Huatai Securities pointed out that last week, with the implementation of key events such as US economic data and the Bank of Japan's interest rate hike, the uncertainty that the market had previously feared has basically become a thing of the past. Global liquidity expectations have improved and risk appetite has picked up — the global stock market has emerged from a recovery situation where it first suppressed and later, and the metal category in the commodity market performed prominently. However, as the year-end assessment approaches, institutional investors are still relatively cautious. The overall AH market showed a contraction pattern last week, and the timing model maintained a volatile judgment on the market. We still maintain the “light index, heavy structure” view, and suggest focusing on the left-hand layout of the restless spring market when it is low. Recommended direction: industry level: precious metals, automobiles, computers, media, real estate; style level: optimistic about the small-cap style, it is recommended to avoid high-cap stocks, and prioritize finding opportunities in low-level sectors.

Huatai Securities pointed out that last week, with the implementation of key events such as US economic data and the Bank of Japan's interest rate hike, the uncertainty that the market had previously feared has basically become a thing of the past. Global liquidity expectations have improved and risk appetite has picked up — the global stock market has emerged from a recovery situation where it first suppressed and later, and the metal category in the commodity market performed prominently. However, as the year-end assessment approaches, institutional investors are still relatively cautious. The overall AH market showed a contraction pattern last week, and the timing model maintained a volatile judgment on the market. We still maintain the “light index, heavy structure” view, and suggest focusing on the left-hand layout of the restless spring market when it is low. Recommended direction: industry level: precious metals, automobiles, computers, media, real estate; style level: optimistic about the small-cap style, it is recommended to avoid high-cap stocks, and prioritize finding opportunities in low-level sectors.