Following the holiday, the market has experienced a phase of sentiment recovery, with technology emerging as the dominant theme. Sectors such as memory chips and AI computing power have seen collective surges. Concurrently, May has entered a policy lull period. While the Middle East conflict has not escalated, risk disturbances persist, and the meeting between the Chinese and U.S. heads of state has become a key market focus.
After reaching elevated levels, can the market continue to climb higher? Against a backdrop of intensifying valuation divergence, which investment opportunities merit attention? Let's examine the latest insights from Great Wall Fund's equity fund managers.
Yang Jianhua: Technology Likely to Remain the Main Theme From the current macro environment perspective, the meeting between Chinese and U.S. leaders this month is set against a relatively amicable pre-meeting atmosphere. Domestically, Q1 GDP growth was robust, and China maintains strategic composure in geopolitical maneuvering, holding a relatively advantageous position. Simultaneously, listed companies' overall performance is recovering, and investor confidence is being restored. We anticipate the market trend remains promising in the short term.
Regarding direction, technology is still expected to be the market's main theme. We are optimistic about high-growth tech stocks with strong景气度 and consistently delivered earnings, as well as resource stocks facing supply constraints and stable, rising demand. In the short term, it is advisable to avoid stocks in high-valuation sectors with unfavorable competitive landscapes and low earnings realization. For stocks driven by price increases, the focus should shift from cost-push inflation to demand-pull inflation. Downstream acceptance is crucial for retaining or even expanding profits at this stage.
Liao Hanbo: Focus on Assets Not Fully Priced In AI remains an industrial wave that alters the status quo and creates demand. As the AI industry evolves, hardware demands will change, and future business model innovations are possible. We actively monitor assets that have not been fully priced in.
Tan Xiaobing: Focus on Stocks with Significant Marginal Changes Current global attention centers on progress in geopolitical conflict negotiations and Trump's visit to China. Since the market has already priced in these events, their impact may diminish. Coupled with earnings season concluding, negative factors are limited. Therefore, we believe the overall market may maintain a震荡向上 trend in the short term, with a focus on细分领域 and individual stocks exhibiting significant marginal changes.
Long Yufei: Continued Focus on New Medical Technologies We maintain our previous strategic assessment: the current wave of global technological innovation, represented by artificial intelligence, presents new development opportunities for the healthcare industry. Domestic policies also provide strong support. Under this policy backing, related domestic industries are developing rapidly. In Q1 this year, the world's first invasive brain-computer interface medical device was approved in China. AI medical agents and AI-driven innovative drug R&D are rapidly reshaping medical diagnosis, treatment, and new drug development processes. Consequently, we will continue to focus on new medical technologies such as AI healthcare, brain-computer interfaces, surgical robots, innovative drug R&D, and innovative medical devices.
However, we note a shift in market risk appetite after Q1. The "gray rhino" of geopolitical conflicts may affect the global pace of interest rate cuts and the global economy. Therefore, high-volatility thematic investments with poor short-term earnings realization may face increased盈利难度. Capital may prefer high-景气度 businesses with strong近期现金流 (like AI) until an inflection point appears. Thus, we will closely monitor and guard against risks, avoiding targets reliant on distant narratives, and instead focusing more on areas with short-term景气度 or cash flow support.
Liang Furu: Focus on Innovative Drug Pipeline Realization and Earnings Verification The trajectory of innovative drugs is currently反复和纠结. Setting aside complex capital market reasons, uncertainty has increased due to reduced transparency regarding后期临床 data verification and the globalization pace for core innovative drug varieties.
Consequently, the verification周期和节奏 in the capital market has become冗长 at this stage. However, some large companies are entering a period of high-speed earnings realization. Moving forward, on a semi-annual to annual cycle, we will focus on targets with high pipeline realization certainty and characteristics of rapid earnings爆发. Additionally, we will increase attention on stocks outside the innovative drug sector.
Chen Ziyang: Non-ferrous Metals May See Valuation Repair The meeting between Chinese and U.S. leaders in May, the reduced intensity of the Middle East conflict, and the smooth transition of the Fed Chair all support a recovery in risk appetite. We primarily focus on three investment opportunities: sectors previously significantly suppressed by oil prices with solid fundamentals (like non-ferrous metals) may experience valuation repair; energy supply disruptions causing supply chain disturbances and highlighting energy security importance may衍生相关投资机会; data center investments may lead to supply-demand mismatches in upstream materials.
Zhang Jian: Focus on AI, New Energy, etc. We are mainly optimistic about the following directions: 1) AI Industry Chain: This is a sector with relatively旺盛 demand. The AI Coding model has been validated, with potential for broader industry人工 replacement. Current supply shortages are leading to high利润率 across various segments. 2) New Energy: Even if geopolitical conflicts ease, they are unlikely to halt the global acceleration towards new energy. 3) Domestic Demand: Focus on structural复苏 or investment opportunities arising from supply-side出清. 4) Low-Valuation, Stable Varieties: Offer dividend yield advantages and possess some earnings growth potential.
Su Junyan: Focus on Varieties with Price Increase Logic Personally, we hold a谨慎乐观 view of the May market. Although current market valuations lack attractiveness, expectations of Middle East conflict de-escalation, coupled with catalysts like the U.S. President's visit to China in May, provide strong overall market momentum. We primarily focus on varieties with price increase logic, while also适度关注 bottoming consumer stock opportunities.
Lin Hao: Bullish on Tech Growth, New Energy, etc. With incremental capital entering the market, structural行情 is expected to continue. We remain看好 and focused on tech growth directions with their own industrial logic, the new energy sector benefiting from rising oil price中枢, and commercial aerospace and太空算力 directions. Tariff friction is a tug-of-war and持久战. The market may price in long-term decoupling trends. Themes like自主可控 and resource value revaluation are expected to persist. We forecast the A-share equity market to continue震荡向上 in 2026, with structural行情 likely to延续.
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