Large financials leading the A-share market with more than 4300 stocks rising Institutions suggest focusing on "real growth" supported by performance.

On the first trading day of July, more than 4300 stocks in the entire market rose. The big financial sector was strong all day, with securities and insurance leading the gains; the breeding sector collectively rose, with New Hope and Ao Nong Biological hitting the limit up; the pharmaceutical sector rose in the afternoon, with Hainan Hailing Pharma breaking out of a 7-day limit; technology heavyweights such as ZTE Corporation and Xinyi Sheng were in a period of adjustment. According to a research report by Great Wall Securities, the short-term market may face triple factors: first, external liquidity disturbances, with the expectation of a rate hike by the Federal Reserve still high, and fluctuations in US technology stocks transmitting sentiment to A-shares; second, as the semi-annual report window approaches, the market pricing logic will shift from "expectations of the economy" to "confirmation of the economy", with directions in hard technology with real orders and high profit growth are expected to continue to receive a premium; third, after the margin balance surpasses 3 trillion yuan, the market's attention to the stability of leveraged funds has increased. Overall, in the short term, the structural technology rally is expected to continue but with increased volatility, with internal differentiation becoming the norm; in the medium to long term, technology remains the main trend, and attention should be focused on "real growth" supported by performance.