According to the CITIC Securities Research Report, dividing the market into three performance clues for the North American AI chain, overseas markets and domestic demand: 1) For the North American AI chain, after half a month of repair, the odds of price increase chains have declined markedly. There are some marginal changes in the AI narrative recently, but this is not enough to drive the entire sector to be revalued, and patience is needed for the emergence of new long-term narratives; 2) As far as the African and US markets go overseas, the trade dispute between China and Europe is likely to continue to intensify for some time to come, suppressing valuations in many high-end manufacturing sectors., the impact of exchange losses should not be underestimated; 3) For pure Domestic demand varieties have a clear comparative advantage in the domestic computing power boom, but considering the optimistic reflection of valuations on the long-term narrative, the sector's financial sentiment may not be independent of the North American AI chain. Overall, industry trends in many sectors are still improving, but the factors limiting valuation expansion are increasing, and the upward pace may slow down. The situation where it can easily double in the second quarter is extremely rare in the ten-year dimension, and investors need to return to reasonable expected returns. Market opportunities may be reflected more in valuation repairs that support performance. The subsequent process of market decline is also a process of optimizing the chip structure and repricing of high-quality assets, laying a solid foundation for the continuation of the medium- to long-term market.

According to the CITIC Securities Research Report, dividing the market into three performance clues for the North American AI chain, overseas markets and domestic demand: 1) For the North American AI chain, after half a month of repair, the odds of price increase chains have declined markedly. There are some marginal changes in the AI narrative recently, but this is not enough to drive the entire sector to be revalued, and patience is needed for the emergence of new long-term narratives; 2) As far as the African and US markets go overseas, the trade dispute between China and Europe is likely to continue to intensify for some time to come, suppressing valuations in many high-end manufacturing sectors., the impact of exchange losses should not be underestimated; 3) For pure Domestic demand varieties have a clear comparative advantage in the domestic computing power boom, but considering the optimistic reflection of valuations on the long-term narrative, the sector's financial sentiment may not be independent of the North American AI chain. Overall, industry trends in many sectors are still improving, but the factors limiting valuation expansion are increasing, and the upward pace may slow down. The situation where it can easily double in the second quarter is extremely rare in the ten-year dimension, and investors need to return to reasonable expected returns. Market opportunities may be reflected more in valuation repairs that support performance. The subsequent process of market decline is also a process of optimizing the chip structure and repricing of high-quality assets, laying a solid foundation for the continuation of the medium- to long-term market.