Huatai Securities says short-term consensus remains unsettled; the decisive
window for a trend rebound in A-shares is late August, when mid-year results,
NVIDIA’s earnings and redemption flows during any rally could determine whether
tech can sustain a new leg up. Medium‑term, evidence for a second‑derivative
inflection in the AI cycle is still insufficient; portfolio focus should shift
from 'investment scale' to 'revenue realization', narrowing into names with high
Earnings visibility and limited free‑float/valuation pressure. Preferred
segments: cloud and platform providers, semiconductor equipment, PCB and optical
modules.
