According to the CICC research report, in the first half of 2026, the A-share technology growth style benefited from the boom in the AI industry chain, high-end manufacturing, etc., and continued the structural market. Since July, negative narratives in the global AI industry chain have increased, compounded by the tightening of overseas liquidity expectations and rising uncertainty about the geographical situation in the Middle East, and there has been a marked adjustment in the growth sector with strong early performance in the A-share market. Against the backdrop of increasing fluctuations in growth style and declining market risk appetite, the relative allocation value of dividend assets is worth re-examining. Taken together, in an environment where total growth flexibility is limited, structural prosperity and increased market risk appetite fluctuations coexist, the “technology+dividend” dumbbell structure is expected to become an allocation choice that takes into account the elasticity of profit growth, shareholders' cash returns, and portfolio stability. The technology side suggests focusing on companies with clear industry trends, long-term competitive advantage and ability to realize profits; the dividend side focuses on high-quality companies with steady profits and cash flows, sustainable dividends, and reasonable valuations.

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