CITIC Securities: Expectations for a US-Iran agreement are rising, and the economy is expected to rebound in June.

CoinFeed reported on May 24th that, according to Jinshi, CITIC Securities believes that the US and Iran are increasingly close to reaching an agreement, and the market has largely priced this in as the baseline scenario. The biggest change after the agreement is a simultaneous replenishment of supply and demand and a rapid recovery in economic activity. Currently, some economic indicators are noticeably weak, reflecting delayed demand ahead of the US-Iran agreement and the reopening of the Strait of Hormuz. Micro-entities are waiting rather than rushing to replenish inventory and start construction, which is an abnormal disturbance. With the agreement reached and the Strait of Hormuz reopening, supply and demand will return to normal, and economic activity will significantly improve after June. Changes in macroeconomic variables will also alter market strategy assumptions, leading to a gradual shift towards a more balanced investment style. Large-scale fund reductions are nearing their end, and as the macroeconomy stabilizes, allocation-oriented funds will gradually return, driving the recovery of some undervalued sectors. In terms of allocation, continue to proactively reduce volatility and restructure the AI ​​+ energy sector's "barbell" structure.