Guojin Securities released a research report saying that despite overseas disturbances, this week, thanks to joint efforts to stabilize capital market forces such as stabilizing capital market entry and market repurchases, combined with their own lower horizontal valuation level, there is a certain degree of decoupling from the US AI industry chain, and A and H shares have shown some resilience. Considering that the endogenous stability of Chinese assets is still strong, compounded by the recent strengthening of stabilization policies, the attractiveness of Chinese assets is increasing. The path to falling capital costs under AI deceleration is clear. The first half of the impact comes from a simultaneous decline in return on capital, and the second half will usher in opportunities for the world. Some signs of resilience and marginal improvement in performance have already emerged. The bank suggests looking for defensive allocation clues from the macro+ industry lines.

Guojin Securities released a research report saying that despite overseas disturbances, this week, thanks to joint efforts to stabilize capital market forces such as stabilizing capital market entry and market repurchases, combined with their own lower horizontal valuation level, there is a certain degree of decoupling from the US AI industry chain, and A and H shares have shown some resilience. Considering that the endogenous stability of Chinese assets is still strong, compounded by the recent strengthening of stabilization policies, the attractiveness of Chinese assets is increasing. The path to falling capital costs under AI deceleration is clear. The first half of the impact comes from a simultaneous decline in return on capital, and the second half will usher in opportunities for the world. Some signs of resilience and marginal improvement in performance have already emerged. The bank suggests looking for defensive allocation clues from the macro+ industry lines.