CITIC Securities: Participation should still be based on chip position, valuation, and trading rhythm.

CITIC Securities' research report indicates that the North American AI industry chain and capital expenditure remain strong, and the market's main line has not fundamentally shifted. However, capital is spreading towards low positions, low holdings, and directions that have profitability recovery potential. The chemical sector is in a state of low operating rates and low inventory; stocks also exhibit low holdings and low characteristics. Once product prices improve, performance and valuations are expected to resonate. In the non-ferrous sector, although gold is suppressed by high interest rates, the logic of U.S. AI technological hegemony is weakening, and with a more complete clearing of chips, its allocation value has increased. Consumer segments are more suitable for allocation after external demand weakens comprehensively; currently, participation should still be based on chips, valuations, and trading rhythms. The strategy combines chemicals as the offensive main line, gold to hedge against volatility, while retaining allocations in AI infrastructure, non-bank financials, and high-dividend assets.