According to Huatai Securities' mid-year outlook report for 2026, risk assets are poised to maintain their outperformance in the latter half of the year. This projection is underpinned by a confluence of factors, including the AI technological revolution, the resurgence of global manufacturing, and the constrained capacity of global central banks to hike interest rates. Amidst the backdrop of a K-shaped economic divergence, sectors tied to AI and resource commodities are anticipated to outshine those in the consumer, manufacturing, and service sectors. Furthermore, the silicon-based industry is expected to outperform its carbon-based counterparts.

At the asset level, as global liquidity reaches its zenith and subsequently wanes, the scope for valuation rebounds becomes increasingly limited. Consequently, the earnings component (the numerator side) has emerged as the pivotal determinant of performance across major asset classes. The report reaffirms its assessment hierarchy: AI-related sectors > resource commodities > gold > bonds.

For A-shares, the prevailing trend is expected to persist, with a greater emphasis on structural opportunities rather than broad market indices or timing. Operationally, following a period of extreme market divergence, capital is likely to shift from high-valuation to low-valuation segments in a phased manner. Hence, it is prudent to uphold operational flexibility and maintain a cash reserve to navigate potential market volatility.