CITIC Securities: Dividend assets are expected to enter the valuation recovery range in the second half of the year.

The research report of Citic Securities stated that in the first half of 2026, various factors such as geopolitical disturbances and tightening liquidity have impacted major asset classes, showing significant high differentiation and high volatility characteristics. Looking ahead to the second half of 2026, dividend assets are expected to enter a valuation repair range; it is expected that gold will experience short-term fluctuations and long-term structural support; style-neutral combinations in active equity funds are expected to benefit; quantitative funds may see improved excess returns; absolute return "fixed income +" funds have stronger adaptability in a differentiated market; macro allocation strategies are expected to weaken due to liquidity disturbances; subjective CTA strategies are expected to gain more advantages.