【Citic Securities: US Stock Pullback Is Expected To Continue, But It Is Not The Beginning Of A Bear Market】According To The Citic Securities Research Report, US Stocks Have Plummeted Due To The Hawkish Interest Rate Cut By The Federal Reserve Overnight, But Since 2012, The Bear Market In US Stocks Has Only Occurred In The Context Of The Federal Reserve'S Tightening Of Monetary Policy Beyond Expectations; Also, Referring To The Actions Of The Federal Reserve In 2018, It Is More Likely To Be “See Through”. Since Mid-September This Year, Under The Trading Logic Of “No Landing” And “Tax Cuts And Deregulation,” US Stocks Have Fully Overdrawn Optimism, High Valuations, And The Industry Has Rapidly Rotated Significantly. Since November 25, The “Big Seven” Of US Stocks Have Contributed To The Full Upward Momentum Of The S&P 500, Reflecting The Return Of Investors To The Fundamentals Of Trading In 2025. In A Context Where Optimism Has Been Fully Overdrawn, Liquidity In US Stocks Is Still Shrinking, And There Is An Empty Performance Window, We Determine That The Short-Term Profit Pullback In US Stocks Will Continue, And The Consumer, Utilities, And Healthcare Industries, Which Have Strong Defensive Attributes, Are Expected To Perform Relatively Well. However, In The Medium Term, If The Federal Reserve Does Not Exceed Expectations And Tighten Monetary Policy, The Overall Performance Growth Rate Of US Stocks In 2025 Is Expected To Accelerate Year-On-Year And Gradually Spread To Non-Technology Industries. The Fundamental Dimension Does Not Yet Support The Logic Of Starting A Bear Market In US Stocks