CITIC Securities: If another wave of decline occurs in the US stock market, it is recommended to actively increase positions

With the initial wave of the conflict climaxing and entering a phase of negotiations and desensitization, a short-term tradable rebound is possible. However, it is not advisable to be overly optimistic, as the market is unlikely to see a trend-driven rally like the one after last year’s tariffs, and a further decline cannot be ruled out. Continue to highlight the opportunity to allocate into US tech stocks. Current valuations have been sharply compressed, and the valuation premium of tech relative to the overall market has almost disappeared. Meanwhile, EPS forecasts continue to be revised upwards; if upcoming earnings reports exceed expectations, there could be a strong catalyst. If US stocks experience another round of declines, it is recommended to aggressively increase holdings.