CITIC Securities' Yu Jingwei: Hedging stagnation and high inflation double disturbance, high volatility welcomes style switch.

Recently, Yu Jingwei, chief analyst of asset classes at CITIC Securities, said in an interview with reporters that the sharp rise in oil prices, global stock market fluctuations, and the unusual weakness of traditional safe-haven assets highlight the central role of stagnation trading. Domestic A-shares show characteristics of resistance to decline but increased volatility, the market style is expected to switch under high valuations, and external stagnation disturbances are more sustainable than short-term defensive impacts. The trend of major asset classes is significantly divergent, the bond market focuses on the domestic interest rate cut policy window, the pricing logic of gold is being restructured, and bulk commodities are influenced by geopolitical situations and the policy path of the Federal Reserve, with policy and supply-demand patterns becoming key drivers of asset performance.