Guotai Junan Securities: A-shares may remain in a range-bound pattern, focus on policy expectations in July for structural opportunities.

Guotai Junan Securities stated that the economy is gradually recovering, but external disturbances still exist. A-shares may continue to maintain a range-bound pattern, and in July, attention should be paid to structural opportunities brought by policy expectations. In terms of allocation, one can take stable assets such as low volatility dividend stocks as the core position, and grasp profit elasticity through growth assets such as technology and new consumption.