The semi-annual financial reports of A-share listed companies for 2026 have now been fully released. On the whole, profit growth was notably swift in the first half of the year, though there was considerable variation across different industries. Sectors such as electronics, AI hardware, non-ferrous metals, industries within the chemical price surge chain, and specific areas of high-end manufacturing delivered performance that surpassed expectations. Conversely, sectors including agriculture, forestry, animal husbandry, real estate and its associated chains, building materials, steel, and certain consumer segments still encountered ongoing challenges. In light of this performance scenario, fund managers are making nuanced adjustments to their investment approaches. Interviewees suggest that the technology-driven growth surge has transitioned into a stage of "performance verification," and that the crux of achieving above-average returns in the latter half of the year hinges on the capacity to steadily convert industrial trends into tangible orders, revenues, and profits, rather than banking solely on AI concepts.