On October 12, a research report released by CICC highlighted that the tech-centric growth trend in the A-share market is poised to sustain its structural rally in the first half of 2026. This projection is underpinned by the robust growth prospects in sectors such as the AI industry chain and high-end manufacturing. However, since July, the global AI industry chain has witnessed a series of unfavorable developments. These setbacks, combined with expectations of tightening overseas liquidity and escalating geopolitical uncertainties in the Middle East, have precipitated substantial corrections in the previously high-flying growth sectors of the A-share market. In light of the heightened volatility in growth-oriented investments and the diminished market appetite for risk, there arises a pressing need to reevaluate the allocation value of dividend-yielding assets. Overall, amidst an environment marked by constrained aggregate growth, concurrent structural high-growth opportunities, and erratic market risk sentiment, a dumbbell-shaped portfolio strategy that amalgamates 'technology + dividends' is expected to emerge as the preferred allocation choice. This strategy effectively balances profit growth, shareholder returns, and portfolio stability. When it comes to technology investments, it is prudent to prioritize companies with discernible industry trends, enduring competitive advantages, and proven profitability. Conversely, for dividend investments, the focus should shift towards high-quality companies characterized by stable profits and cash flows, consistent dividend payouts, and reasonable valuations.