[Nomura Orient International Securities: U.S. Treasury Yields Suppress Emerging Markets, A-Shares May Deliver Excess Returns] According to a report by Jinse Finance on June 17, Nomura Orient International Securities predicts that the release of strong U.S. non-farm payroll data for May has drawn more investor attention to the strengthening of U.S. Treasury yields. The marginal changes in inflation resilience, one of the three fundamental characteristics mentioned, have impacted global stock markets. Coupled with the highly crowded trading patterns in the AI sector, global market volatility has significantly increased. However, from a medium- to long-term perspective, the scale advantage and policy advantage of Chinese assets are expected to enable investors to achieve strategic excess returns through more diversified A-share allocations. The technology and cyclical sectors are the core driving forces behind the improvement in A-share earnings, and this trend is expected to continue. Investors can share in China's economic recovery and growth through balanced allocations in the technology and cyclical sectors.