the frequent repositioning of stock funds. The elasticity of valuation is played in a short and flat trading style. With the disclosure of the interim report, the structure The game will slowly ebb. Secondly, the short-term impact of fundamental factors on the market has weakened, and A-shares are still in a quiet period and are still in the valuation-driven stage. Finally, grasp the opportunities of short-term market rotation, short-term trading cycles and themes, and closely follow the main line of growth in the medium-term: 1) Upstream resource products with high interim performance certainty are more favored by funds in the short term; 2) Short-term policy-catalyzed themes, including The Hengqin concept sector and military industry are also worthy of attention; 3) As the transaction-driven ebb, it is recommended to follow the medium-term growth and manufacturing main line and continue to deploy new energy, technology independent and controllable, national defense security and intelligent manufacturing sectors.