浙商证券：下半年或呈现股债双牛结构

Core Viewpoint - The economic recovery in May shows a positive trend, with industrial growth driven by government policies, but a potential decline in the second quarter is anticipated [1] Economic Performance - In May, the industrial added value for large-scale enterprises increased by 5.8% year-on-year in real terms [1] - The overall economic performance is expected to exhibit fluctuations due to rising uncertainties in both internal and external environments [1] Market Outlook - The second half of the year may present a dual bull market for stocks and bonds, supported by a potential easing of US-China trade relations and risk mitigation from "quasi-stabilization" funds [1] - A structural market trend is anticipated in A-shares, characterized by alternating low volatility dividends and technological growth [1] Fixed Income - The 10-year government bond yield is expected to decline to around 1.5% amid a low probability of large-scale domestic demand stimulus within the year [1]