Largely based on our assessment of sector earnings outlook, we recommend overweight in telecom, consumer staples, toll road, construction, healthcare and agriculture, equal or underweight in the rest.

• 根据我们对各个行业的预测，我们建议增持电信、消费品、收费公路、建设、医疗和农业行业，对其他行业采取观望或减持。