CITIC Securities: June industry allocation recommendations adopt a "barbell structure"

CITIC Securities Research Report pointed out that the industry allocation recommendation for June should adopt a "barbell structure": on one end, maintain a high-liquidity base for AI, semiconductors, and export manufacturing, while on the other end allocate high-dividend, stable cash flow assets to control portfolio volatility. In the middle, use cyclical price increases, new energy recovery, and policy order themes as flexible positions. The main theme in the market in May was highly concentrated in the communication, electronics, and AI hardware chains, indicating that funds are still pricing around industrial prosperity and performance realization. However, the short-term increase in the AI chain has been significant, with increasing trading congestion. Therefore, it is not advisable to continue to increase the overall AI position in June. Instead, it should shift internally from high-growth segments to stagnant and improving fundamentals in semiconductor materials, equipment components, PCB materials, domestic computing power support, etc. If the PPI continues to recover and the income-inventory gap improves, the weight of the cyclical price increase chain can be moderately increased, gradually extending from coal and non-ferrous metals to chemicals, machinery, transportation, etc. The premise, however, is that price increases can be transmitted to income and gross profit margins.