Brokerage Morning Meeting Highlights | The market enters a period of fluctuation, maintaining a "high dividend + technology" configuration.

Last Friday, the market unilaterally declined in the afternoon, with the ChiNext Index falling over 3% for two consecutive days. Many heavyweight stocks plummeted, with Hithink RoyalFlush Information Network falling nearly 15% and East Money Information falling over 6%. Over 4300 individual stocks in the entire market declined, with over 20 individual stocks hitting their daily limit. The total turnover of the Shanghai and Shenzhen markets was 1.83 trillion yuan for the day. In terms of sectors, the Sora concept, education, cultural media, and consumer electronics sectors led the gains, while the semiconductor, photovoltaic equipment, defense electronics, and securities sectors led the declines. By the close, the Shanghai Composite Index fell 1.45%, the Shenzhen Component Index fell 2.62%, and the ChiNext Index fell 3.91%. At today's brokerage morning meeting, Guotai Junan Securities believes that the market has entered a period of fluctuations and maintains a "high dividend yield + technology" allocation; Minsheng Securities believes that the market will gradually move away from speculation on low-level assets and thematic speculation; Guotai Junan believes that the Xiaomi supply chain is expected to gradually enter a period of strengthening. Guotai Junan Securities: Market enters period of fluctuations, maintains "high dividend yield + technology" allocation Guotai Junan Securities believes that the current coldness of institutions and the hotness of retail investors and speculative funds indicate that funds have not formed a resonant "bull market" sentiment. When there is continuing positive force in the macroeconomy or a consensus on the mainline of large industries, this resonant force will help relieve the obvious sense of division in market heat among various fund groups. Overall, combining the "return of Trump" and the landing of the 10 trillion yuan fiscalized debt policy, the A-share market has transitioned to a period of volatility after a sharp rise. At the structural level, the pricing of internal stimulation around domestic consumption + real estate needs to wait for further confirmation of subsequent domestic incremental policies, the role of high dividend yield base configuration has not disappeared, and market value management in the market sector will become an important pricing lever. Secondly, signs of a core technology growth theme revolving around semiconductors have started to emerge, with the higher expectations being the semiconductor industry forming a fundamental mainline under the three driving forces of Huawei HarmonyOS industrial chain domestic replacement, a Q2 economic upturn, and the overseas mapping of the AI industrial chain.