On October 19th, Sinolink Securities released its A-share strategy analysis, indicating that for A-share investors, the most challenging period has now concluded. Previously, the AI investment craze drove up global capital costs. However, the current focus of AI investment has shifted predominantly towards the U.S. tech sector. It is anticipated that the divergence in U.S. tech investments will underpin a decrease in real interest rates for the foreseeable future. Although the market does not yet fulfill the criteria for a V-shaped recovery, the risk period has gradually subsided, allowing investors to start giving due attention to non-AI sectors.

Sinolink Securities offers the following recommendations:

Firstly, considering the decelerating trend of the AI industry and divergences in fundamentals, the dampening effect of real interest rates is progressively diminishing, signaling that the time has come for gold allocation.

Secondly, the energy and chemical chain, exemplified by coal, oil, and oil transportation, will continue to reap the benefits of global energy restocking demand and exhibit dividend-paying characteristics.

Lastly, export data reveals that non-AI sectors have excelled. Should interest rates persist in their downward trajectory, the export and overseas sectors are poised for a rebound. Additionally, white goods, textile manufacturing, commercial vehicles, and home furnishings are also expected to display dividend-paying attributes.