With external disruptions easing and earnings proving resilient, a recovery in A-share valuations is expected after their pullback. For allocation, consider a barbell strategy combining “technology + high dividends”: in technology, look for continued strength in AI hardware; in traditional industries, seek expectations gaps where supply and demand are improving. A low P/E ratio does not necessarily mean a stock is truly undervalued—sustainable earnings are key.#A股 #科技红利 #Valuation recovery