A股下半年行情展望：八月或成中美博弈关键，哪类资产将脱颖而出？

Group 1 - The A-share market showed a decline with low trading volume on May 30, but the CSI 300 index still achieved a 1.85% increase for the month, providing some comfort to investors [1] - The A-share market performed well in the first two weeks after the May Day holiday, with a total of 7 trading days of gains, but began to decline after May 15 due to frequent rotation of market hotspots [1] - Global market volatility was largely influenced by unpredictable actions from Trump regarding tariffs, leading to a cautious market sentiment despite initial positive outcomes from the US-China tariff negotiations [1] Group 2 - The first half of the year saw two major trends in global capital markets: global asset "rebalancing" and the revaluation of Chinese assets, with significant inflows into Hong Kong stocks [2] - The concept of Chinese asset revaluation gained traction following the introduction of the DeepSeek model, leading to substantial increases in indices such as the Nasdaq Golden Dragon China Index and MSCI China Index [2] - The approval of 11 innovative drugs by the National Medical Products Administration, including 5 from Sci-Tech Innovation Board companies, boosted the A-share innovative drug and CRO sectors, with the innovative drug index rising over 20% this year [2] Group 3 - Public funds performed well in the first half of the year, with three North Exchange theme funds among the top ten performers, indicating the ongoing trend of Chinese asset revaluation [4] - As mid-year approaches, investors are looking towards the second half, with several brokerages expressing optimism about the A-share market due to a potential easing of the US-China tariff conflict [4] - There are differing opinions among brokerages regarding industry allocation for the second half, despite a general positive outlook [4]