A股策略专题报告：5月以来哪些成长创新高？

Rating Standards - The report uses a 6-month performance standard relative to market benchmark indices for rating securities: Buy if performance exceeds 10%, Hold if between 5% and 10%, Neutral if between -5% and 5%, Sell if below -5%[4] - The benchmark indices are: CSI 300 for A-shares, Hang Seng Index for Hong Kong, and S&P 500 for the US market[4] Market Analysis - The current macroeconomic environment is characterized by uncertainty, with expectations of a potential Fed rate cut being delayed due to persistent inflation[31] - As of May 2024, the market has shown a typical "barbell" configuration, with electronics and dividend stocks leading performance[30] - In the past month, 7 secondary industries have seen gains over 5%, with Consumer Electronics at 10.1%, Semiconductors at 6.6%, and Components at 5.5%[33] Investment Strategy - Focus on sectors with high long-term dividend yields, such as banks, textiles, home furnishings, and telecommunications, as well as Hong Kong stocks with superior dividend yields compared to their A-share counterparts[17] - The TMT index has a widening gap of -19% compared to the dividend index, indicating a favorable risk-reward ratio for TMT investments[17] Risk Factors - Key risks include potential unexpected rate hikes by the Fed, overseas financial instability, and the possibility of historical trends failing to hold[18]