As the global economic clock ticks into the second half of 2026, geopolitical restructuring, policy cycle differentiation, and accelerated industrial iteration highlight market uncertainty. With the full implementation of the 15th Five-Year Plan, domestic policy dividends continue to be released, and industrial upgrading is deepening. Standing at the dual juncture of global cyclical changes and national strategic upgrades, how to penetrate the fog of market volatility, anchor long-term trends, and capture structural opportunities has become a core issue for the capital market.

On August 14th, Heng Life's 15th "Smart Hong Kong, Embracing the Future" salon was grandly launched in Hong Kong.

At the event, Hengsheng Life, in partnership with Tsinghua University Shenzhen International Graduate School, launched its highly anticipated "Global Economic Outlook and Investment Strategy Report for the Second Half of 2026" (hereinafter referred to as the "Strategy Report") globally. Professor Lin Jianwu, Director of the Quantitative Investment Research Center at Tsinghua University Shenzhen International Graduate School and Secretary-General of the Financial Technology and Algorithm Committee of the China Society for Industrial and Applied Mathematics, was invited to interpret the core content of the "Strategy Report," providing expert insights to address the questions of our time and illuminating the path forward for global investors navigating the complexities of the market.

Observe the Macro Trends and Seek New Opportunities in the Era

The overall trend determines the direction, and the cycle determines the layout. The current global economy is at a critical stage of cyclical transition and structural restructuring. Geopolitical conflicts continue to disrupt the market, monetary policies of major economies are diverging, uncertainty is rising, and the pressure of stagflation persists. New opportunities are emerging amidst the changes. The differentiated development pattern of the global market creates opportunities for cross-border refined layout and the exploration of structural opportunities. With the full implementation of the 15th Five-Year Plan, China's economy, driven by new-type productive forces, is stabilizing its growth base through precise top-level policy support. The nation is systematically advancing the "six networks" infrastructure layout and the construction of key "two major" and "two new" areas. The artificial intelligence industry has been elevated to a strategic core position, establishing a strong and certain medium- to long-term core investment theme. China's continued deepening of opening-up has further highlighted the global allocation value of RMB assets, attracting international capital to invest in the Chinese market and providing solid support for domestic industrial upgrading, the steady development of the capital market, and value realization. Against this backdrop, Hengsheng Life, with its research proving its ability to dispel uncertainty and its wisdom to foresee the future, closely aligns with the trends of the times and the needs of industry development. In collaboration with Tsinghua University Shenzhen International Graduate School, it has released this significant "Strategy Report," which systematically analyzes the macroeconomic trends and global asset allocation logic for the second half of 2026, combining global cyclical patterns with top-level domestic strategies. This provides global investors with systematic professional support for risk aversion, capturing dividends, and positioning for long-term investment. This "Strategy Report" is grounded in profound industry transformation, breaking through the limitations of traditional analysis to form a cutting-edge investment research system more aligned with the current market. The report accurately identifies industry dividends and innovatively proposes five golden investment tracks for the second half of the year: "Artificial Intelligence Applications, Domestic Semiconductors, Commercial Aerospace, Humanoid Robots, and AI for Science." Simultaneously, it introduces a new perspective on token economics for the first time, reconstructing the value measurement logic of AI services and reshaping the supply and demand logic and valuation system in the energy and strategic metals sectors, providing global investors with new and professional analytical references for capturing structural opportunities.

Embracing the Rise of Hong Kong, Setting a Benchmark for Industry-Academia-Research Collaboration

15 iterations of ideas, 15 years of forging ahead. The release of this Strategy Report coincides with the opening year of the "15th Five-Year Plan," the 15th anniversary of Heng Life, and the 15th "Wisdom Gathering in Hong Kong" salon, highlighting its strategic significance. As a landmark achievement of Heng Life's 15-year transformation and upgrade, this release achieves breakthrough upgrades in two dimensions: global layout and symbiotic industry-academia-research collaboration, demonstrating Heng Life's core professional strength in market analysis, trend insight, and asset empowerment.

Anchoring an international hub, broadening the global development pattern. As the world's largest cross-border wealth management center, Hong Kong is a core capital, industry, and resource hub connecting China and the world. Looking back at HengLife's strategy report release strategy over the years, it has successively completed in-depth market development in key domestic cities such as Beijing, Shanghai, and Qingdao. In 2025, it launched its report in Singapore, an international financial center, successfully taking a key step in its internationalization strategy. This global launch in Hong Kong marks another significant advancement in HengLife's internationalization strategy. From cultivating its domestic market to connecting with the global market, HengLife continues to break through geographical boundaries, steadily improving its professional analysis capabilities and industry influence in the international capital market. Industry-academia-research collaboration empowers HengLife to build an industry benchmark. The integration of top-tier university academic expertise with first-hand market experience is the core foundation for the high professionalism and authority of this strategy report. HengLife partnered with Tsinghua University Shenzhen International Graduate School, leveraging the university's cutting-edge research capabilities and talent pool, combined with its years of experience in the capital market and service accumulation, to jointly complete the entire analysis and results release process. Both parties broke down the barriers between academic analysis and market practice, ensuring that the "Strategy Report" possesses strategic vision, policy depth, analytical precision, and practical relevance, setting a benchmark for industry-academia-research collaboration to empower high-quality development of the capital market. Based on a professional analysis system built upon university-enterprise collaboration, Professor Lin Jianwu provided a comprehensive interpretation of the "Strategy Report" on-site, systematically analyzing the logic of global market operations and the trajectory of global asset allocation in the second half of the year. He mentioned that due to the restructuring of global supply chains and the fragmentation of policy space, the trends of various economies are highly differentiated. The domestic market, relying on the policy guidance of the "15th Five-Year Plan" and industrial upgrading, maintains a generally stable and progressive trend with improved quality and efficiency. In the second half of 2026, the investment logic for global asset allocation will mainly focus on avoiding systemic risks and paying attention to regional structural opportunities, shifting from "pursuing growth" to "defending against risks and selecting structural opportunities."

Based on the first year of the "15th Five-Year Plan," the global launch of this authoritative "Strategy Report" is both a realization of Heng Life's accumulated expertise in investment research and a new starting point for the company to set sail overseas and cultivate the global market. By connecting a global perspective with professional insights and consolidating core advantages through industry-academia-research collaboration, the company continuously strengthens its core foundation for high-quality development.

Upholding Core Values, Building Confidence to Navigate Cycles For fifteen years, Heng Life has consistently adhered to its core values ​​of professionalism and customer-centricity, anchoring itself on the strategic direction of "quality, digitalization, and internationalization." It has continuously improved its professional capabilities, constructing a closed-loop system encompassing macroeconomic analysis, industry analysis, asset allocation, and comprehensive services. With a global perspective aligned with the times, a long-term vision to address market fluctuations, and refined services to meet diverse needs, Heng Life truly uses professional expertise to resist market uncertainties and provides long-term support to safeguard customers' quality of life. Since delving into macroeconomic investment research in 2018, Heng Life has closely followed industry developments and changes, responding to the diversified and multi-dimensional needs of its clients. It has continuously iterated its investment research system and accumulated market experience, and has now released 17 reports. Each report, with its accurate judgment of global economic development trends, comprehensive and diverse data analysis, and keen capture of investment opportunities, has won the deep trust of investors and become an indispensable reference in the era of global asset allocation. Among them, the research results launched in the first half of 2026 through the first collaboration between Heng Life and Tsinghua University Shenzhen International Graduate School have been fully validated by the market, marking the formal completion of Heng Life's standardized and implementable investment research service system's steady progress from formation to maturity to leadership. With professional expertise to understand the big picture and a long-term vision to embark on a new journey, Heng Life, standing at the starting point of the "15th Five-Year Plan" and the new starting point of its 15th anniversary, will continue to deepen its strategic cooperation with top universities in industry-academia-research, continuously iterate its investment research system, upgrade its digital service capabilities, and expand its global service footprint. Guided by the trends of the times, supported by professional capabilities, and driven by client value, we consistently deliver high-value industry analysis results. With a long-term perspective, we accompany clients through market cycles, deeply cultivating wealth appreciation, quality service, and family wealth succession—continuously empowering and contributing to the high-quality development of the industry and the long-term wealth growth of our clients.