Foreign capital giants' outlook for the second half of the year: the AI supercycle is not over, reevaluating safe-haven assets.

By the halfway point of 2026, global market volatility has intensified. Looking ahead to the second half of the year, foreign institutions such as Morgan Stanley, BlackRock, Fidelity International, and KKR have each given their own answers. Upon examination, it is found that against the backdrop of reshaping geopolitical situations, energy security, and trade patterns, although each institution focuses on different areas of concern, they have formed a high degree of consensus on the main themes of the market in the second half of the year: the AI capital expenditure supercycle is far from over, with technology autonomy and control, high-end manufacturing, and energy transformation becoming the current investment themes, and China's assets strategic position is steadily rising in this round of industrial transition.