Zhongjin: The trend of A-shares may be dominated by periodic fluctuations after the Dragon Boat Festival.

The report from Zhongjin Company stated that, considering internal and external factors, the market may continue to maintain a volatile pattern. In terms of style, benefiting from ample liquidity and technological narrative catalysis, the performance of small and medium-sized growth stocks is relatively advantageous; in the background of declining interest rates, the attractiveness of high dividend-yielding assets has relatively increased, but the allocation is still biased towards structural. In terms of allocation: 1. Continuously focus on areas supported by policies such as mergers and acquisitions, restructuring, and net asset value repair. 2. Sectors that are experiencing a rebound in the economy and are not greatly affected by tariffs, such as cloud computing and computing power in the AI industry chain, infrastructure sectors, and applications such as robots and intelligent driving, we believe are still important themes. In addition, export chains with low exposure to the US, such as engineering machinery, power grid equipment, and commercial vehicles, are also worth paying attention to. 3. Companies in the dividend sector with high-quality cash flow and low correlation with external demand, such as hydropower, telecommunications operators, food and beverage, and leading companies in the banking industry.