Zhongjin: Digesting risks in the midfield, embracing new opportunities in the second half.

A research report from China International Capital Corporation (CICC) pointed out that since June, with the adjustment of the semiconductor sector, global markets have entered a phase of correction after a steep rise. The current large cycle is not over yet, but the contradiction between the hot financing market and tight funds is becoming increasingly prominent. Combined with high crowding and high leverage, the market will enter a "halftime rest" phase before liquidity broadens. Looking ahead, on a tactical level, the research report believes that the adjustment in the global market may continue in the third quarter, with risks mainly coming from uncertainties in monetary policy, rising financing pressures, and the spread of risks in markets such as Japan and South Korea. However, from a strategic perspective, after the halftime rest, the technology sector is expected to continue and broader safety assets are still favored. It is worth noting that after halftime, the market is expected to expand in the upper half of a K-shaped movement driven by safety and investment. Apart from AI hardware, sectors such as AI applications, industrial, and resources may also begin the second half.