CITIC Futures: Precious metals supported by geopolitical factors suggest that it is advisable to buy on dips for long-term layout. Pay attention to the allocation value in a "stagflation-like" environment.

The report from CITIC Futures suggests maintaining a balanced allocation of assets, temporarily holding cash to wait for suitable opportunities, and seeking a balance between risk aversion and structural opportunities. For domestic equities, it is recommended to include IH and IC to capture the re-inflation and transformation logic, but one should be cautious of the disruption caused by the decline in external demand. The overall bond market is stable, recommending the allocation of TS, TF and other short-medium term varieties as safe haven assets. In terms of bulk commodities, precious metals are supported by geopolitical factors and it is advisable to position long-term positions at low points, focusing on the allocation value in the "stagflation-like" environment; energy and chemical products are affected by geopolitical catalysts maintaining wide fluctuations; non-ferrous metals need to wait for clarity in geopolitics and demand verification; ferrous metals are dragged down by inventory and fundamentals, so it is recommended to maintain a bearish allocation.