Huatai Securities: The judgment of the upward trend of A-shares in the medium term remains unchanged.

Huatai Securities research report believes that despite short-term disturbances, the upward trend of A shares in the medium term remains unchanged. Firstly, the most intense stage of the conflict between the US and Iran may have passed, reducing systemic pressure from geopolitical factors on global asset pricing and significantly reducing medium-term uncertainty. Secondly, non-financial corporate profits in A shares are still in a recovery period, and Huatai's mid-term industry prosperity index has rebounded significantly in the first quarter. According to the currently disclosed financial report database, the profit growth of non-financial companies in A shares in the 2025 annual report and the 2026 first quarter report is expected to increase steadily. Thirdly, capital market reforms continue to advance, and institutional dividends will provide effective support for the valuation center of technology growth.