In August 2026, global capital markets extended the recovery momentum from late July, but the overall market pattern became more divided. Early in the month, oversold positioning and improving liquidity expectations supported a rebound in technology and growth assets. Later, rising long-end Treasury yields and a more hawkish Federal Reserve outlook again weighed on high-valuation assets. We believe the AI hardware trade has shifted from a positioning-driven rebound to a more fundamental pricing stage, where order visibility, cash-flow delivery and earnings validation will become increasingly important. At the same time, the value re-rating of cloud providers and AI applications remains underway, supported by improving investment-return visibility and falling token costs. Healthcare also appears to be re-entering investor focus as an under-owned growth area with improving fundamentals. Looking ahead, September may become an important window for both external rate developments and domestic policy signals, while market style may gradually rotate from defensive assets back toward selected growth opportunities.

Risk disclosure: Market fluctuations may cause investment outcomes to vary. Investors should make rational decisions based on their own risk tolerance. This article is for general information only and does not constitute investment advice, an offer, or a solicitation. Past performance is not indicative of future results.