Foreign-funded institutions are intensively voicing their opinions, and the inflection point for AI capital expenditure is beginning to emerge.

Recently, several foreign institutions, including Lipper Fund, Manulife Investment Management, Lumina Fund, and Morgan Stanley, have shared their latest views on the recent market. Many foreign institutions generally believe that geopolitical issues and AI applications will be the two main themes extending through 2026. The global economy remains resilient overall, but the "K-shaped divergence" is evident in both the Chinese and U.S. markets. Against the backdrop of a possible slowdown in AI capital expenditure growth and diverging global monetary policies, foreign institutions have expressed cautiously optimistic judgments regarding the bond market trends, equity style shifts, and asset allocation in China for the second half of the year.