百里 🦅

In the first half of 2026, the global asset market saw an unexpected shift. The asset with the most significant growth was not US stocks or gold, but East Asian tech assets. The Korean composite index rose by 101.14%, the ChiNext 50 by 64.25%, the Taiwan Weighted Index by 59.25%, the Nikkei 225 by 39.18%, and the ChiNext Index by 35.58%. The top performers in the global asset rankings were almost entirely dominated by East Asia's tech industry chain. Korea's memory chips, Taiwan's semiconductor manufacturing, Japan's equipment, materials, and precision manufacturing, as well as mainland China's computing power, semiconductors, robotics, new energy, and hard tech manufacturing, all played a crucial role in this surge. In comparison, the US stock market's performance was relatively lackluster. The Nasdaq rose by 11.09%, the S&P 500 by 8.69%, and the Dow Jones by 8.57%. In the past, global asset allocation could not avoid three things: US stocks, the US dollar, and gold. However, in the first half of this year, the answer was completely different: whoever was closest to the AI industry chain rose the most. Gold fell by 6.86%, and silver by 15.81%, which was not unexpected. Bitcoin also failed to hold up, falling by over 30% since the start of the year. Clearly, risk preferences have changed in the first half of the year - investors are no longer buying safe-havens, but instead betting on tech. AI is re-layering global assets, with the first layer being AI infrastructure, the second layer being hard tech manufacturing, and the third layer being those old stories that are still stuck in traffic, platforms, and consumption recovery. Old economy stocks may have a rebound, and high-dividend stocks may be attractive, but they answer the question of whether old assets that have fallen can rise again. In contrast, AI and hard tech answer a different question: where will new profit spaces emerge in the future? These two questions are not on the same level: repairable trends look at valuations, while industrial trends look at the era. The most typical differentiation is between A-share tech and Hong Kong-listed tech. The ChiNext 50 rose by 64.25% in the first half, while the ChiNext Index rose by 35.58%, but the Hang Seng Tech Index fell by 18.72%. The market is no longer buying the word 'tech' but is instead screening the industrial value behind it: whoever stands on the hard chain of chips, computing power, and manufacturing is being revalued, while those who are still stuck in old stories are being abandoned. In essence, global capital is re-voting: from old assets to new industries, from safe-haven narratives to growth narratives, and from finance to technology. The recent controversy surrounding Li Be's investment in Xia Xia is also a reflection of this division: her preferred directions of energy, real estate, consumption, and building materials, which are old cyclical directions, have collided with the strong rise of AI and hard tech. The excitement around old economy stocks indicates that the market is still nostalgic for the old cycle, but the rise and fall of global assets have already pointed to a new cycle. According to data released by the China Securities Association, about 70% of retail investors lost money in the first half, with an average loss of around 21,000 yuan.