CICC: A-share market expected to welcome a "Red Opening" after the holiday period.

The research report of Zhongjin Company believes that the performance of A-share listed companies in the first quarter has marginally improved, the expectation of tariffs has eased slightly during the May Day holiday, Hong Kong stocks and US stocks have performed relatively well during the A-share market closure period, and the overall impact of the domestic and foreign environment on A-shares is slightly positive. In this context, A-shares are expected to have a good start after the holiday. In terms of allocation, considering the impact of tariffs and industry prosperity, the following strategies are recommended: 1) Industries with rising prosperity and little impact from tariffs, such as DeepSeek breaking through and accelerating the development of the AI industry, the infrastructure links in the AI industry chain such as cloud computing and computing power, as well as application links such as robotics and intelligent driving, are still important themes. In addition, export chains with low exposure to the US, such as construction machinery, electric power equipment, and commercial vehicles, are also worth paying attention to. 2) Dividend sectors with high-quality cash flow and low correlation with external demand, such as leading companies in industries such as hydropower, telecommunications operators, and food and beverage.