Huatai Securities: The key window for a trend rebound in A-shares is in late August.

Huatai Securities stated that, in the short term, consensus is still to be reached, and the key window for a trend-based rebound is in late August. By then, the mid-year reports, NVIDIA's earnings report, and the redemption pressure during the rebound process may determine whether the technology sector can form a new round of main upward movement. In the mid-term, evidence of the inflection point in the AI industry's trend is not yet sufficient, but the allocation should shift from "investment scale" to "revenue realization," narrowing the focus towards areas with high performance visibility and lower pressure on chips and valuations, paying attention to cloud and platforms, semiconductor equipment, PCB/light modules, and so on.