Fund takes the pulse of investment trends in the second half of the year: AI themes shift towards performance-driven, market may see style rebalancing.

Looking back at the first half of 2026, the market conditions have changed several times. The non-ferrous resource sector, which benefited from price increases at the beginning of the year, led the way in strength. As the Middle East conflict disrupted market risk preferences, funds in uncertainty chose the high prosperity technology theme, driving AI hardware represented by optical communication and storage chips to rise steadily, and technology growth stocks showed an extreme structural trend in the market. Looking ahead to the second half of 2026, many public fund companies have offered forecasts on investment themes and market styles. Institutions generally believe that AI will still be the most important investment theme in the market, but as the industry enters the stage of performance realization, the investment logic is shifting from valuation-driven to performance-driven. AI investment opportunities are also expected to continue spreading to upstream and downstream industries such as rare earths and electricity. At the same time, after experiencing the extreme structural trend in the first half of the year, market volatility may increase, and style rebalancing is worth paying attention to.