Huatai Securities A-Share Strategy: Hunt Value Along Earnings and Growth

This note captures a rotational market where leadership has shifted toward coal, media and oil-petrochemicals while electronics, telecom and machinery weaken — a defensive tilt consistent with the brokerage's own dividend-heavy base position. The flagged overseas rate overhang matters because it caps the valuation runway for long-duration growth names, which is precisely where the recent pullback has concentrated. The open question is whether the volume pickup can persist if rate pressure keeps building, or whether the market stays parked in shorter-duration cyclicals and yield.