China Securities Co., Ltd. Research Reports indicate that due to factors such as micro liquidity, Exchange Rates adjustments, policy vacuum, performance forecasts, and uncertainties brought by Trump, the short-term market is weaker than expected. China Securities Co., Ltd. believes that the underlying logic of the bull market has not been disrupted, and the goal of reversing deflation remains clear. Trump 2.0 indeed brings uncertainty, but external factors are secondary contradictions, affecting the rhythm but not the trend. Moreover, domestic policies are still worthy of expectation, with the central bank's fourth quarter regular meeting signaling opportunities for interest rate and reserve requirement ratio cuts. With "dual heavy dual new" intensification, if policies are substantively implemented later, the market is expected to stabilize and embark on an offensive, making the adjustment an opportunity for layout.
中信建投：中期牛市不变，短期回调是机遇
China Securities Co., Ltd.: The mid-term bull market remains unchanged, and short-term adjustments present opportunities.
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