CICC: The "technology + dividend" barbell-shaped allocation structure is expected to receive greater emphasis.

CICC research report states that in the first half of 2026, the A-share technology growth style benefited from high prosperity in areas such as the AI industry chain and high-end manufacturing, continuing its structural market performance. Since July, negative narratives surrounding the global AI industry chain have increased, and combined with tightening expectations for overseas liquidity and rising uncertainty in Middle East geopolitical conditions, the growth sectors that had previously performed strongly in the A-share market have undergone notable corrections. Against the backdrop of increased volatility in the growth style and a decline in market risk appetite, the relative allocation value of dividend assets warrants renewed examination. Overall, in an environment characterized by limited aggregate growth elasticity, the coexistence of structural high prosperity and increased volatility in market risk appetite, a "technology + dividend" barbell structure is expected to become an allocation choice that balances profit growth elasticity, shareholder cash returns, and portfolio stability. On the technology side, it is recommended to focus on companies with clear industry trends, long-term competitive advantages, and the ability to deliver earnings; on the dividend side, focus on high-quality companies with stable earnings and cash flow, sustainable dividends, and reasonable valuations.