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

Yang Chao, chief strategy analyst at Galaxy Securities, stated in his mid-2025 strategy conference that the funding situation of A-shares will continue to be stable and good, with current valuations still relatively low compared to mature overseas markets, offering a relatively high investment cost-effectiveness. It is expected that there will be a volatile uptrend in the second half of the year. The market style will lean towards the overall market, with opportunities still existing for growth stocks. He emphasized that structural opportunities will focus on four main directions: safe assets, technological innovation, large consumer goods, and merger and acquisition restructuring themes.