During the critical policy validation period, it is expected that the A-share market will remain stable, and A50ETF Huabao-class core assets may continue to benefit.

On April 28th, Huabao closed down 0.18%, with a turnover of 58.227 million yuan. The constituent stocks showed mixed ups and downs, with Changjiang Electric Power leading the gains and Midea Group following suit. BYD led the declines, while Ningde Times followed suit. Shenwan Hongyuan Securities stated that looking ahead, there are three conditions for the stability of A-share policy expectations: first, the reservation space for the layout of incremental policies. Second, the acceleration of the implementation of stock policies. Third, the accelerated issuance of government bonds as a reserve resource for stable growth in the third quarter. In April, the political bureau meeting utilized existing stock policies effectively, prepared sufficient incremental policies, and on the basis of maintaining stability in the capital market, also aimed to make it more active, comprehensively meeting market expectations. During the key period of policy verification, A-share expectations are expected to remain stable. In terms of allocation, adjustments in cost-effectiveness for technology growth should be made first, focusing on the domestic AI industry chain with time value. Robot institutions' holdings are more concentrated, and in the short term, they are more sensitive to catalyzing and have greater thematic elasticity in the direction of technology.