Funds sentiment is cautious, and the structural market trend in the A-share market continues.

Golden Ten Data reported on May 23 that on the capital side, Wind data showed that on the 22nd, the net outflow of main funds in Shanghai and Shenzhen exceeded 25.2 billion yuan, and the capital sentiment was cautious. Analysts believe that combined with the loose monetary policy and the inflow of medium and long-term funds into the capital market, the downside risk of A-shares is relatively controllable. In the short term, there is support in the market, but it is still necessary to digest the concerns caused by external uncertainties, and it is recommended to actively grasp the structural opportunities in the market. Dong Zhongyun, chief economist of AVIC Securities, said that the current A-share market has returned to the level before April 2, and the market may raise its economic expectations for the second quarter, which is expected to drive further recovery of risk appetite. The follow-up may be dominated by structural markets, and the market focus may return to fundamentals. In view of the external uncertainties, the dumbbell strategy is expected to be dominant in a phased manner, and the dividend and technology sectors may contribute excess returns in a rotational manner.