[CITIC Securities: The market is still dominated by shocks, so there is no need to panic about overseas interest rates] On September 6, a CITIC Securities research report pointed out that whether the Federal Reserve raises interest rates in September is not enough to determine the direction of long-term interest rates and the equity market. In the context of the rapid development of AI technology, the decline in demand for government bonds, a "safe asset" in the traditional sense, should be a trend. The sell-off of European and American bonds is the result of the logic of economic and market operations, and should not be used as a reason to predict short-term stock trends. Overall, CITIC Securities believes that the market is still dominated by shocks, so there is no need to panic about overseas interest rates, and there is no need to be overly aggressive just because the market's response to interest rates is stronger than expected. The deeper reason behind the profile of long-term interest rate spreads at home and abroad is the dislocation of capital supply and demand. When "commodity overseas" encounters more potential frictions and disturbances, breaking the deadlock may rely on "financial overseas".