“Major AI-related equity markets have not yet reached the bubble stage.” Since late June 2026, discussions around whether AI stock investment has entered a phase of conclusion have been widespread. Similar debates also took place last November. After further price gains, market volatility has also increased significantly. Our Portfolio Manager Jing Song believes that major AI-related equity markets have not yet reached the bubble stage. Regarding the Chinese equity market, he notes that the second half of this year may see a turning point — and before that turning point arrives, technology sectors represented by AI infrastructure and the semiconductor industry chain are still likely to outperform. Source: China Asset Management Co., Ltd., as of July 2026 Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.