Guotai Junan: Active changes are beginning to emerge, and the market will focus on the low-risk features of the large-cap blue chips.

Jinshi data news on June 23rd, Guotai Junan research report pointed out that by the end of June, the hot summer will come, and the A-share market in the second quarter of 2024 will also come to an end. The fluctuation amplitude of the Shanghai Composite Index in this quarter is relatively large, and it is somewhat similar to the market situation in the first quarter of 2024. Before the interim report season arrives, the factors that have affected the market are being fully priced, and as uncertainty decreases, market participants' willingness to accept risks is also increasing, and active changes are beginning to appear. The process of reducing uncertainty's driving force for the market is not immediate. In the current situation where investment is still conservative, the market is focusing on low-risk characteristics of the major blue-chip stocks. The main investment themes are concentrated in the following two directions: first, stable major value stocks such as A/H dividend assets still have allocation value, and the industry direction includes coal, electricity, finance, and Hong Kong-listed central state-owned enterprises; second, in addition to major value stocks, allocations to technology blue-chip stocks can also be increased.