CITIC Securities says market style is entering a phase test and capital flows
may produce a 'high-to-low' rotation. It flags the consumer sector as
underweight, lowly valued, relatively high-yielding and sensitive to potential
policy support, making sector rebalancing attractive. Recommended allocation
themes: supply-side reversal in agriculture (livestock), structurally expanding
service consumption, valuation-driven defensive staples, and new consumption as
a long-term structural opportunity.
