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Market Overview

The A-share market currently shows signs of a bear market nearing its end, with indices experiencing volatile movements but at relatively cheap valuation levels. Key factors driving the market include a hawkish美联储 stance, RMB appreciation, and ongoing domestic policy optimizations, particularly in real estate. The Beijing Stock Exchange (北交所) has seen a significant surge due to policy interventions that improved liquidity, alleviating concerns about fund redemptions and supporting micro-cap stocks mirroring broader trend scrapes.

Investment Recommendations

Focus on structural opportunities for potential upside in the coming months. Key sectors include:

• Artificial intelligence and related technology sub-sectors like gaming and optical modules, given their alignment with long-term industry trends.
• The Huawei ecosystem, including automotive, mobile, and operating system components, as it benefits from strong product launches and market feedback.
• Policy-sensitive stabilizers such as real estate and financials, seeking valuation rebounds amid supportive measures and economic recovery.
• Undervalued cyclical and growth stocks in consumer staples (e.g., liquor, livestock) and specialized growth areas like pharmaceuticals and new energy, driven by earnings potential.

Risks to Consider

• Macro risks include economic slowdown, financial system instability in key regions like the United States, global market uncertainties, and deteriorating US-China relations. These could sustain market volatility. Additionally, the sustainability of current gains may be short-lived due to sector divergence and liquidity concerns, requiring cautious trading strategies.