Group 1 - The core viewpoint is that May may present trading opportunities after a clearing of positions, with a focus on technology and industry themes such as multi-modal AI, AI/AR glasses supply chain, and innovative pharmaceuticals [2] - Institutions are generally optimistic about the market environment in May, suggesting an increase in risk appetite, particularly in the technology sector while also considering mid-cap value stocks for defense [2] - Morgan Stanley believes that opportunities in A-shares in May may surpass those in April, with reduced earnings uncertainty following the first quarter reports, leading to an expected increase in risk appetite [2] Group 2 - Institutions widely agree on a balanced strategy of "growth + value" in industry allocation, with a long-term focus on basic industrial products and sectors like cultural tourism and medical services [3] - Short-term outlooks favor liquidity-sensitive growth sectors such as new energy and AI, while also recommending defensive sectors like food and beverage [3] - Continuous monitoring of policy dynamics, including potential interest rate cuts and special bond issuances, is advised [3]