China Merchants Strategy: In the next 36 months, seize three types of opportunities in sequence.

China Merchants Strategy research report believes that, overall, three types of opportunities should be grasped in sequence over the next 3-6 months: first, the broadening recovery in technology after the 10Y U.S. Treasury yield confirms a turn lower, with the first beneficiaries being supporting segments such as computing power chips, storage, semiconductor equipment and materials, PCB, and liquid cooling; second, the spillover into domestic demand and pro-cyclical sectors under the resonance of domestic and external factors, with attention on food and beverages, home appliances, commerce and retail, construction machinery, and chemicals; third, if the index first experiences a relatively large pullback, then focus on brokerages under the main line of low PB and mergers and acquisitions.