华安证券：下半年持续看好以银行、保险为代表的高股息、以金属新材料等为代表的景气行业

Core Viewpoint - Huazhong Securities (600909) released its mid-term strategy for 2025, indicating that loose liquidity will support the market from declining, but the internal growth momentum is recovering slowly, and both short-term and long-term policies are restricting rapid market upward movement [1] Group 1: Market Outlook - The overall A-share profit forecast suggests that the second half of the year will likely establish a trend of profit improvement after hitting a bottom in Q4 2024, which may become a significant force for market upward breakthroughs [1] Group 2: Sector Allocation - For the second half of the year, the recommended sector allocation is: financials > growth > consumption > cyclical [1] - The company continues to favor high-dividend sectors represented by banks and insurance, as well as thriving industries represented by new materials in metals [1] - Growth themes are expected to experience a period of suppression followed by a rebound [1]