[CICC: The impact of external disturbances on A-shares is still phased, and the long-term stable trend is still expected to continue] On September 14th, CICC Research reported that in the short term, the impact of overseas disturbances still needs to be digested, the geopolitical situation in the Middle East remains uncertain, and it will still take time to repair the credibility of the Federal Reserve. At the same time, September is the traditional peak season for the issuance of investment-grade credit bonds in the United States. Credit bond supply pressure may rise again, U.S. bond interest rates are difficult to fall quickly, global liquidity is generally tight, and the volatility of global risk assets may be amplified. Follow-up attention will be paid to the U.S. FOMC meeting in September, oil price changes under geopolitical uncertainty, and the impact of the U.S. mid-term elections. The current impact of external disturbances on A-shares is still phased. There is no need to be pessimistic about the mid-term market trend. The long-term and steady trend since "9·24" is still expected to continue. At the allocation level, dividend styles tend to be relatively dominant during the period when external shocks have a greater impact; if external risks are mitigated in the future, it is still recommended to focus on areas and companies with strong performance certainty, and focus on bottom-up exploration at the industry and individual stock levels. It is suggested that there are two main lines: economic growth and cyclical improvement.