The three major stock indexes in the A-share market continued their rebound this week.
Looking forward to the market outlook, industry institutions believe that technology may still be the main theme, hot spots within the technology sector may continue to rotate, and the market is expected to spread.
As far as the market is concerned about the marginal changes in external liquidity, the Federal Reserve may keep interest rates unchanged during the year and can be moderately optimistic about the liquidity outlook.
In terms of specific configuration, technology-oriented sectors such as storage, overseas computing power, robots, power equipment and new energy are worthy of attention; fundamentals such as export chains and resource products are expected to continue to improve, and promising subdivisions include machinery and equipment, non-ferrous metals, coal, petroleum and petrochemicals, etc.
The following are the investment views of various institutions on the market outlook:
Guosen Securities believes that the current market may already have the conditions for a round of gains.
Recently, some value sectors have begun to perform. Referring to the historical experience of sector growth, the current market may have the conditions for a cycle of growth, and the technology growth market is expected to spread from the upstream computing power infrastructure to the application side and the energy side.
Within the growth style, industrial change-driven directions such as commercial aerospace and innovative drugs also deserve attention.
In addition, it is recommended to pay attention to the strategic resource products sector, and consumer sectors such as real estate and liquor are also worthy of attention.
Everbright Securities stated that it is paying attention to the direction of hard technology, export chain, and resource products.
In the medium to long term, the direction of high prosperity is still the core of allocation, but the allocation is not limited to the technology field. The fundamentals of sectors such as export chains and resource products are expected to continue to improve, and may be worthy of focus in the future.
In terms of hard technology, we focus on industries such as electronics, communications, and national defense; in terms of the export chain, we focus on industries such as power equipment, mechanical equipment, and light manufacturing; in terms of upstream resource products, we focus on industries such as nonferrous metals, coal, petroleum, petrochemicals, and basic chemicals.
Zhongtai Securities pointed out that hot spots within the technology sector may continue to rotate.
Market styles may differentiate or continue, and technology may remain the main theme.
Hot spots within the technology sector may continue to rotate, and the market is expected to spread. Pay attention to three directions: the first is the direction of AI, focusing on storage, overseas computing power, and robotics sectors; the second is the power equipment and new energy sector, whose driving force is shifting from domestic policy-driven to overseas export-driven, and the export chain prosperity continues to improve; third, the direction of non-ferrous metals, small metal varieties related to the AI industry chain are the most elastic.
ICBC Credit Suisse Fund is moderately optimistic about the liquidity outlook.
The Federal Reserve may keep interest rates unchanged during the year, unless the job market continues to recover beyond expectations and inflation continues to rise higher than expected or remain sticky.
At a time when expectations are moving quickly, market sentiment has become overly pessimistic, and liquidity downsides are fully priced in, we are moderately optimistic about the liquidity outlook.
CITIC Prudential Fund is concerned about the power bottleneck faced by the development of AI in North America.
The expansion of AI computing power is a major trend, but the North American power grid has not been updated on a large scale for more than ten years.
From 2025 to 2028, U.S. data centers may face a power gap of approximately 55GW. Even if alternatives such as natural gas generators and fuel cells are accelerated, the net gap may still be as high as 18% to 30% of the total deployment scale.
Overall, data center demand is surging, while power grid supply is seriously lagging behind. This bottleneck may last longer than the previous shortage of computing power and storage.
Neuberger Berman Fund believes that the long-term demand logic of the resource product cycle has not yet ended.
The recent pressure on the performance of resource products may be related to two factors: first, the uncertainty caused by geopolitical conflicts, which has caused a certain degree of distortion and deviation in industry operating data throughout the cycle; second, the behavioral amplification effect of the market microstructure, and the adjustment range of some traditional blue-chip targets even exceeds the scope that fundamentals can explain.
However, the two core driving forces of this cycle of resource products – the energy revolution and the wave of technology are still continuing and have not bubbled up. The logic of long-term demand for upstream resources is far from over.
In addition, there are some major events that affect investment in the market outlook.
On June 22, the latest loan prime rate (LPR) will be announced.
Previously on May 20, the National Interbank Funding Center authorized by the People’s Bank of China announced the LPR, which showed that the one-year rate was 3.0% and the five-year and above rate was 3.5%, which remained unchanged for the 12th consecutive month.
The PCE price index, considered “the Fed’s favorite inflation measure”, will be released next week.
The latest data shows that the U.S. PCE price index rose by 3.8% year-on-year in April 2026, and the growth rate was further wider than the previous value. At that time, the market’s expectations for whether the Federal Reserve would restart raising interest rates also further increased.
Our country has also introduced 17 measures to accelerate the development of “artificial intelligence + consumption”.
