---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42515176.md"
description: "Mr. Z, I'd like to ask for your view on liquidity in the second half of the year. Domestic policies have been pushing hard, but market confidence remains a bit weak. Meanwhile, the US stock market, led by AI, keeps pushing the Nasdaq to new highs. If you could only make one decision for the second half: should we continue to focus on the pullback opportunities in US tech stocks, or believe in the logic of import substitution and position in those still-low-priced semiconductor equipment stocks in the A-share market? It feels like both sides are in a game of chess right now, making it a tough choice. I'd like to hear your practical thoughts on this."
datetime: "2026-07-08T12:46:55.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42515176.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42515176.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42515176.md)
author: "[我要擦皮鞋](https://longbridge.com/en/profiles/21065281.md)"
---

# Mr. Z, I'd like to ask for your view on liquidity …


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