CITIC Securities: The configuration of basic metals, crude oil, and equity assets is a direction with greater certainty in the second half of the year.

The research report of CITIC Securities pointed out that looking ahead to the second half of 2026, the Chinese economy will be reshaped by the overflow of capital expenditure cycle of the AI industry and input-type inflation, with a high export prosperity and stable domestic demand. It is estimated that the actual GDP for the whole year will be around 4.7%. In terms of allocation, basic metals, crude oil, and equity assets are more certain directions for the second half of the year. In terms of equity, the structural opportunity focuses on the combination of "AI + energy and chemical industry". As for bonds, the interest rate range in the bond market is likely to remain volatile.