CITIC Securities: In April, non-ferrous metals, textiles and clothing, electronics and other industries have relatively advantageous positions.

The research report from CITIC Securities points out that a composite industry rotation strategy based on factor momentum thinking as well as macro, fundamentals, funding, event momentum and other sub-dimensions has been constructed. Since 2012, the annual excess return of long positions has been 19.2%, with a monthly success rate of 69%. The model shows that the industry pricing power of preferred fund positions and event momentum modules has been strong in the near term. Based on data from the end of March, the model recommends the following industries for April 2026: non-ferrous metals, textiles and apparel, electronics, building materials, and retail trade.