Huatai Securities A-share strategy: continue to maintain balanced allocation in the short term.

Huatai Securities released its A-share strategy, pointing out that in the short term, A-shares are entering a window of superimposed catalysts of AI chain industry catalysis, relative vacuum, and repricing of macro risks. Last Friday, the far better-than-expected non-farm data triggered global liquidity tightening pricing, with US bond yields and the US dollar index soaring. Risk assets such as Nasdaq 100 experienced significant pullbacks, combined with overseas leading indicators of the AI chain falling short of expectations and short-term chip congestion, indicating a market style re-balancing as the main contradiction shifts from industrial prosperity to macro risk pricing. After reviewing the Nasdaq 100's strong momentum trend resulting in a more than 2% drop and the rise in US bond yields, there is a high probability of pressure at the monthly level for A-shares. Financials/value may hold an advantage, while growth may face pressure. Therefore, in terms of allocation, it is recommended to take moderate profits on AI chain stocks, wait for volatility to decrease before re-entering the market, and focus on banks with potentially higher returns in macro repricing over the medium term and small metals, packaging, printing, etc., which have cost-effective post-quarterly report excess returns relative to EPS changes for rebalancing.