According to the Huatai Securities Research Report, recent AI+ energy inflation is driving the “structural overheating” of the global economy. In this context, investors may need to face liquidity headwinds from time to time due to the struggle between molecules and denominators. The key to earnings is whether profits and demand on the molecular side can provide sufficient buffer, and stocks and industrial products as a whole may be superior to bonds and gold. Looking backwards, geography and AI may still be key variables leading to a shift in the macro quadrant. In addition, we also need to pay attention to the lagging impact of high interest rates on fundamentals. Strategically, the worsening breadth of overseas markets is a weak point, and events and data drive have returned. The AI chain maintains a high level of prosperity, but under high consensus, it is still necessary to watch out for end-of-line risks such as performance falling short of expectations. It is recommended to seek structural opportunities along the high boom+high margin of safety, maintain the AI chain's core asset allocation approach, appropriately increase the share of cash assets such as short-term bonds and dividends, improve operational flexibility, and rely on traditional sector repair opportunities caused by geopolitical cooling and falling interest rates.

According to the Huatai Securities Research Report, recent AI+ energy inflation is driving the “structural overheating” of the global economy. In this context, investors may need to face liquidity headwinds from time to time due to the struggle between molecules and denominators. The key to earnings is whether profits and demand on the molecular side can provide sufficient buffer, and stocks and industrial products as a whole may be superior to bonds and gold. Looking backwards, geography and AI may still be key variables leading to a shift in the macro quadrant. In addition, we also need to pay attention to the lagging impact of high interest rates on fundamentals. Strategically, the worsening breadth of overseas markets is a weak point, and events and data drive have returned. The AI chain maintains a high level of prosperity, but under high consensus, it is still necessary to watch out for end-of-line risks such as performance falling short of expectations. It is recommended to seek structural opportunities along the high boom+high safety margin, maintain the AI chain's core asset allocation approach, appropriately increase the share of cash assets such as short-term bonds and dividends, improve operational flexibility, and rely on traditional sector repair opportunities caused by geopolitical cooling and falling interest rates.