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First-half 2026 review

“Money is going to the US” needs to be split apart

Bars and thesis cards. Start with A-share index dispersion, then the two layers of capital flows and H2 direction.

Read the H1 review through three questions

  1. How far four indexes diverged in one half: structure over totals.
  2. Is capital still overweight the US in stock, or leaving at the margin.
  3. What themes rotate for US and A-shares in H2.

Updated 2026-07-15 · Research notes, not investment advice.

  1. 1. H1 A-shares: STAR led, the Shanghai Composite barely movedBar
  2. 2. Is the money all going to the USSide-by-side
  3. 3. Second-half directionThesis cards