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Citic Securities: a tripod to support the May market Securities Times e Company NewsCyberpunk20771.5crashCitic Securities Research News believes that A shares are expected to be more stable and sustainable in May under the tripod of excellent growth, active theme and dividend varieties. First of all, global funds have a strong willingness to allocate assets to China and have achieved excellent results.Cyberpunk20771.5crash...

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Citic Securities: a tripod to support the May market Securities Times e Company News, CITIC Securities Research News believes that A shares are expected to be more stable and more sustainable in May under the tripod of excellent growth, active themes, and dividend varieties. First of all, the global capital has a strong desire for asset allocation in China, and the high-performance growth style is more concerned. Under the fierce competition, it is expected that the domestic public offering will also focus on the high-performance growth, and the GARP strategy (reasonable price growth stock strategy) will regain its dominance. It is suggested that we should focus on the offshore growth varieties with high allocation performance and price, including construction machinery, home appliances, basic chemical industry, consumer electronics and other manufacturing leaders. Pharmaceuticals that have bottomed out and stabilized in the industrial cycle, as well as consumer and Internet leaders in Hong Kong stocks. Second, domestic policies will take advantage of the situation to avoid tightening before and after loosening the pace, and fiscal, real estate and structural policies are expected to accelerate on the ground, while the third Plenary session of the Central Committee of the CPC Central Committee is approaching, reform expectations are gradually strengthened, and it is suggested that attention should be paid to the themes of low-level economy, AI industrialization, and biological manufacturing, which benefit from the increase of active funds. Finally, the dividend is still an important focus of the financial report, the fluctuation of the domestic interest rate center is limited, and the variety of dividend is still an important choice for a large amount of long-term capital allocation of A-shares. It is suggested that we should adhere to the bottom warehouse allocation of varieties with stable return on free cash flow, including hydropower, property insurance, banks and consumer goods leaders.