Public offering fund outlook for the second half of the year: Investment logic is shifting from valuation-driven to performance-driven.

Looking back at the first half of 2026, the market experienced several changes, with the non-ferrous resources sector benefiting from the logic of rising prices at the beginning of the year, followed by the disruption of the Middle East conflict affecting market risk preferences. Funds chose the high-growth technology sector in uncertainty, driving AI hardware such as optical communication and storage chips to rise steadily, and technology growth stocks interpreted an extreme structural market situation. Looking ahead to the second half of 2026, many mutual fund companies have forecasted 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, investment logic is shifting from valuation-driven to performance-driven, and AI investment opportunities are also expected to continue to spread to the upstream and downstream of industries such as rare earths and electricity. At the same time, after experiencing the extreme structural market of the first half of the year, volatility may increase, and style rebalancing is also worth paying attention to.