According to the CITIC Construction Investment Research Report, the September asset portfolio allocation can revolve around three main lines to defend against stagflation: low-volatile assets such as dividends and high dividends to counter stagflation; structural attacks: A-share resources and hard technology with strong profit certainty; and the focus on US stocks shifts from crowded hardware bottlenecks to cloud vendors, software applications, computing power leaders, and semiconductor devices. In other words, dollar liquidity-sensitive assets may have an opportunity in September. Careful allocation: Don't chase up China's long-term bonds, and be careful about the room to go long in the domestic demand growth sector. Implicit allocation advantages and disadvantages: gold, copper, and resource dividend assets are preferred; US stock software applications, cloud vendors, and computing power equipment are followed; long-term bonds in bonds, domestic demand consumption in stocks, and aluminum in bulk is cautious.

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