CITIC Securities expects US equity trading in H2 to remain led by fundamental factors. Sector allocation priorities: technology — sustained growth momentum with relatively reasonable valuations; defense — supported by prolonged geopolitical risk and high-demand certainty; energy infrastructure — beneficiaries of continued strain on core power supply for data centers; financials (including banks) — gains from stronger capital returns and regulatory improvement.

2026-06-17

CITIC Securities expects US equity trading in H2 to remain led by fundamental factors. Sector allocation priorities: technology — sustained growth momentum with relatively reasonable valuations; defense — supported by prolonged geopolitical risk and high-demand certainty; energy infrastructure — beneficiaries of continued strain on core power supply for data centers; financials (including banks) — gains from stronger capital returns and regulatory improvement.