CITIC Securities: The mid-term "see-saw effect" of stocks and bonds further supports the trend of A-shares

CITIC Construction Investment pointed out that the global interest rate reduction cycle will enter the second half in 2026, with the macro liquidity showing two core characteristics of "internal and external loose resonance" and "from abnormal to normal". The pressure on the US dollar at the exchange rate end supports the strength of A shares. In terms of stock and bond reallocation, the long-term low interest rates reshape the logic of stock and bond allocation, and the medium-term "stock-bond seesaw" effect further supports the trend of A shares. In addition, the demand for residents to "move their savings" to reallocate may become the largest marginal increase in the market. In terms of policy, in the post-real estate era, the capital market is upgraded and becomes the core hub of economic development and resource allocation. The market fund ecology continues to optimize, laying the foundation for the high-quality development of the capital market.