Galaxy Securities: Three major themes to focus on in the second half of the year in A-shares.

Galaxy Securities releases the 2026 A-share mid-term investment outlook strategy research report, recommending focusing on three major themes in the second half of the year: AI "infrastructure": Overseas AI capital expenditure expansion resonates with domestic new infrastructure investment, accelerating the construction of underlying facilities such as computing power, communication, and electricity. The industry chain prosperity is expected to spread from core hardware to infrastructure and energy sectors. Cycles and manufacturing: Input inflation raises price levels, "anti-internal circulation" improves supply patterns, and the recovery of new infrastructure and manufacturing demand abroad, some resource and cyclical manufacturing sectors are expected to see a recovery. The dividend sector offers opportunities for phase-wise recovery, serving as an important direction for fund rotation and re-balancing, focusing on areas with performance improvement expectations and stable and sustainable dividends.