Guotai Junan: After the cycle, consumption ushered in an excellent allocation opportunity

Guotai Junan Research Report pointed out that with the strengthening of cyclical policy correction, the convergence of the gap between commodity supply and demand, and the divergence of cyclical stock and futures prices, it is expected that the allocation of Q4 active funds will change. For the consumer sector, the most serious period of deterioration of the fundamentals at the expected level has passed, and the crowded micro-market transaction structure in the early stage of consumption at the transaction level has been significantly improved, so the allocation idea of the next stage can be summarized as from cycle to consumption, from high valuation attack to low valuation defense. (CBN)