Shenwan Hongyuan: A-shares may experience rapid adjustment in June and July, with opportunities for upward trends in the second half of the year.

"Currently, the structural uptrend in A-shares is nearing a high point, but the comprehensive upside potential has yet to be opened up. June to July may be a rapid adjustment window." On June 10th, Fu Jingtao, chief analyst of A-share strategy at Shenwanhongyuan Research, made the above statement. Fu Jingtao made the statement at the Shenwanhongyuan 2026 Capital Market Summer Strategy Conference. However, at the same time, Fu Jingtao believes that from the perspectives of the macro environment, trends in the AI industry, and the pattern of incremental capital inflows, the current A-share market does not have the conditions for major disruptions in the uptrend cycle. Fu Jingtao stated that although June to July may be a rapid adjustment window, with the opening up of further comprehensive upside potential, more structural integration into the long-term uptrend cycle is needed. It will take time for the market to extend the logic and depth of the long-term uptrend, but the judgment remains unchanged that there will be a new round of uptrend in the second half of 2026.