According to the CITIC Securities Research Report, there are currently the following four judgments: First, the index market is in the middle of a round of recuperation to the preparation stage for a new round of market conditions, and the short-term clean-up is nearing its end. Second, the North American AI chain may be a safe haven within technology in the short term. At the end of July, the North American CSP guidelines may usher in a wave of repairs, but returning to the next level requires a new leap in AI models/product capabilities and expansion of commercial monetization space. The key is to break the hardware companies' cyclical stock valuation framework and achieve a new round of system-level rise in hardware and applications. Third, the domestic AI chain is highly dependent on catalysis and trend capital intensity. Currently, the main catalysts have been implemented one after another, and it is difficult for trend capital strength to return quickly after experiencing a drastic retracement. The domestic financing market is currently still relatively healthy, which means that there is currently no clean-up layout point. The convergence of domestic and North American valuations is a relatively likely trend. Fourth, the non-AI chain is characterized by alternating restoration, starting with innovative drugs and non-bank, and transitioning to the non-ferrous, chemical, and lithium battery industrial chains. The period was accompanied by anticipated policy transactions in the domestic demand chain. The configuration focuses on three dimensions of convergence: the convergence of Al chain upstream hardware and price increases compared to excessive earnings from major downstream cloud service companies; the trade-off recovery of non-AI industrial stocks compared to overseas rival companies; and the convergence of technology and non-technology.

According to the CITIC Securities Research Report, there are currently the following four judgments: First, the index market is in the middle of a round of recuperation to the preparation stage for a new round of market conditions, and the short-term clean-up is nearing its end. Second, the North American AI chain may be a safe haven within technology in the short term. At the end of July, the North American CSP guidelines may usher in a wave of repairs, but returning to the next level requires a new leap in AI models/product capabilities and expansion of commercial monetization space. The key is to break the hardware companies' cyclical stock valuation framework and achieve a new round of system-level rise in hardware and applications. Third, the domestic AI chain is highly dependent on catalysis and trend capital intensity. Currently, the main catalysts have been implemented one after another, and it is difficult for trend capital strength to return quickly after experiencing a drastic retracement. The domestic financing market is currently still relatively healthy, which means that there is currently no clean-up layout point. The convergence of domestic and North American valuations is a relatively likely trend. Fourth, the non-AI chain is characterized by alternating restoration, starting with innovative drugs and non-bank, and transitioning to the non-ferrous, chemical, and lithium battery industrial chains. The period was accompanied by anticipated policy transactions in the domestic demand chain. The configuration focuses on three dimensions of convergence: the convergence of Al chain upstream hardware and price increases compared to excessive earnings from major downstream cloud service companies; the trade-off recovery of non-AI industrial stocks compared to overseas rival companies; and the convergence of technology and non-technology.