CITIC Securities: Fiscal policy exceeded expectations, and the market characteristics will shift from pulsating ups and downs to stabilizing and slowing down

On October 13th, the CITIC Securities Research Report pointed out that fiscal policy is the focus of the current market attention, the Ministry of Finance's policy statement exceeded expectations as a whole, and the change of policy ideas is more important than the intensity; the current market is in the transition stage of the expected big reversal to the big inflection point of the market. After the market rose in the early stage, the long-short game intensified, and the pace of entry of over-the-counter incremental funds slowed down. However, the scale of potential funds entering the market is still large. It is expected that the market will gradually shift from being driven by financial sentiment to being driven by fundamental verification. The characteristics of the market will shift from a pulsed rise and fall to a stable and slow rise.