In the second half of the year, the investment landscape for A-shares is taking shape: technology as the spear and improvement as the shield, with two core main lines forming the consensus among institutions.

As we enter the second half of the year, the A-share market is accelerating its search for new main performance lines amid fluctuations and bottom-finding. According to multiple investigations, several leading institutions have reached a clear consensus: institutional funds can moderately position on the left side based on fundamental research, while ordinary investors can further increase their risk appetite when right-side signals appear. In terms of allocation direction, the focus should shift from a single track to a balanced combination of technology growth, fundamental improvement, and high-dividend assets. The continuation of AI industry trends, ongoing policy support, and the accelerated two-way opening of the capital market will provide support for structural markets in the second half of the year, but uncertainties such as overseas monetary policy and geopolitical situations still need to be heeded.