CITIC Securities: The policy of "anti-insulation" continues to escalate in strength and is expected to become a sustained investment theme.

The research report of CITIC Securities stated that the policy intensity of "anti-insularity" is continuously increasing and is expected to become a mainstay for continued investment. In the long term, anti-insularity requires the construction of a unified national market, optimization of performance assessment mechanisms, and enabling Chinese companies to achieve high-quality production capacity going global. In the short term, current policies have not been fully implemented, and the overall situation is still in the stage of transaction expectations, with low-cycle manufacturing varieties that are relatively cleared out likely to become the main trading theme. By constructing quantitative indicators of the degree of "insularity" and the potential for reversal, grading and sorting the CITIC secondary industries in the cyclical manufacturing sector, industries with high "insularity" levels and large potential for reversal are more worth paying attention to.