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

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.