CITIC Securities says September allocations should center on three themes:
defensive core positions — dividend/high‑yield, low‑volatility equities and gold
as a stagflation hedge; structural offense — A‑share resources and hard‑tech
names with strong earnings visibility; and a US equity rotation from crowded
hardware bottleneck stocks into cloud providers, software applications, compute
leaders and semiconductor equipment. The report flags potential opportunities in
dollar‑liquidity‑sensitive assets in September, warns against chasing Chinese
long‑duration bonds, and is cautious on upside for domestic‑demand sectors.
Implied preference ranking: top priority gold, copper and resource/dividend
plays; second tier US software, cloud and compute/semiconductor equipment;
cautious on long‑end bonds, domestic consumption equities and aluminum.
