As September arrives, the A-share market enters an earnings vacuum period, while overseas geopolitical risk events remain frequent, adding to external uncertainties. Against a complex backdrop of intertwined global macroeconomic shifts, is the anticipated autumn rally in A-shares set to continue, or could its momentum change course? And where might new investment opportunities quietly emerge? Here are the latest insights from Lin Hao, equity fund manager at Great Wall Fund.
Lin Hao indicated that four key variables warrant close monitoring in the period ahead. The first is the momentum within the AI industrial chain, encompassing advancements in large model iterations, the expansion of large models into new application arenas, updates from various developers, and the debt issuance activities of cloud providers. The second is the progress of the summit meeting between the Chinese and U.S. heads of state. The third involves the influence of Middle East conflicts on oil prices and broader commodity markets. The fourth is the status of large-scale IPOs both domestically and overseas, as well as the lifting of lock-up restrictions on Hong Kong-listed shares.
In terms of strategic direction, Lin Hao believes that Sino-U.S. competition represents a protracted and enduring struggle, suggesting that themes of self-reliance and the revaluation of resource assets are likely to persist. He projects that the A-share equity market will continue its upward, albeit fluctuating, trajectory this year, with structural opportunities remaining intact. His primary focus centers on technology and growth stocks linked to AI, along with sectors such as nonferrous metals, pharmaceuticals, and brokerage firms.
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