TF Securities(SH:601162) Mei Ri Jing Ji Xin Wen·2025-06-09 00:48Group 1 - The core viewpoint of Guotai Junan Securities indicates that the pattern of the "transformation bull market" in the Chinese stock market is becoming increasingly clear, with a strategic bullish outlook for 2025 [1] - After traversing shocks and adjustments, investors' understanding of the economic situation has become sufficient, reducing the marginal impact of valuation contraction [1] - The main contradiction in future expectations has shifted from economic cycle fluctuations to a decline in discount rates, particularly the systematic reduction of risk awareness and risk-free interest rates [1] Group 2 - Tianfeng Securities emphasizes a defensive strategy in June, categorizing investment themes into three directions: breakthroughs in AI technology, valuation recovery in consumer stocks, and the continued rise of undervalued dividends [2] - The progress of the AI industry trend is crucial for the height of undervalued dividends, which often retract when strong industrial trends emerge [2] Group 3 - Guotai Junan Securities reports that new consumption and value growth are progressing in parallel, with differentiation in targets and valuation increases [3] - Structural dividends in new consumption are driven by innovations in new channels and product categories, particularly in snacks, health products, and food additives [3] - Traditional food and beverage leaders are achieving stable growth through strong product innovation and channel expansion, particularly in the beer and beverage sectors [3]