[CITIC Securities: Strait Navigation Nearing, Awaiting Demand Recovery] Deep Tide TechFlow reports that on May 24, CITIC Securities stated that the U.S. and Iran are increasingly close to reaching an agreement, and the market has largely priced this in as the baseline scenario. The biggest change after the agreement is reached will be the simultaneous recovery of supply and demand, along with a rapid rebound in economic activity. Currently, some economic indicators are noticeably weak, reflecting delayed demand ahead of the U.S.-Iran agreement and the reopening of navigation in the Strait of Hormuz. Microeconomic entities are waiting rather than rushing to restock and resume operations, which is an abnormal disruption. Once the agreement is reached and the strait reopens, supply and demand will return to normal, and economic activity will significantly improve after June. Changes in macroeconomic variables will also alter the environmental assumptions for market strategies, leading to a gradual balancing of market styles. The reduction of large-scale capital holdings is nearing its end, and as macroeconomic stability returns, allocation-driven funds will gradually come back, driving the recovery of some undervalued sectors. In terms of allocation, continue to proactively reduce volatility and reconstruct a barbell structure of AI + energy and chemicals.