Guojin Securities A-Share Strategy: The Worst Environment for A-Shares Has Passed

36Kr reports that Guojin Securities' A-share strategy indicates that, for A-share investors, the worst current environment has passed. While AI investment has driven up interest rates and global capital costs, the focus of AI has narrowed to US technology. Currently, cracks in US tech investments will support a decline in real interest rates for some time. The market lacks a V-shaped recovery foundation, but the risk period is easing; investors should begin making appropriate bets outside the AI sector. Overall, Guojin Securities recommends: first, given slowing AI industry trends and diverging fundamentals, the suppression from real interest rates is gradually easing, creating an opportunity to allocate to gold. Second, the energy chain, represented by coal, oil, and oil transport, will continue to benefit from global restocking demand for energy while offering dividend attributes. Third, export data no longer shows AI as the sole standout; if interest rates continue to fall, the export sector will see a recovery, with white appliances, textile manufacturing, commercial vehicles, and home furnishings also possessing dividend attributes.