The CITIC Securities Research Report points out that the recent adjustments in technology stocks cannot simply be attributed to high interest rates on US long-term bonds. There are three key narrative variables: 1) whether the rate and space of commercialization can keep up with market expectations; 2) whether the computing power advantage brings share and pricing power advantages; 3) whether the current computing power gap will clearly widen the long-term AI model gap. Among these, the current consensus concern is the rate and space for commercialization. The biggest potential variable is whether “anti-distillation” will widen the model gap again in the future. As for macroeconomic factors, the impact of the US Treasury's announcement on the repurchase of long-term bonds is very limited, but the weakening of the US dollar and weakening expectations of interest rate hikes in the short term are conducive to the convergence of K-type differentiation in the global market. However, there have been no fundamental changes in the factors causing long-term interest rates in the US to continue to rise, and there may be continued disturbances for some time to come. Under the influence of these external disturbances, the short-term capital structure of A-shares determines that the complexity of the market game is still increasing. During this volatile market phase, it is necessary to control psychological expectations and avoid too many grand narratives.

The CITIC Securities Research Report points out that the recent adjustments in technology stocks cannot simply be attributed to high interest rates on US long-term bonds. There are three key narrative variables: 1) whether the rate and space of commercialization can keep up with market expectations; 2) whether the computing power advantage brings share and pricing power advantages; 3) whether the current computing power gap will clearly widen the long-term AI model gap. Among these, the current consensus concern is the rate and space for commercialization. The biggest potential variable is whether “anti-distillation” will widen the model gap again in the future. As for macroeconomic factors, the impact of the US Treasury's announcement on the repurchase of long-term bonds is very limited, but the weakening of the US dollar and weakening expectations of interest rate hikes in the short term are conducive to the convergence of K-type differentiation in the global market. However, there have been no fundamental changes in the factors causing long-term interest rates in the US to continue to rise, and there may be continued disturbances for some time to come. Under the influence of these external disturbances, the short-term capital structure of A-shares determines that the complexity of the market game is still increasing. During this volatile market phase, it is necessary to control psychological expectations and avoid too many grand narratives.