[Citic Securities: a share will usher in a moderate recovery at the bottom in the second half of the year] the CITIC Securities Research report pointed out that the A-share market, which has entered a "turning point", has fluctuated greatly under the influence of changes in investors' expectations and mentality. This round of economic recovery is a gradual and gradual process, policies comprehensively take care of sustained and stable economic growth, A-share earnings in the easing of repressive factors, the second half of the year will usher in a moderate recovery at the bottom. At the same time, overseas financial risks, recession in Europe and the United States, and the election cycle are superimposed, which continue to disturb the market. With the gradual improvement of fundamental expectations, the mentality of investors will return to stability, and their behavior patterns will return from short-term theme games to long-term performance-oriented. In the investment mode transformation period, the A-share market is still volatile, riding the wind and waves, it is recommended to take performance as the outline, taking into account the main line of policy. Specifically, in the second and third quarter, focus on the allocation of "security" in the main line of policy catalysis or performance advantage of the variety, entered the fourth quarter began to switch to recovery transactions.