The three major A-share indices opened with mixed results on Monday, with the Shanghai Composite Index down 0.09% and the ChiNext Index declining 0.15%.

In terms of sector performance, logistics and internet e-commerce sectors were active in early trading, while precious metals, insurance, and innovative drug sectors were among the biggest decliners.

Institutional Outlook on the Market

HuaBao Securities: AI Industry Logic Remains Intact, Tech Focus Advised

HuaBao Securities maintains that the underlying investment thesis for the AI industry has not diminished. Overall, technology stocks are still seen as the market's primary focus and are expected to remain relatively strong in the short term. However, capital may gradually shift within the tech sector from high-valuation to low-valuation stocks, leading to increasingly pronounced divergence among subsectors. In terms of strategy, investors can continue to position around the technology theme but should be mindful of the internal rotation dynamics and pay attention to previously oversold or underperforming subsectors.

Oriental Securities: Market Consensus on AI to Focus on Earnings Previews; Shanghai Index May Test 4130 Level

Oriental Securities stated that looking ahead to July, the market's strong consensus on the AI industry trend will likely center on corporate earnings previews. Differentiation within the tech sector may emerge based on actual performance, with stocks backed by solid earnings likely to perform better. From a technical perspective, the Shenzhen Component Index and ChiNext Index continue to show a clear pattern of volatile upward movement. While the Shanghai Composite Index's performance has been relatively weaker, its two consecutive days of gains have largely offset last Friday's significant decline. It is anticipated that the index may challenge the upper boundary of its descending channel around the 4130 level this week, a level stemming from the recent high of 4258.

Founder Securities: Tech Growth Likely to Remain Key Theme, but Volatility May Increase

Founder Securities believes that while both the STAR 50 and ChiNext indices have reached new highs since the rally began, structural divergence is severe, with market interest concentrated on AI hardware and semiconductor stocks demonstrating strong earnings growth. Individual stocks in these areas have already seen substantial gains, leading to further concentration and crowding in these trades. The current structural bull market in technology is still ongoing, as its core logic has not fundamentally weakened. However, the primary market driver is shifting from "sentiment and expectations" to "earnings and orders." Technology and growth sectors are highly likely to remain the main theme in the second half of the year, but market fluctuations are expected to intensify. In terms of portfolio allocation, investment opportunities in areas such as batteries, computing power, robotics, securities firms, and resource commodities are worth watching.