Sinotrans Securities: In May, more opportunities are reflected in technology, consumption, and some cyclical sectors.

The research report from Zhongtai Securities stated that the overall profit situation of A-share listed companies in the first quarter of this year has improved, but there are significant differentiation features among industry segments. The China-US trade war has increased domestic economic pressure, emphasizing the effectiveness of policy hedging. Looking at the average monthly performance of the Shenzhen one-level industry in the past 15 years, more opportunities are seen in technology, consumption, and some cyclical sectors in May. It is recommended to focus on: first, the technology sector with obvious performance improvement and policy orientation, focusing on TMT; second, some potential directions benefiting from the increasing expectations of domestic consumption; and third, the electricity sector benefiting from the cyclical dividend under the bottom line thinking.