[CICC: The dumbbell-shaped allocation structure of "technology + dividends" is expected to be more focused] On October 12, CICC's research report stated that in the first half of 2026, the A-share technology growth style will benefit from the high prosperity in the AI ​​industry chain, high-end manufacturing and other fields, continuing the structural market. Since July, negative narratives in the global AI industry chain have increased. Coupled with the tightening of overseas liquidity expectations and the rising uncertainty in the geopolitical situation in the Middle East, the growth sector of the A-share market that performed well in the early stage has undergone significant adjustments. In the context of increased volatility in growth styles and falling market risk appetite, the relative allocation value of dividend assets deserves re-examination. Taken together, in an environment where total growth elasticity is limited, structural high prosperity coexists with increased fluctuations in market risk appetite, the dumbbell structure of "technology + dividend" is expected to become an allocation choice that takes into account the elasticity of earnings growth, cash returns to shareholders, and portfolio stability. On the technology side, it is recommended to focus on companies with clear industry trends, long-term competitive advantages and profitability; on the dividend side, focus on high-quality companies with stable profits and cash flow, sustainable dividends and reasonable valuations.