Bohai Securities: No need to worry about calendar effects in the short term, the intermediate consolidation range will move up.

Bohai Securities stated that, in terms of strategy, there is no need to worry about the World Cup bringing a calendar effect to the A-share market. Looking ahead, although there are risks of weakening domestic demand, the increase in PPI provides potential for performance. Overall, the A-share market is still in a bottoming phase, and the optimization of liquidity structure may bring new structural characteristics to the market. In the medium term, under the policy deployment of "stabilizing and strengthening confidence in the capital market", the trading range of A-shares will gradually move higher. At the industry level, it is suggested to focus on: in the short term, there may be some funding pressure after the polarization of trading congestion and "siphon effect", but with the continuation of sector prosperity, there are still opportunities for repositioning in the computing power sector; the low interest rate environment is driving medium to long-term funds into the market, combined with high dividend varieties with certain defensive attributes.