[Qin Peijing of Citic Securities: during the period of investment model transformation, market fluctuations are still recommended to focus on performance and give consideration to the main line of policy]. Qin Peijing, chief strategist of Citic Securities, said in a speech at the 2023 Capital Market Forum of Citic Securities that A-share earnings will have a moderate recovery in the second half of the year after the repressive factors have eased. 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. (Gao Yanyun, reporter of the Financial Associated Press)