wheeloffortunegameonline| Tianfeng Securities: With limited incremental policies, A-shares are still expected to be dominated by shocks

Gelonghui May 19| According to Yicai, Tianfeng Securities Research News said that policy increases are expected to cool down, and A-shares are expected to remain dominated by structural opportunities in the short term. quest for certaintywheeloffortunegameonlineTrading opportunities are declining. Since April, the AI sector's trading congestion has dropped rapidly and is currently only at the historical 36% quantile, while the dividend trading congestion still reaches the historical 85% quantile, which is at a relatively high level. We believe that it may be necessary to avoid dividends in the short term. The risk of correction caused by overcrowded trading. In terms of total volume, A-shares are expected to remain dominated by shocks with limited incremental policies, focusing on structural opportunities. Core assets, especially incremental manufacturing exports and consumption sinks, have more room for valuation repair.