Huatai Securities says last week’s Fed rate outcome triggered a tech-led rebound
as short-term overseas liquidity uncertainty eased, creating a rebound window;
techs previously depressed by external liquidity expectations are likeliest
beneficiaries. Weak Chinese activity and credit data, narrower earnings-repair
breadth and cautious positioning ahead of the National Day holiday limit upside,
so the firm maintains a view of a rebound rather than a trend reversal. Mid-term
structural opportunities remain but with narrower breadth and a more neutral
bias. Recommended positioning: raise exposure to tech where external pressure
eases, innovative drugs and under‑allocated parts of the chemicals chain; keep
dividend stocks as core holdings to damp volatility.
