Kaiyuan Securities: Short-term crowding has partially unwound and STAR 50
implied volatility has fallen, creating intra-tech segmentation opportunities.
Strategy: maintain balanced tech exposure and use rebalancing. Rebalancing
focus: small/micro caps (CSI 2000, Wind micro-cap stocks); sectors with upside
net-profit surprises — electronics, defense & military, computers, oil &
petrochemicals, nonferrous metals, non-bank financials; rotation targets —
nonferrous, basic chemicals, new energy, agriculture, pharmaceuticals and
selected midstream manufacturing such as shipbuilding; and high-dividend
defensives (banks, utilities, power) for favorable risk/reward in volatile
markets. Medium term: technology remains the main theme, broad beta gains will
be harder and returns will increasingly come from within-tech stock selection.
Positioning should target names combining a second-leg re-ignition and narrative
traction: AI materials, domestic compute-power chain and upstream overseas
compute-chain suppliers (PCB, optical-module upstream), programming/enterprise
AI agents and applications, plus tech spillover beneficiaries including power
equipment, power utilities, energy metals and liquid-cooling solutions.
