CITIC Construction Investment: AI remains the main theme of mid-term prosperity, but high-end computing hardware has entered a stage of differentiation, with funds gradually spreading to the AI application side.

According to a research report from CITIC Construction Investment, this week the market style has shifted from growth to low-end consumption and value. Industries such as media, social services, commercial retail, beauty care, food and beverage, and real estate have performed strongly, while previously strong sectors like telecommunications and electronics have seen significant adjustments. Concepts like Huawei, artificial intelligence, robotics, energy storage, new energy vehicles, and the digital economy remain active with top trading volume. Market sentiment showed noticeable recovery on Friday. AI remains the main theme for mid-term prosperity, but high-end computing hardware is entering a phase of differentiation, with funds gradually spreading towards AIGC, cultural media, and data elements in the AI application sector. Attention should increasingly focus on performance realization and crowding risk. Robotics, supported by policy and catalyzed by industrialization progress, still shows thematic elasticity. New energy is rotating around energy storage, new energy vehicles, lithium batteries, and photovoltaics, with the logic of anti-involution and supply-demand improvement continuing. Non-ferrous metals resonate with multiple favorable factors, while industrial metals have begun a rebound from oversold conditions. The policies for innovative drugs and the logic of going overseas persist, but short-term enthusiasm has somewhat decreased; consumer, real estate, and cyclical directions are seeing low-level recovery, with sustainability still needing to observe fundamental improvement.