[CITIC Securities: Under the risk of continued rate hikes by the Federal Reserve, Chinese bonds, commodities, and undervalued equities are more worthy of attention] CITIC Securities' research report believes that 'substantial improvement' in inflation and the non-diffusion of inflationary pressures may be the two main prerequisites for the Federal Reserve to stop raising interest rates. This implies that the Fed's rate hike process will not come to an abrupt halt, and some investors' expectations of a 'dovish hike' in September are unfounded. The rate hike in September should also not be viewed as the end of all negative factors. Under the risk of continued rate hikes by the Federal Reserve, assets with safety and certainty, such as Chinese bonds, commodities, and undervalued equities, are more worthy of attention.