China Merchants Securities says over the next 3–6 months prioritize three
sequential opportunities: first, after 10-year UST yields confirm a reversal
lower expect a broad tech recovery — initial beneficiaries include AI/compute
chips, memory/storage, semiconductor equipment and materials, PCB and
liquid-cooling; second, with external-domestic synchronization domestic demand
and procyclical sectors should widen — watch food & beverage, home appliances,
trade & retail, construction machinery and chemicals; third, if equity indices
lead with a sizable pullback, focus on low-PB stocks and brokerages positioned
for M&A and restructuring.
