CITIC Securities: Structural trend continues, new track still wins and losses in hand.

CITIC Securities' research report believes that the current A-share market is experiencing deeper structural differentiation, with macro-structural differentiation combined with overseas marginal pressure still existing or supporting continued differentiation. Therefore, it is expected that the dilemma of "high and low cut" will be difficult to break, and the new track is still the key to success or failure. In addition, the mid-year report forecasts also show a trend of structural differentiation, with new tracks showing more optimism compared to the traditional tracks showing weakness; in terms of market trends, the index continues to trend upward with volatility, and the new track releasing strong capital acceptance ability, helping to push the market "up the stairs", and if there is a short-term adjustment, it is an opportunity for positioning; in terms of industry allocation, policy support, technological iteration, and increased demand catalyze the continued prosperity of "new intelligent medicines", and dividend sectors are auxiliary allocations for hedging volatility. Key industries to focus on include electronics, communications, pharmaceuticals, non-ferrous metals, new consumer sectors, gaming, non-banks, steel, transportation, etc.