Guosen Securities: In which direction does the June calendar effect tend to lean?

Guosen Securities released a research report stating that the current rotation intensity itself is already at a historical high, and in the future, the rotation intensity is expected to converge, and the market may give birth to a new round of structural themes. In June, the market theme is expected to once again lean towards technology growth: after experiencing adjustments, the technology growth sector has once again entered a high cost-effective range. Previously, under the theme-based trading that approached public fund benchmarks, the direction of institutions' overallocation to technology growth was relatively restrained. However, at present, on the one hand, this theme-based trading has loosened, and on the other hand, after the recent adjustment, indicators such as tracking rolling returns differential, crowdedness, and trading volume show that technology has reached a stage where it can look for more specific directions for layout. Starting with the AI industry chain, focus on upstream autonomous controllable computing power and downstream application innovation. In the AI50, one can first focus on upstream GPUs, optical modules, PCBs, IDCs; midstream AI agents, SaaS, industry application software, basic and general software; and downstream humanoid robots, online education, financial technology, virtual reality, digital marketing, and so on.