施罗德基金：下半年市场“股债双牛”，有色、新消费、AI硬件机会活跃

Group 1 - The core viewpoint is that the domestic market in China is expected to show a "dual bull" pattern in both equity and bond markets in the second half of the year, driven by structural investment opportunities in new economy sectors and a low-growth, low-inflation environment in the bond market [1] - The A-share market, despite uncertainties, is likely to benefit from a loose liquidity environment and recognition from decision-makers of the stock market's impact on public confidence and consumption [1] - In the cyclical sector, there are structural opportunities in non-ferrous metals, but a comprehensive rebound in the sector requires significant improvement in macro demand [1] Group 2 - The technology sector is expected to experience a clear domestic and international divergence, with overseas demand for computing power exceeding expectations, particularly in hardware segments benefiting from global AI infrastructure, such as GPU supply chains and optical modules [2] - The bond market is influenced by China's rapid demographic changes and complex geopolitical situation, with a focus on consumption and technology as new growth points for the economy [2] - The investment strategy for the second half of the year should consider allocations to fixed income plus, equity assets, overseas short-term bonds, and gold to capitalize on potential benefits from China's economic transformation [2]