Huatai Securities pointed out that A-shares shrank and diverged last week, and global AI capital was rebalanced from high-tier hardware to low-level applications and Chinese assets. A-shares were cut high and low at the same time, and defense was superior. Huatai Securities believes that this round of adjustments is a superposition of clearing congestion and switching pricing reports; it is not yet a falsification of industrial logic. Looking ahead, the outlook indicates that IC/IM stickers have clearly subsided, and pessimistic expectations have already been released. In terms of pace, next week we will enter the double cashout window of Changxin's subscription and intensive disclosure of the mid-term report forecast. Technology may maintain high fluctuations, and the implementation of the listing will be combined with a performance verification window or provide an opportunity to attract funds. Operationally, continue to balance the configuration. On the technology side, there are still segments such as storage and semiconductor devices/materials with upward momentum to meet low absorption profit expectations during the fulfillment window period. In addition, they are adding varieties such as coal and commercial vehicles that are relatively conservatively priced in anticipation of the boom. The dividends continue to be held.

Huatai Securities pointed out that A-shares shrank and diverged last week, and global AI capital was rebalanced from high-tier hardware to low-level applications and Chinese assets. A-shares were cut high and low at the same time, and defense was superior. Huatai Securities believes that this round of adjustments is a superposition of clearing congestion and switching pricing reports; it is not yet a falsification of industrial logic. Looking ahead, the outlook indicates that IC/IM stickers have clearly subsided, and pessimistic expectations have already been released. In terms of pace, next week we will enter the double cashout window of Changxin's subscription and intensive disclosure of the mid-term report forecast. Technology may maintain high fluctuations, and the implementation of the listing will be combined with a performance verification window or provide an opportunity to attract funds. Operationally, continue to balance the configuration. On the technology side, there are still segments such as storage and semiconductor devices/materials with upward momentum to meet low absorption profit expectations during the fulfillment window period. In addition, they are adding varieties such as coal and commercial vehicles that are relatively conservatively priced in anticipation of the boom. The dividends continue to be held.