CICC: No sign of the top of the A-share bull market yet, recommend maintaining overweight allocation.

The research report of Zhongjin Securities stated that Chinese stocks continue to benefit from the AI technology wave and ample liquidity, with reasonable valuations. Although there may be increased volatility at the end of the year, there is no signal of a market top yet. It is recommended to maintain an overweight position with a more balanced internal style. The same bullish logic also applies to US stocks, but during the devaluation period of the US dollar, US stocks have lower resilience and concerns about high valuations, posing a higher risk of chasing highs. It is recommended to have a standard allocation. Although there is still a chance for the central interest rates in China to continue to decline, the valuation of Chinese bonds is relatively expensive, with limited upside potential. It is recommended to have a low allocation. US bonds benefit from the loose monetary policy of the Federal Reserve, but face inflation and debt risks in the medium term, hence maintaining a neutral standard allocation. Commodities can hedge against the risk of changes in trends in gold and stocks, and have a logical rebound after loose liquidity. It is recommended to increase the allocation from underweight to standard. Gold benefits from the loose monetary policy of the Federal Reserve and the reconstruction of the currency order, but with relatively expensive valuations. It is recommended to maintain an overweight position, reduce chasing highs and selling lows, and increase positions on dips.