CICC: The essence of this round of adjustment is that the three major variablesAI industry trends, dollar liquidity, and the Chinese economyhave shifted from being drivers to constraints.

CICC released a research report stating that since July, the AI industry chain has led to a global stock market correction, increasing divergence in the market regarding the bull market. In the first half of 2026, the global stock market experienced a strong upward trend, but since July, the AI industry chain has led to a resonance correction in global stock markets, with doubts about the sustainability of the bull market becoming significantly more pronounced. We believe that the essence of this correction is a transformation from a relatively positive "triple support" phase to a negative "triple constraint" scenario, driven by three major variables: the trend of the AI industry, U.S. dollar liquidity, and the Chinese economy. The market is starting to re-evaluate its previous optimistic assumptions. This report will focus on analyzing the future evolution of the "triple constraint," its outlook for the market, and propose strategies for navigating the current market validation period.