CICC: 'Tech + Dividend' Barbell Allocation Structure Expected to Gain Importance

36Kr reports that CICC's research indicates that in the first half of 2026, A-share tech growth styles will benefit from strong performance in the AI industry chain and high-end manufacturing sectors, continuing a structural trend. Since July, negative narratives around the global AI industry chain have increased, compounded by expectations of tighter overseas liquidity and rising uncertainty in Middle East geopolitical tensions, leading to significant adjustments in previously strong growth sectors within the A-share market. Against a backdrop of heightened volatility in growth styles and declining market risk appetite, the relative allocation value of dividend assets deserves renewed consideration. Overall, in an environment characterized by limited elasticity in total volume growth, coexisting structural high performance, and increased market risk preference volatility, a 'tech + dividend' barbell structure is expected to become an allocation choice that balances earnings growth elasticity, shareholder cash returns, and portfolio stability. For the tech side, focus on enterprises with clear industry trends, long-term competitive advantages, and realized earnings capabilities; for the dividend side, focus on high-quality companies with stable earnings and cash flows, sustainable dividends, and reasonable valuations.