A-shares express at the opening bell | A-shares collectively open low, with the Shanghai Composite Index falling by 0.34%, led by the decline in non-ferrous metals and other sectors.

A-share three major stock indexes collectively opened lower, with the Shanghai Composite Index falling 0.34% and the Growth Enterprise Market Index falling 0.32%. In terms of the market, non-ferrous metals, super capacitors, and military electronic sectors led the declines. Institutional Outlook Shenwan Hongyuan Group: The short-term potential volatility of the technology track is high, focusing on investment opportunities in the new consumption and export chain sectors. Shenwan Hongyuan Group's securities strategy team stated in a research report that industry ETFs and single-track active public offerings are the main driving forces of this round of technology trend market. These two types of products have a high turnover rate on the liability side, which may amplify the impact on the trading side and result in high potential volatility of the technology track in the short term. Specifically, if technology stocks accumulate floating profits, a positive cycle of "funds inflow market rally" will be formed; once floating profits fall to near breakeven, the liability side may experience short-term pulse redemptions, leading to high volatility risks. Shenwan Hongyuan Group Securities believes that as time goes on, industries expected to see cyclical improvements will continue to increase, the market structure is expected to "blossom in all its splendor," and recommends focusing on investment opportunities in the new consumption, export chain, strategic resources, and non-bank financial sectors. Orient: The market continues to maintain a pattern of fluctuation and rise, with technology growth still being the core theme, harboring many opportunities. Orient stated that from the perspective of hotspots, technology growth is still the core theme, with industries such as AI computing power, optical communication, storage chips, etc., maintaining high prosperity. Although the overall investment cost-effectiveness has decreased due to continued evolution and significantly increased trading congestion, it is still a direction for concentrated investment, with potential for increased volatility in the future and still harboring many opportunities, especially in leading companies in sub-sectors with significant growth in interim results, which are worth continued tracking. From a technical perspective, the Growth Enterprise Market Index is showing signs of challenging new highs, and the Shanghai Composite Index has successfully maintained above the moving average system, with the pattern of fluctuation and rise continuing. Founder: The market is likely to continue with a structural uptrend, focusing on investment opportunities in technology growth and cyclical performance directions. Founder stated that funds are flocking to technology varieties such as optical communication, PCBs, and semiconductors, accelerating their exit from traditional sectors towards concentrating on the technology track. Despite the significant market differentiation, the market is likely to continue with a structural uptrend in the future, with a focus on investment opportunities in technology growth and cyclical performance directions. This article is reproduced from "Tencent Stock Selection". Editor: Liu Jiayin.