According to the CITIC Securities Research Report, the first half of 2026 was impacted by multiple factors such as disturbances in the geographical situation and tight liquidity, and major asset classes showed remarkable characteristics of high differentiation and high volatility. Looking ahead to the second half of 2026, dividend assets are expected to enter the valuation repair range; gold is expected to bottom out in the short term and have structural support for a long time; style-neutral combinations in active equity funds are expected to benefit; quantitative funds may experience excessive returns or improvements; absolute yield “fixed income +” funds are more adaptable to market differentiation; macro-allocation strategies are expected to weaken due to liquidity disturbances; and subjective CTA strategies are expected to be more advantageous.

According to the CITIC Securities Research Report, the first half of 2026 was impacted by multiple factors such as disturbances in the geographical situation and tight liquidity, and major asset classes showed remarkable characteristics of high differentiation and high volatility. Looking ahead to the second half of 2026, dividend assets are expected to enter the valuation repair range; gold is expected to bottom out in the short term and have structural support for a long time; style-neutral combinations in active equity funds are expected to benefit; quantitative funds may experience excessive returns or improvements; absolute yield “fixed income +” funds are more adaptable to market differentiation; macro-allocation strategies are expected to weaken due to liquidity disturbances; and subjective CTA strategies are expected to be more advantageous.