The Huatai Securities Research Report pointed out that overseas disturbances heated up last week, and expectations of Japan's interest rate hike are driving the tightening of global liquidity expectations. Hong Kong stocks, in particular the Hang Seng Technology Index, are under pressure, A-shares fluctuate and diverge, and the main line is not strong. In the short term, the rebound from the double whammy surplus decline is coming to an end, and the market has entered a phase of turbulence, bottoming out and rebalancing. Looking at the medium term, the July economic data is strong, domestic demand is weak in stages, and effective demand needs to be catalyzed. However, the improvement in the mid-term outlook is spreading. The upward direction of profit expectations is consistent with the signs of improving the economy. The basis for the upward trend has not changed. Focus on the policy window for the third quarter and signals of the breadth of profit recovery. In terms of configuration, the AI chain is still the first choice, with communication equipment at the top, followed by domestic computing power chains and AI electricity; other directions focus on CXO leaders, non-ferrous and offshore chain leaders with weak profit expectations; continue to hold dividend positions and allocate low-wave banks and transportation.

The Huatai Securities Research Report pointed out that overseas disturbances heated up last week, and expectations of Japan's interest rate hike are driving the tightening of global liquidity expectations. Hong Kong stocks, in particular the Hang Seng Technology Index, are under pressure, A-shares fluctuate and diverge, and the main line is not strong. In the short term, the rebound from the double whammy surplus decline is coming to an end, and the market has entered a phase of turbulence, bottoming out and rebalancing. Looking at the medium term, the July economic data is strong, domestic demand is weak in stages, and effective demand needs to be catalyzed. However, the improvement in the mid-term outlook is spreading. The upward direction of profit expectations is consistent with the signs of improving the economy. The basis for the upward trend has not changed. Focus on the policy window for the third quarter and signals of the breadth of profit recovery. In terms of configuration, the AI chain is still the first choice, with communication equipment at the top, followed by domestic computing power chains and AI electricity; other directions focus on CXO leaders, non-ferrous and offshore chain leaders with weak profit expectations; continue to hold dividend positions and allocate low-wave banks and transportation.