Galaxy Securities expects short-term equity indices to remain choppy as offshore volatility and onshore positioning disruptions drive repeated swings, with sector-level rebalancing ongoing. External shocks are seen as episodic; domestic policy signals and core industry trends are intact. For the back half of Q3 the firm forecasts a recovery driven by structural rotation and advises focusing on policy-led themes and sectors where demand and earnings are being validated. Near-term market catalysts

Galaxy Securities expects short-term equity indices to remain choppy as offshore volatility and onshore positioning disruptions drive repeated swings, with sector-level rebalancing ongoing. External shocks are seen as episodic; domestic policy signals and core industry trends are intact. For the back half of Q3 the firm forecasts a recovery driven by structural rotation and advises focusing on policy-led themes and sectors where demand and earnings are being validated. Near-term market catalysts: U.S. macro — Q2 GDP second estimate, July core PCE and a Fed chair speech at Jackson Hole; tech earnings — NVIDIA’s report as a barometer for global AI capex expectations; A-share mid-year results nearing completion, with China industrial enterprise profits due next week providing a macro gauge of earnings repair and a window for stock-specific alpha; industry calendar — 2026 Wenchang International Aerospace Forum for aerospace-sector signals.