June 17 — Nomura Orient International Securities said market volatility creates a window to raise defensive dividend exposure but warned overseas macro shocks could extend the adjustment. Near term it recommends boosting dividend-yielding sectors, prioritizing banks with limited capital consumption and sustainably high ROE and dividend yields, and central SOE property leaders that benefit from faster supply-side concentration. Under its base case the recent high/low rotation is temporary; medium

June 17 — Nomura Orient International Securities said market volatility creates a window to raise defensive dividend exposure but warned overseas macro shocks could extend the adjustment. Near term it recommends boosting dividend-yielding sectors, prioritizing banks with limited capital consumption and sustainably high ROE and dividend yields, and central SOE property leaders that benefit from faster supply-side concentration. Under its base case the recent high/low rotation is temporary; medium- to long-term A-share returns will be driven mainly by the technology theme. Within tech it favors compute hardware constrained by capacity — notably storage, optical communications, AI power systems and liquid cooling — plus supporting infrastructure such as gas turbines, and domestic compute suppliers that benefit from policy support and strong demand.