Guangda Securities: Market style switches periodically, short-term focus on defensive sectors, medium-term focus on three prosperity themes represented by hard technology.

Guangda Securities stated that in the short term, attention should be focused on defensive sectors, while in the medium term, attention should be focused on three main sectors represented by hard technology. In the short term, defensive sectors may have phased performance, such as high dividend and value stocks, but such opportunities may be more related to trading sentiment. Looking at the medium to long term, high prosperity remains the core of allocation, but we believe it is not limited to the technology sector. In addition to technology, sectors such as the export chain and resources are expected to continue to improve fundamentally, and may be worth special attention in the future. In terms of hard technology, focus on industries such as electronics, communications, and defense industry; in terms of the export chain, focus on industries such as power equipment, machinery, and light manufacturing; and in terms of upstream resources, focus on industries such as non-ferrous metals, coal, oil and petrochemicals, and basic chemicals.