Core Viewpoint - The A-share market is expected to experience a "sideways fluctuation with slight strengthening" in the first half of 2026, with core opportunities focusing on mid-cap blue chips, particularly in the cyclical (chemicals, non-ferrous) and manufacturing (new energy, robotics) sectors [2][3][4]. Market Outlook - The market is currently in an adjustment phase following the bull market of 2025, requiring three key tasks: transitioning from old to new driving forces, switching market hotspots to find new breakthrough directions, and redistributing stock chips to form a trading foundation [3]. - The previous bull market was driven by rising expectations rather than improvements in the real economy, indicating a need to return to observing the real economy for new expectations to form [3][4]. Investment Strategy - The focus for investment should be on mid-cap blue chips, which are characterized by moderate risk, solid performance, and potential for growth. Key sectors include cyclical industries (chemicals, non-ferrous) and manufacturing (new energy, robotics) [4][5]. - The market has shown a polarization trend from April 2023 to November 2025, with funds either flowing into low-risk, high-dividend stocks or chasing high-risk, high-growth tech stocks. This trend is beginning to change, indicating a return of risk appetite towards mid-cap blue chips [4][5]. Sector Insights - In the technology sector, while it remains a long-term focus, a short-term correction is necessary due to previous rapid increases in stock prices [6]. - The A-share market's selection strategy has shifted from performance-based to style-based, focusing on factors like EPS, ROE, and growth potential [6]. Economic Context - The macroeconomic environment is expected to show a "front low, back high" trend in GDP growth, estimated between 4.5% and 5.0% for the first half of 2026, with support from consumption, investment, and exports [7]. - The geopolitical landscape, particularly the U.S.-China dynamics, is anticipated to influence market stability and investment flows, with China positioned as a relatively stable market amid global uncertainties [7]. Industry Opportunities - In the AI sector, there is a genuine and sustained demand for domestic AI solutions, with a focus on advanced processing and chip technologies [8]. - The copper market is expected to see continued price increases due to strong demand and supply shortages, while lithium carbonate is projected to remain tight in supply [8][9]. - The new energy sector is focusing on storage, lithium battery materials, nuclear fusion, and solid-state batteries, with significant growth anticipated in storage solutions [8]. - The robotics industry is transitioning to a mid-stage focus, with key components like joint assemblies and dexterous hands being highlighted as important areas for investment [9].

作为日本在人工智能领域的首份基础规划草案，该草案将提交至人工智能战略本部审议，预计年内通过 内阁审议完成最终方案。今后将根据国内外情况每年进行修改。 日本《朝日新闻》12日分析称，ChatGPT推出至今已有3年左右的时间。在技术创新不断推进的背景 下，日本政府也承认作为GDP规模世界领先的经济体，日本"在AI开发和应用方面落后于世界"。在面向 AI的尖端半导体领域，日本正不得不依赖其他国家。此外，像ChatGPT这样目前尚且免费可用的AI，也 可能会因收费化等企业战略调整而对日本国内的使用产生影响。 《朝日新闻》称，日本首相石破茂当天在会议上表示，"在安全保障方面，AI是极为重要的。在全球开 发竞争加剧的背景下，须为扭转劣势尽快制定紧急支持政策，"并提出了致力于建设"一个人们因AI而幸 福的社会"的愿景。 日本科学技术政策大臣城内实12日回答记者提问时表示，"随着全球人工智能开发和应用竞争的日益激 烈，未来一两年的努力对于实现反守为攻至关重要，我们决不能停滞不前。政府将积极支持私营企业和 研究机构开发国产AI。" 据美国斯坦福大学的一项调查显示：2024年日本民间对AI的投资额约为9亿美元，而美国的民间投资额 ...

Group 1 - Over 200 A-shares and Hong Kong stocks have been included in the July "golden stock" list by brokerages, with high attention on stocks like Kaiying Network, Zijin Mining, Huadian Technology, and Muyuan Foods [1][2] - Kaiying Network has been recommended by five brokerages, making it the most favored stock for July, with a stock price reaching 20.31 yuan per share, a new high in over nine years [1][2] - The performance of the June "golden stocks" was strong, with 61.40% of the 272 stocks achieving positive returns, and the median increase being 8.10% [3][4] Group 2 - The Hong Kong Stock Exchange has seen a significant increase of over 44% year-to-date, with its stock price reaching a three-year high [2] - Analysts suggest that the A-share market will maintain a volatile trend in July, with a focus on high-growth sectors and a "barbell" strategy for Hong Kong stocks [1][5] - Key sectors to watch include domestic technology innovation, advanced manufacturing, non-ferrous metals, and financial sectors benefiting from reforms and high dividends [5]