CITIC Securities: Various asset classes may continue the recovery trend in May

Looking ahead to May, macroeconomic catalysts are weakening, but concerns over tightening and high oil prices have eased, so overall risks are not significant. Various asset classes may continue their recovery trend. In the short term, gold and U.S. Treasuries previously experienced the most pronounced shocks, and their current levels are still far from previous highs, suggesting greater room for recovery. In the medium term, the fundamental outlook will determine the direction. China Securities Construction Investment favors a restart of interest rate cuts, and an easing policy would benefit gold and U.S. Treasuries. If U.S. fiscal conditions deteriorate, gold would outperform U.S. Treasuries.