ChinaAMC Unveils Strategy for H2 as AI Shifts from Conviction to Earnings

At its Mid-Year Investment Strategy Conference, ChinaAMC also unveiled its next-gen Active Investment & Research framework

BEIJING, July 22, 2026 /PRNewswire/ -- Despite recent market turmoil, a clear consensus has emerged during the recently wrapped-up ChinaAMC Mid-Year Investment Strategy Conference: China's AI assets have increasingly become core assets of the country and the global technology sector.

The conference last Friday brought together top economists, sell-side chief industry analysts, and China Asset Management (ChinaAMC)'s in-house portfolio managers and analysts.

Technology—particularly the AI trade—naturally took center stage. The panelists agreed that the core driver behind the tech sector's rally in the first half of this year is corporate earnings and profitability momentum, alongside a shift in the macro narrative, with the successful monetization of AI serving as a pivotal turning point.

AI: from narrative conviction to verifiable growth

Gu Xinfeng, a growth stocks PM at ChinaAMC, said that across sectors—from overseas AI computing infrastructure to domestic semiconductor design, manufacturing, and materials—both order and earnings growth rates have accelerated significantly, with expectations continuing to be revised upward.

Xu Yingbo, chief tech analyst with Citic Securities, said the increasing appeal of China AI assets to global capital was driven by three factors: the technology gap in large language models between China and the US is narrowing rapidly, while Chinese models are demonstrating a distinct cost-performance advantage; the systemic under-allocation of global capital toward China assets; the low correlation between China's domestic models and semiconductor value chain and overseas value chain.

Looking forward, she outlined two key indicators, North America AI data center rent and Memory chip price, as gauges of global tech giants' capex sustainability.

Fan Chao, chief tech & cyclical industry analyst with Changjiang Securities, observed overseas LLMs' ROI has turned positive this year and their business model has proved viable. AI has evolved from pure narrative conviction into verifiable fundamental growth.

He added that current AI revenues remain heavily reliant on coding applications. The make-or-break point lies in whether AI can rapidly expand to diverse scenarios—such as finance, workplace, and data analytics—and the scaled deployment of various AI Agents.

However, he cautioned against two major risks: ongoing US-China industrial frictions could disrupt global supply and demand dynamics; Price hikes in compute infrastructure and upstream core materials might dampen demand.

Xu Heng, a ChinaAMC PM, weighed in on the risks. He cautioned that overseas hyperscalers' reliance on debt financing for their Capex exposed them to rate-hike risk. Moreover, with leading LLM developers locked in a Capex arms race, any consolidation of the competitive landscape that prompts established leaders to rein in spending would undercut the price-hike narrative and earnings expectations for upstream sectors.

Zhang Jingsong, a tech stocks PM at ChinaAMC, saw three focus in H2: AI Infrastructure, semiconductors and the export of capital goods.

Three pillars: Global, Platform-based, Ecosystem-oriented

The Friday conference also marked the launch of ChinaAMC's Active Investment & Research 5.0 version. The upgraded version highlights three pillars:

First, global: The investment research mindset has shifted toward an approach that "emphasizes rigorous tracking and agile execution over prediction." ChinaAMC has built a global technology tracking framework covering the A-share, Hong Kong, US, and even Japanese and Korean markets. Investment &research professionals conduct routine, on-the-ground overseas field research to ensure the portfolio can swiftly adapt to industrial changes.

Second, Platform-based: ChinaAMC has built an integrated research platform that links A-share, Hong Kong, and US equities. Division of labor is emphasized according to each fund manager's investment style and circle of competence, with cross-functional synergy among five major domains and seven research groups. This structure aims to ensure that there are suitable products for all possible market environments, while a cross-market verification mechanism is deployed to help the team identify genuine shifts in demand.

Third, Ecosystem-oriented: ChinaAMC is committed to building a versatile asset management platform that provides investment products and tools with distinct, stable risk-return profiles. A "what you see is what you get" product design philosophy is instilled. By refining the entire chain—from product naming and contract constraints to performance evaluation mechanisms—ChinaAMC strictly avoid style drift, striving to match the allocation needs of diverse investors through tailored product portfolios.

From AI to A-lister in Global Investing

Global institutions have long dominated the investment landscape, leaving little room for Chinese players to break through with traditional approaches. Yang Kun, ChinaAMC's CIO, noted: "AI boom might offer the best chance for Chinese players to take the curve and leapfrog the competition. Their privy to local companies and the supply chains could offer them the most valuable edges."

To seize the historic opportunity of "from AI to A-lister in global investing", and generate alpha for ChinaAMC's local and global clients, ChinaAMC expects the Next-Gen Active Investment & Research can empower the mission.

About ChinaAMC:

Founded in April 1998, China Asset Management Co., Ltd. (ChinaAMC) has grown to be one of the largest asset managers in China, with total AUM reaching RMB3.15 trillion (US$465.3 billion, including subsidiaries) as of the end of June 2026. It positioned itself as a full-service and versatile asset management platform that operates across asset classes, industries and regions. The firm has maintained its position as the largest equity ETF manager in China for 21 consecutive years as of end-2025.

Visit ChinaAMC's official website: https://en.chinaamc.com/ and Linkedin page: https://www.linkedin.com/company/china-asset-management-company/

Disclaimer

Investment involves risk, including possible loss of principal. The information contained herein is for reference only and reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

SOURCE ChinaAMC