Galaxy Securities released its mid-year investment strategy research report for A-shares in 2026, recommending three major themes for the second half of the year: First, AI 'infrastructure.' The expansion of overseas AI capital expenditures resonates with domestic investment in new infrastructure, accelerating the construction of underlying facilities such as computing power, communications, and electricity. The prosperity of the industrial chain will spread from core hardware to infrastructure and energy sectors. Second, cyclical and manufacturing sectors. Imported inflation is pushing up price levels, while efforts to 'combat excessive competition' are improving supply dynamics. Coupled with the recovery in demand for new infrastructure and manufacturing exports, some resource and cyclical manufacturing sectors are expected to see a rebound. Third, dividend stocks present opportunities for periodic rebounds and are an important direction for phased (periodic) capital rotation and portfolio rebalancing. It is advisable to focus on areas with expectations of improved performance and stable, sustainable dividends.