jackpotpartyfacebook| Huatai Securities: A-share allocation is based on dividends and grasps two economic clues: exports and supply pressure reduction

Gelonghui May 13| Huatai Securities Research News saidjackpotpartyfacebookFinancial data in April was weak, M1 turned negative year-on-year, and the decline in the scissors between M1 and M2 indicated that the dumbbell configuration still has certain sustainability and necessity. Considering the repair of risk appetite or setbacks, the medium-term dimensional dividend is still the bottom-position choice. Margally pay attention to the first quarter of 2024 financial reportjackpotpartyfacebookIncremental information of: 1) Switch high and low within the dividend sector and between the A/Hong Kong stock dividend sectors, consider cost performance, positions, etc., and pay attention to banking, transportation, Hong Kong stock utilities, Hong Kong stock banking and other sectors. 2) Consider exports and supply pressure reduction, two high-rate prosperity strategies this year, and select middle and lower reaches export chains where ROE has stopped falling or improved and there are opportunities from the perspective of inventory/production cycle (Home appliances, textiles and clothing, commercial vehicles, automation equipment), biological products, optics and optoelectronic, agriculture, etc., 3) The theme section may still have interpretations, focusing on synthetic biology/Shun CPI/equipment updates, etc.