The three major A-share indices opened collectively higher, with the Shanghai Composite Index up 0.09% and the ChiNext Index gaining 0.92%.

In terms of sectors, oil and gas exploration and services, AI PCs, lithography machines, AI phones, and coal were among the top gainers.

**Market Outlook from Institutions**

**Orient Securities**

Orient Securities believes the upward trend of the stock indices, characterized by fluctuations, remains unchanged. The high-growth industry trend in AI has not ended, and technology remains the main theme.

The firm states that the high-growth trajectory in AI is not over, and the technology sector will continue to be the primary focus. The recent market adjustment provides an opportunity to position in core high-growth stocks with clear expectations.

The oscillating upward trend of the indices is intact, and the market's structural rally is expected to continue.

**China Merchants Securities**

Looking ahead to June, China Merchants Securities judges that the A-share market remains in the third stage of an upward trend driven by earnings.

The recovery in non-financial profit growth verified by first-quarter reports shows a distinct K-shaped divergence, with growth concentrated in upstream resources, TMT semiconductors, and some high-end manufacturing exports, while consumption and the property chain are still bottoming out.

Externally, the easing of US-Iran tensions has pushed oil prices down. Combined with the resolution of "hawkish expectations" from the first Federal Reserve meeting under the new chair, global liquidity pressures have eased marginally and do not constitute a trend disturbance.

On the industry front, AI has shifted from a narrative of computing power arms race to an acceleration of commercialization. Signals such as DeepSeek V4's adaptation to domestic computing power and the shift of overseas cloud providers' capital expenditure towards storage/interconnection support the sustainability of the main theme's growth.

In terms of capital flows, although there are periodic liquidity disturbances from continuous ETF net outflows and large-scale IPOs like Changxin, the steady inflow of margin financing balances and the unchanged characteristics of structural capital inflows only promote survival of the fittest within the main theme rather than a trend reversal.

**Founder Securities**

Founder Securities believes the index rally is far from over, with technology remaining the main theme. The focus should be on technology growth and high-dividend yield stocks.

The firm notes that the current global market situation is similar, with indices like the Nasdaq and Nikkei hitting new highs, but the gains are concentrated in a few tech stocks while most others perform modestly.

Therefore, this round of the technology rally differs from past pure concept speculation, as it is fundamentally centered on the realization of earnings expectations. After the disclosure of annual and first-quarter reports, stocks with earnings support did not show significant pullbacks, which will become a core criterion for subsequent stock selection.