Goujin Securities: In June, we are paying attention to defensive styles and clear trading logic in structural opportunities within the industry.

Guojin Securities pointed out that overseas risks are rising, and a new cycle of "volatility" may be opening up. The risk of "stagflation" in the United States may rise, which could be negative for global economy and trade; U.S. bonds are maturing, and the cost of maturity renewal is expected to rise; "Tax cuts" will increase the deficit rate, increasing the credit risk of U.S. bonds; Uncertainty in the tariff 2.0 negotiations is increasing, not only impacting global trade sentiments. Domestically, the "Two New" policies have diminishing marginal effects on stimulating the domestic economy, and the future "engine" may rely more heavily on government departments. With the combined influences of global fundamentals and liquidity risks, it may be difficult to see a "bottoming out" in the short to medium term. It is expected that the earliest "earnings bottom" may not be seen until late Q3 2025. Maintaining the view that global equity market "volatility" is trending upward, with small and medium capital growth styles "switching" to large cap value defense. Guojin Securities states that in June, the focus should be on defense styles, with clear structural opportunities for trading. Recommendations: focus on trading on potential U.S. recession or stagflation, with a favorable view on current opportunities in gold/gold stocks. Trade in the direction of domestic fiscal efforts, including: current low buy opportunities in innovative drugs, short-term expectations of improved gross profit margins and IRR due to policy guidance, and the medium to long-term potential for substantial improvement in gross profit margins + revenue. Assets with "growth dividends" such as the three major telecom operators, infrastructure, and service-oriented consumption. Considering that the A-share "market bottom" has appeared + AI industry logic catalyst, it is advisable to patiently wait for adjustments and low-buy opportunities for technology that can "cross through growth": industry penetration rates at 10%~15%, performance recovery and capital expenditure expansion in areas such as core chips, GPUs, and new display technologies; AI infrastructure construction, including chips, cloud computing, and data centers.