China Galaxy Securities says tech-manufacturing leadership rotated from May’s
AI+new energy to June’s semiconductors+AI+aerospace, with sector rotation
slowing and market leadership narrowing. Combining macro, style and industry
signals, it assesses the current backdrop as macro under pressure but with clear
structural themes; despite constrained risk appetite, capital is concentrating
on manufacturing upgrades, energy security and AI, driving sustained inflows
into sci‑tech innovation, semiconductors, aerospace and manufacturing — which
the firm flags as the sectors with the strongest relative-return potential while
growth-style remains dominant.
