Institution: Wosh nominated as Federal Reserve Chair to represent the "U.S. version of de-leveraging and real economy" policy intention

Odaily Planet Daily Report: CITIC Securities research reports believe that the current round of ETF concentrated redemption wave has basically ended, and the recovery window for large-cap stocks has arrived; at the macro cycle level, style switching is taking place, shifting from small-cap to large-cap, and from thematic to quality stocks; Wosh being nominated as the Federal Reserve Chairperson represents the policy intention of “America’s virtual-to-real transformation,” and whether or not this理念 can be successfully implemented will have a significant impact on the style of global risk assets. The underlying commonality of cyclical sectors is the large profit margin repair space, backed by China’s policy shift from expanding scale to improving quality and efficiency. The fundamental investment approach should still focus on re-evaluating the global pricing power of industries with competitive advantages, but increased caution should be exercised towards the precious metals sector, which is becoming more speculative; the restless recovery of consumer and real estate chains should occur in spring, which is not in opposition to manufacturing and technology. (Jin10)