Securities research direction switched three times, returning to value defense in April.

Since 2026, the direction of brokerage research has undergone three important changes. Data from Choice shows that from January to April, brokerage research activities shifted from a diversified and balanced layout at the beginning of the year, to a concentrated push in the technology sector in March, and back to a focus on value defense in April. Since April, defensive sectors such as electrical equipment and machinery have regained institutional favor, and the switching of market research themes clearly outlines the repositioning path of institutions amid changes in the external environment.