[CITIC Securities: Four configuration thinking to cope with the current market] On November 1, CITIC Securities proposed four configuration thinking to cope with the current market. The first is a stable return strategy, the core of which is to focus on industries with high dividends or potential to clear supply, and to focus on changes in supply during the stage of chaotic demand cues. The second is the anticipatory deduction strategy, which is similar to "airlines and hotels in 2022". It finds sectors where the market is unanimously bearish on fundamentals and has a very low proportion of positions, and then cashes out when the final policy changes are made, and only plays a valuation repair game. The third is the overseas interest rate fall strategy, which takes the revision of North American AI investment and financing expectations and the corresponding fall in overseas long-term interest rates as the macro premise. After the market corrects EPS expectations, it will be seen whether manufacturing overseas and resource stocks in the non-AI field can overcome short-term demand suppression. The fourth is the track heat + chip clearing strategy, which is similar to looking for "household savings and inverters in 2022". Taking the unexpected explosion of demand in new fields as an opportunity to buy technology at the bottom, looking for areas where institutions and active funds can resonate, rather than simply playing "inorganic" games. CITIC Securities believes that the four strategies all have the potential to obtain relative returns and are suitable for funds with different return-risk preferences. The market’s capital pressure determines which type of strategy is dominant in stages.