Galaxy Securities' Yang Chao: A-shares expected to fluctuate upwards in the second half of the year, focusing on four major institutional opportunities.

Yang Chao, Chief Strategy Analyst of Galaxy Securities, stated in his mid-2025 strategy conference that the capital situation of A-shares will continue to be stable and improving. Currently, the valuation of A-shares is still relatively low compared to mature overseas markets, with a relatively high investment cost-effectiveness. It is expected that there will be a volatile upward trend in the second half of the year. The market style will lean towards the main board, and there are still great opportunities for growth stocks. He emphasized that structural opportunities focus on four main directions: safe assets, technological innovation, consumption, and mergers and acquisitions.