CGS(SH:601881) Mei Ri Jing Ji Xin Wen·2025-05-19 00:45Group 1 - China Galaxy Securities believes that the A-share market is expected to show stronger resilience in the long term, reflecting a "self-centered" approach [1] - The report suggests three key investment directions: 1) Defensive attributes of dividend sectors with stable returns amid increasing external uncertainties [1] 2) Clear logic in the "technology narrative" of the A-share market, with potential catalytic opportunities in future industrial trends [1] 3) Investment opportunities in the large consumption sector supported by intensive policies to boost service consumption [1] Group 2 - Huatai Securities indicates that the implementation of public fund reforms is likely to drive valuations in the banking sector [2] - The recent release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC strengthens the constraints on performance benchmarks, suggesting future fund allocations may align more closely with these benchmarks [2] - The report highlights that there is significant room for increased allocation to banks, with a nearly 10 percentage point deviation from the CSI 300 index expected by Q1 2025 [2] Group 3 - Huatai Securities expresses optimism for the airline industry during the summer travel peak, anticipating airlines will realize ticket prices and profit elasticity [3] - The report notes that the supply growth rate in the airline industry will remain low, combined with effective revenue management by airlines, leading to an expected increase in annual revenue levels [3] - Additionally, a year-on-year decline in oil prices is expected to further enhance airline profitability [3]