Lates News

CITIC Securities' research report states that the fundamental reason for the US and Iran reaching a bilateral ceasefire agreement in Pakistan's mediation may lie in the inadequacy of the US's current military resources in the Middle East to achieve higher goals. The focus of the game has shifted to how to build a sustainable security arrangement. Although subsequent negotiations will continue to be repeated, the strategic direction of the Iranian situation is gradually becoming clear under real constraints, and the expected anchor of global risk assets will also become clear. In terms of A-shares, there was a general reduction in positions in the market in March, but the funds that have not exited are potential buyers in the short term. The market will restore after the end of the war, and the narrative of decline and retirement will fade. The logic of China's advantage in manufacturing pricing power will once again dominate the mainstream. In terms of Hong Kong stocks, after the earnings season, the performance expectations for Hong Kong stocks have been fully adjusted, and with the return of safe-haven funds, there is hope for a valuation rally in April-May. In terms of US stocks, driven by fundamental support and valuation restoration, the value of US stock allocation is expected to significantly increase. In terms of metals, the ceasefire agreement has brought about a sentiment reversal in the metal sector. In the short term, the market will prioritize gold and copper, which have suffered the deepest declines, as the vanguard of the rebound, especially for gold and copper targets in the Hong Kong stock market.