A-share market opening express | Three major stock indexes collectively open lower, brain-computer interface concept stocks active, with oil and gas, semiconductor and other sectors leading the decline.

On May 19th, the three major stock indexes of A-shares opened lower collectively, with the Shanghai Composite Index falling by 0.21% and the Growth Enterprise Index falling by 0.53%. In terms of the market, the concept of brain-computer interface was active, with Innovative Medical Management rising by nearly 6%; sectors such as oil and gas, and semiconductors led the decline. Institutional Views on the Future Market Galaxy Securities: The medium-term upward trend remains unchanged, continue to focus on main investment opportunities Galaxy Securities believes that after the A-share market's upward trend and the Growth Enterprise Index hitting a historical high, there may be some profit-taking and increased investor divergence. In the short term, there is likely to be a new rhythm of "volatile digestion, slow bull market, and structural bull market". Looking ahead, the upward trend remains unchanged. The core driver of the latest high in the Growth Enterprise Index is the dual drive of the industrial cycle and performance realization. The biggest feature of this round of market is the realization of high prosperity and strong fundamental support. Currently, A-share funds continue to flow from low-growth industries such as finance, real estate, and traditional cycles to high-tech growth tracks with high R&D, high barriers, and high increments. With continuous profit release, steady valuation increase, and continuous influx of incremental funds, the medium-term upward trend remains unchanged, focusing on main investment opportunities. Investment Opportunities: Focus on: Maintaining core technology prosperity themes, TMT and middle-of-the-road manufacturing are the main focus of recovery. Sectors such as semiconductors, other electronics, communication equipment, maritime equipment, and batteries have performed well, but it is important to note that as some hotspots differentiate at high levels, internal rotation features may emerge. Sectors such as commercial aerospace and humanoid Siasun Robot & Automation, which have relatively stagnant growth, are attracting funds. Focus on: The recovery momentum spreading to resource products and some consumer services, including basic chemicals, non-ferrous metals, building materials, steel, and other sectors benefiting from the rise in PPI and price logic, while consumer sub-sectors benefit from the recovery of prosperity and policy support. Also, pay attention to the value of defensive bottom positions, focus on coal, finance, and utilities. EB SECURITIES: The market may be in a "weak reality, strong emotion" scenario overall, short-term disturbances do not change the market's upward trend EB SECURITIES stated that due to the decrease in market risk appetite, there was a pullback in the A-share market this week. Short-term disturbances do not change the market's upward trend. May industry allocation viewpoint: Focus on growth. The market may be in an overall "weak reality, strong emotion" scenario, corresponding to the expected market style in May leaning towards growth. Industries that score high in the five-dimensional industry comparison framework include national defense and military industry, computers, electronics, non-ferrous metals, machinery and equipment, and power equipment, which may be worth focusing on in May. Founder: A-share shrinking volume shakes show resilience, focus on two major directions in the future Founder believes that A-shares have fallen for three consecutive days, with trading volume falling below 3 trillion yuan, and the market has entered the "internal competition" stage. Currently, with the disclosure of first-quarter reports, positive news from high-level meetings being realized, the market is in a "double vacuum period" of performance and policy, lacking new macro catalysts, and consolidation and volatility will be the norm in the near term. In terms of allocation, focus on the following directions: 1. Technology growth direction: computing power, storage, semiconductors, etc. In addition, the trend of "high cutting low" within the technology sector has emerged, with recent significant fund intervention in low-position AI applications, Siasun Robot & Automation, and other sectors, providing opportunities for quality stocks to be bought on dips. 2. High dividend direction: state-owned energy and power construction enterprises, high-quality insurance and banking stocks, utilities sectors, and the new energy sector, which has undergone a more significant short-term adjustment.