CITIC Securities: It is recommended to include exchange rates in profit analysis and pay attention to the performance expectations gap of companies with high overseas exposure and high exchange rate sensitivity.

Exchange rates impact statements through revenue/costs/foreign exchange/derivatives and OCI. In terms of investment, it is recommended to include exchange rates in profit analysis: pay attention to the forecast discrepancies of companies with high overseas exposure and high foreign exchange sensitivity, choose profit-stable assets with high overseas exposure but low sensitivity, and be alert to the shocks caused by high foreign currency debt, large net exposures, and inadequate hedging.