Shen Zhen Shang Bao·2025-05-29 06:09Core Viewpoint - Major brokerages are optimistic about the A-share market in the second half of 2025, anticipating a structural bull market driven by multiple policy benefits and industrial upgrades [1][2]. Market Outlook - Brokerages such as Industrial Securities, CITIC Securities, and Everbright Securities predict a "structural bull" market for the capital market in the second half of 2025 [2]. - Industrial Securities' chief strategist Zhang Yidong believes that A-shares will exhibit characteristics of "stable index, structural bull" in the long term, highlighting the attractive valuation of Chinese assets [2]. - CITIC Securities' chief A-share strategist Qiu Xiang expects a bull market for equity assets starting from Q4 2025, with a significant shift in market style towards core assets [2]. - Everbright Securities' chief strategist Zhang Yusheng notes that the gradual recovery of fundamentals, along with macro and micro liquidity, will drive market growth, leading to a structural bull market [2][3]. Sector Preferences - Investment opportunities in the second half of the year should focus on four key areas according to Industrial Securities' chief strategist Zhang Qiyao: technology trends marked by DeepSeek, domestic service consumption, dividend assets, and sectors like gold and military [4]. - Qiu Xiang emphasizes the importance of increasing allocations to Hong Kong stocks and focusing on leading companies in emerging and traditional industries [4]. - Open Source Securities' chief strategist Wei Jixing suggests five focus areas: domestic consumption, technology growth in AI and robotics, industries with improved costs, sectors benefiting from overseas opportunities, and stable dividend stocks [4]. - Li Chao from Zheshang Securities advocates for a focus on dividend-related sectors and technology, anticipating adjustments in institutional allocation due to new public fund regulations [4].