Huatai Securities: The bottom position value of the high dividend sector is still attractive.

Huatai Securities research report stated that since June, market risk appetite has remained positive overall, with funds continuing to converge towards growth sectors such as semiconductors, optical modules, and AI computing power chains, which are still the core themes in the market. The high dividend sector as a whole has underperformed. However, there has been significant volatility within the growth sector in the month, leading to a temporary resurgence in the defensive value of dividend stocks. Looking ahead to July, with high crowding in the growth sector, relatively high valuations, overseas inflation exceeding expectations, and the prospect of a Fed rate hike, the defensive value of high dividend stocks remains attractive. It is recommended to focus on stable dividend stocks with defensive attributes.