5月科技第二波：初现端倪

Group 1 - The report indicates that the A-share market is transitioning into a "volatile market" mindset, with strong expectations but weak realities, without significant risk of a second bottom [2][3] - A key positive factor is the easing of the US-China tariff conflict, which is expected to enhance risk-on sentiment in the A-share market post-holiday [2][3] - The report highlights that the domestic economic fundamentals are resilient but show signs of weakening, with industrial profits in Q1 2025 growing by 0.8% year-on-year, reversing a decline from the previous year [3][4] Group 2 - The report emphasizes the "second wave of technology" in the market, suggesting that the technology sector is poised for recovery, particularly in AI and semiconductor industries [4][5] - The technology sector's trading volume has decreased to 32.55%, indicating a reduction in trading congestion, which may lead to a rebound in this sector [4][5] - The report suggests that high-dividend stocks and technology should be part of a barbell strategy for investment, with a focus on the semiconductor and smart driving sectors as key areas of growth [4][5] Group 3 - The report notes that the A-share market has completed the earnings disclosures for 2024 annual reports and Q1 2025 reports, with a year-on-year profit growth of 1.32% for Q1 2025 [61][64] - It highlights that the overall A-share profitability remains at a low level, with significant variations in profit growth across different sectors, particularly in upstream and midstream industries [64][66] - The report identifies that the electronics sector has maintained high growth, while traditional consumer sectors are experiencing a decline in growth rates [64][66]