CITIC Securities: Geopolitical conflict shifts the core contradiction of the market towards supply security and strategic resources, driving the logic from risk aversion to renewed inflation concerns.

CICC research report pointed out that geopolitical conflicts have shifted the market's core contradictions towards supply security and strategic resources, driving the logic from risk aversion to concerns about re-inflation. The rise in oil prices strengthens inflation expectations, suppresses the prospect of interest rate cuts, and impacts most assets. If the conflict eases, risk appetite and liquidity are expected to be restored; if it escalates into a long-term war, it will trigger more severe global liquidity shocks. The oil and gas, shipping and other sectors directly reflect supply and transportation risks. After short-term impacts, A-share petroleum, shipping, chemical, and coal sectors are expected to benefit.