CITIC Securities: Maintains the judgement of the market continuing to fluctuate within a range.

CITIC Securities Research Report stated that the 90-day suspension of tariffs between China and the US far exceeded market expectations, leading to an increase in market volatility. CITIC Securities maintains its judgment of future market volatility but has raised the level of volatility to near the half-year line. During this period, the market still faces pressure from above and support from below. During the tariff truce period, American importers may accelerate stocking up, and a new round of hoarding is expected to boost demand for ports and shipping sectors. Previously, global demand had been significantly impacted by tariffs, and there is still a gap to be filled in bulk commodities. New regulations in the public offering are guiding asset allocation towards the Shanghai and Shenzhen 300 index in the short term, but long-term considerations should focus on investment value. Industries of focus include banks, non-bank financial institutions, pharmaceuticals and biotechnology, utilities, oil and petrochemicals, non-ferrous metals, shipping, and ports.