A股后市如何？机构建议这样布局

Core Viewpoints - The article emphasizes the importance of focusing on fundamental investment logic from June to August, suggesting that investors should pay attention to traditional capacity clearance, the rise of new consumption, and sectors with high industry prosperity [1][4][5]. Investment Insights - A-shares experienced a volatile upward trend in early June, with institutions recommending a focus on sectors such as automotive, non-ferrous metals, retail, beauty care, and chemical pharmaceuticals [1][5]. - The People's Bank of China has increased its gold reserves for seven consecutive months, indicating a strategic move to bolster foreign exchange reserves, which stood at $32,853 billion as of May 2025 [1]. Market Trends - The Shanghai Stock Exchange plans to enhance the dividend index product system to encourage companies to increase dividend payouts and improve investment value [2]. - Foreign institutions like Morgan Stanley and Goldman Sachs express optimism about the asset allocation value in China, citing favorable economic growth expectations and relatively low asset valuations [3]. Sector Focus - Citic Securities suggests a focus on fundamental investment logic, particularly in the computing power supply chain, including AI servers and related technologies [4]. - Dongwu Securities anticipates continued short-term theme rotation, with attention on new consumption, innovative pharmaceuticals, and AI-related sectors [6][7]. - Huatai-PB Fund notes an improvement in A-share company performance and potential recovery in foreign trade and economic expectations, leading to increased focus on consumption and cyclical sectors [8]. - Huitianfu Fund indicates that the timing for investing in technology growth is approaching, especially in the AI industry chain [9]. -招商基金 highlights that Hong Kong stocks may have recovery potential in the medium to long term, driven by policy support and improved liquidity [10].