Where are the asset allocation opportunities in the second half of the year? Listen to Xu Xiaoqing and Liu Chenming as they look ahead to major asset classes and A-share strategies for the second half of 2026!

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In the first half of 2026, the A-share market experienced extreme polarization: AI computing power, semiconductors, and hard tech sectors such as communications saw independent bull markets, with the STAR 50 and ChiNext indices hitting record highs and multiple newly listed stocks soaring severalfold; meanwhile, traditional heavyweights in consumption, finance, and real estate continued to decline, with over 60% of stocks posting negative returns. The Shanghai Composite Index rose only slightly by 3.11%, and the divergence in returns among industries, indices, and individual stocks reached the highest levels in recent years. Investors who caught the hot trends made a fortune, while those who chose the wrong sectors suffered steep losses.

Against the backdrop of today’s extreme market divergence, the most pressing questions are: Is it still worth getting into A-shares in the second half of the year? Can AI tech maintain its bull run? Which assets deserve the most attention?

To address these core concerns, we’ve invited Guangfa Securities’ Chief Strategist Liu Chenming to lead an exclusive Alpha online closed-door sharing session this Sunday (June 21) at 2 p.m., to discuss: How to position A-share strategies for the second half of 2026? Which assets deserve the most attention?

Liu Chenming was ranked top strategist by New Fortune from 2023 to 2025 and is currently one of the most influential A-share strategists. He also previously led the highly praised “A-Share Strategy Methodology” course.

Each Alpha closed-door session includes a dedicated 30-minute Q&A, allowing attending members to obtain guest insights on topics that matter most to them. If you’re interested, click the event poster below to join our Alpha online members-only club and listen to the latest market insights.

Not just A-shares—global markets also saw dramatic divergence in the first half of 2026:

On equities, the Korean stock market was the world’s strongest, with the KOSPI surging over 100% year-to-date, as the memory chip super-cycle propelled Samsung and SK Hynix stocks to double. U.S. stocks continued upward with technology giants leading the indexes and both the Nasdaq and S&P 500 repeatedly setting new highs. Hong Kong stocks stayed under pressure, with the Hang Seng Index and Hang Seng Tech closing the first half lower due to weak consumption, traditional property, and internet heavyweights dragging down the market. The lack of strong AI-related hardware themes left the indices repeatedly testing new yearly lows. The return disparity among global equity markets reached a five-year extreme.
For bonds, China and the rest of the world saw opposite yield curve trends: Chinese bonds rallied in a flattening market, with the 10-year government bond yield falling near 1.70%, a five-year low, and long-term rates trending ever lower, as accommodative policy and weak domestic demand propped up bond prices. In contrast, U.S., European, and Japanese bonds slumped with yields rising sharply across the curve; the U.S. 10-year hit 4.68%, and the UK 30-year breached 5.8%, both 20-year highs. The market broadly repriced away early-rate-cut expectations, with CME rate futures showing more than 70% of traders betting on Fed hikes by year-end 2026; energy-led inflation rebounds suppressed long-duration bond valuations and developed-nation sovereign debt faced ongoing heavy selling.
Commodities exhibited a tale of two markets: Oil surged repeatedly to new local highs amid Middle East conflict; base metals like copper and aluminum hit new records early in the year, sustained by solid upstream demand from AI computing and new energy, remaining strong all year, while precious metals sharply corrected after an early surge, turning from gains to losses and seeing swings greater than 20%. Ferrous metals, agricultural goods, and traditional chemicals stayed depressed, as weak end-user real estate demand dragged down steel and coke, supply-demand imbalances led these sectors to lag all other resources.

To help you anticipate major asset class trends for the second half of 2026, Wallstreetcn has invited top economist Xu Xiaoqing of Dunhe Asset Management to lead an Alpha online closed members’ session at the end of June/early July, reviewing first-half moves and flagging macro trade signals, as well as assessing opportunities and risks for the second half.

On global assets and hot industries, the most pressing questions for the second half of 2026 are:

Amid the twists and turns of a U.S.-Iran war, how should one assess the far-reaching impact of the Middle East situation on asset prices?
Is there still time to catch the A-share bull market? Which asset types are most attractive in the second half? How to choose between A-shares and Hong Kong stocks?
What challenges will U.S. stocks face in the second half of 2026? Can the AI tech rally continue?
What substantive changes might new Federal Reserve Chair Kevin Warsh bring to Fed policies?
After the surge and sharp correction in gold, silver, and base metals in the first half, is this a bull market adjustment or a full reversal?
Which strategic emerging industries in the 15th Five-Year Plan deserve focus? What future sectors warrant deep research?
What noteworthy new products, breakthroughs, or technologies are being introduced at developer events from U.S. tech giants like Apple, Google, and Amazon?
What opportunities and risks accompany the boom in commercial space and robotics?
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To help you understand the rotation among major asset classes and hot sectors for the second half of 2026, we have recently invited several top-tier experts to host theAlpha online closed-door sharing, including Dunhe Asset Management Chief Economist Xu Xiaoqing, Guangfa Securities Chief Strategist Liu Chenming, well-known economist and “Witnessing the Countercurrent” author Fu Peng, former Goldman Sachs Greater China Head Macro Trader Yuan Jun, Winshore Capital founder and CIO and former PIMCO Vice President Hu Gang, GSB Jingtai Fund founder and former Deutsche Bank Managing Director Guo Shengbei, Tantu Macro GMF Research founder and Research Director Cheng Tan, Zijin Mining Group Director of Strategy and Information Zhang Weibo, China Institute of International Studies Senior Researcher and Distinguished Diplomatic Expert Yang Xiyu, Founder Securities Associate Director of Research and Machinery & Defense Chief Analyst Li Lujing, and MIIT-CIDI Future Industry Research Center Associate Director Li Yiming among other guests, to share the latest insights on asset rotation, geopolitical analysis, and sector outlooks.

Alpha online closed-door sharing by Wallstreetcn is a private online event service catering to high net worth users, with a minimum of 36 events planned for 2026—approximately nine per quarter. Our sessions focus on prominent and timely market topics, with leading experts invited to share their insights and answer users’ questions, helping you track asset trends and make key personal decisions.

Past and present Alpha online event hosts for 2025-2026 include:

Xu Xiaoqing Chief Economist, Dunhe Asset Management, winner of New Fortune’s top fixed income research analyst award 4 times

Fu Peng Renowned macroeconomist, senior global FICC trader, “Witnessing the Countercurrent” author

Liu Chenming Chief Strategist, Guangfa Securities, three-time New Fortune top strategy analyst

Wu Ge Chief Economist, Changjiang Securities, winner of the Sun Yefang Economic Science Prize (China’s highest award in Economics)

Wang Kaiwen Chief Strategist and Head of Research, Clocktower Group

Graduate of Johns Hopkins SAIS, formerly with the IMF

Cao Jingnan Head of Quantitative Research and Chief Geopolitical Analyst, Orient Securities Research Institute

Mou Yiling Executive Vice Director and Chief Strategy Officer, GF Securities

Zhang Yu Deputy Director, Chief Macro Analyst, Huachuang Securities Research

Zhang Jingjing Chief Macro Analyst, China Merchants Securities

Xia Chun Chief Economist, SS Investments Group

Cheng Tan Founder & Research Director, Tantu Macro GMF Research

Hu Gang Founder & CIO, Winshore Capital, former Vice President of world’s largest bond fund PIMCO

She Jianyue Assistant General Manager, Yide Futures, senior crude oil analyst, and former CNOOC chief oil economist

Li Lujing Deputy Director of Research, Founder Securities; Chief Machinery & Defense Analyst

Liu Weilin India Fund Manager, ICBC Credit Suisse; Deputy Director, Index & Quantitative Investments

Ma Xiaolin Dean of the Mediterranean Research Institute, Zhejiang International Studies University; former Xinhua Middle East correspondent

In 2026, we’ll invite even more top experts across industries to bring further high-quality closed-door sessions. Welcome to join the 2026 Alpha online closed-door club, attend all 36 sessions, and receive detailed meeting recaps for ongoing review. Interested friends can click below to join the Alpha online closed-door membership.

Risk Warning & DisclaimerThe market has risks—invest carefully. This article does not constitute individual investment advice and does not take into account the specific investment objectives, financial condition, or needs of individual users. Users should determine whether the opinions, views, or conclusions presented here fit their personal situation. Any investment decisions are at your own risk. ```