According to the CITIC Construction Investment Research Report, the two financing funds were quickly withdrawn in July, short-term market liquidity stabilized under regulatory support, and there is still support for incremental capital in the market. Externally, the situation in the Middle East has boosted oil prices, rising interest rates on US bonds, and rekindled expectations of the Federal Reserve's interest rate hike, and global risk appetite is under pressure. The medium- to long-term logic of the AI industry remains stable. Kimi K3 reshapes the “performance/cost” narrative, expands workflow coverage, and accelerates vertical penetration. Google bucked the trend to improve capital expenditure and verify the mismatch pattern of computing power supply and demand. The market has maintained a W-shaped bottom in the short term. AI is still the main line in the long term. In the short term, it is better to wait for external uncertainty to clear up, simultaneously promote structural rebalancing, and take into account low-level areas with fundamental support and high flexibility in valuation repair. The industry focuses on AI, midstream manufacturing export chains, upstream resources and dividend defense, etc.

According to the CITIC Construction Investment Research Report, the two financing funds were quickly withdrawn in July, short-term market liquidity stabilized under regulatory support, and there is still support for incremental capital in the market. Externally, the situation in the Middle East has boosted oil prices, rising interest rates on US bonds, and rekindled expectations of the Federal Reserve's interest rate hike, and global risk appetite is under pressure. The medium- to long-term logic of the AI industry remains stable. Kimi K3 reshapes the “performance/cost” narrative, expands workflow coverage, and accelerates vertical penetration. Google bucked the trend to improve capital expenditure and verify the mismatch pattern of computing power supply and demand. The market has maintained a W-shaped bottom in the short term. AI is still the main line in the long term. In the short term, it is better to wait for external uncertainty to clear up, simultaneously promote structural rebalancing, and take into account low-level areas with fundamental support and high flexibility in valuation repair. The industry focuses on AI, midstream manufacturing export chains, upstream resources and dividend defense, etc.