[Citic Securities: expected to continue higher volatility in June A shares are currently approaching the trough of fluctuation in the second half of the year] the CITIC Securities Research report pointed out that A shares are expected to continue to have high volatility. At present, near the trough in the fluctuation range in the second half of the year, it is recommended to take performance as the key link and continue to deploy around the varieties with policy catalytic expectations or performance advantages in the "safety" main line. First of all, the recent economic recovery has weakened month-on-month, leading to excessive pessimism in the market. It is expected that structural policies will be introduced and accumulated one after another in June. With policy assistance and vivid repair, the economic recovery will improve significantly in the third quarter. Second, the Fed's interest rate expectations fluctuated greatly in June. After the adjustment of the US debt ceiling, we still need to pay attention to its liquidity risk. It is expected that the RMB exchange rate will remain low and will return to the appreciation trend in the third quarter. Thirdly, due to the poor returns of thematic game strategies so far this year, the behavior pattern of investors is entering a transition period and will return to performance-oriented. Finally, it is expected that A shares will continue to be highly volatile in June, and comprehensive valuation and market sentiment judgment are currently approaching the trough of the volatility range in the second half of the year. In terms of allocation, it is suggested to continue to focus on the varieties with policy catalytic expectations or performance advantages in the three major security areas of science and technology, energy resources and national defense, and continue to pay attention to the long-term allocation value of the pharmaceutical industry.