Haitong International released a research report saying that the market changed trend in August, and the fall market has experienced a rapid rebound. Follow-up, the trend continues to be bullish in terms of strategy, but in terms of tactics, it is more important to be down-to-earth and not chase high bets. In August, it is more important to lay out the layout, find new logic in the midst of differences, and select new main lines in the midst of differentiation. As far as the Chinese and US stock markets are concerned, new market trends are being nurtured, and a mid-tier opportunity worth grasping in the market is an opportunity for capital to spread from the old logic of overcrowding in the early stages to a new fundamental logic. In particular, the current increase in the attractiveness of Hong Kong stock allocations has bottomed out before overseas stock markets. For value investors, they can use market fluctuations to counter the trend. There is no need to worry about short-term shortfalls, let alone catch up after a rapid rebound. In pursuit of relative benefits, what we need to find now is a place that is not too crowded. It is the direction of “empowered by artificial intelligence and new demand that can exceed expectations”. Instead of simply returning to technology hardware that was abnormally crowded in the first half of the year, it is not a matter of desperately adhering to the old logic of “making a miracle with capital expenditure, and AI hardware always rising in price.” The fall market will be the spread of an AI bull market, embracing the new application-led AI logic and developing a structural market along two new main lines: one is that the TMT market focuses on “differentiation”, 1) from thematic investment to performance verification, and 2) the AI industry logic shifts from focusing on AI infrastructure to focusing on AI applications. Second, along the main line of “AI+”, it spreads in the direction of “non-AI technology”, and the hard-core assets of the non-AI technology industry “blossom from time to time” and are being revalued.

Haitong International released a research report saying that the market changed trend in August, and the fall market has experienced a rapid rebound. Follow-up, the trend continues to be bullish in terms of strategy, but in terms of tactics, it is more important to be down-to-earth and not chase high bets. In August, it is more important to lay out the layout, find new logic in the midst of differences, and select new main lines in the midst of differentiation. As far as the Chinese and US stock markets are concerned, new market trends are being nurtured, and a mid-tier opportunity worth grasping in the market is an opportunity for capital to spread from the old logic of overcrowding in the early stages to a new fundamental logic. In particular, the current increase in the attractiveness of Hong Kong stock allocations has bottomed out before overseas stock markets. For value investors, they can use market fluctuations to counter the trend. There is no need to worry about short-term shortfalls, let alone catch up after a rapid rebound. In pursuit of relative benefits, what we need to find now is a place that is not too crowded. It is the direction of “empowered by artificial intelligence and new demand that can exceed expectations”. Instead of simply returning to technology hardware that was abnormally crowded in the first half of the year, it is not a matter of desperately adhering to the old logic of “making a miracle with capital expenditure, and AI hardware always rising in price.” The fall market will be the spread of an AI bull market, embracing the new application-led AI logic and developing a structural market along two new main lines: one is that the TMT market focuses on “differentiation”, 1) from thematic investment to performance verification, and 2) the AI industry logic shifts from focusing on AI infrastructure to focusing on AI applications. Second, along the main line of “AI+”, it spreads in the direction of “non-AI technology”, and the hard-core assets of the non-AI technology industry “blossom from time to time” and are being revalued.