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 opportunitie

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.