The CITIC Securities Research Report said that investors began to take seriously the possibility of the Fed's interest rate hike in September being implemented this week. High oil prices and the stalemate situation in the Middle East have once again fueled investors' concerns about high inflation and market adjustments. The market needs to reflect the implementation of at least one rate hike in pricing in order to release room for operation in the fourth quarter. However, the breadth of economic growth in North America was far less extensive than in 2004-06 and 2021, and the conditions for trending interest rate hikes were not in place. At present, various quantitative price sentiment indicators in the A-share market have returned to a sluggish state. If only symbolic and preventive interest rate hikes are considered, then the release of the risk of interest rate hikes should be viewed as a buying point rather than a selling point. The implementation of the Fed's interest rate hike in September should be a sign that the adjustments since July are nearing an end. AI is still one of the few sectors that can resist rising interest rates. Continued interest rate expectations may re-increase the K-type differentiation of the market. It is recommended to maintain the AI+ energy structure in terms of configuration, while the AI narrative is biased again towards the North American chain.

The CITIC Securities Research Report said that investors began to take seriously the possibility of the Fed's interest rate hike in September being implemented this week. High oil prices and the stalemate situation in the Middle East have once again fueled investors' concerns about high inflation and market adjustments. The market needs to reflect the implementation of at least one rate hike in pricing in order to release room for operation in the fourth quarter. However, the breadth of economic growth in North America was far less extensive than in 2004-06 and 2021, and the conditions for trending interest rate hikes were not in place. At present, various quantitative price sentiment indicators in the A-share market have returned to a sluggish state. If only symbolic and preventive interest rate hikes are considered, then the release of the risk of interest rate hikes should be viewed as a buying point rather than a selling point. The implementation of the Fed's interest rate hike in September should be a sign that the adjustments since July are nearing an end. AI is still one of the few sectors that can resist rising interest rates. Continued interest rate expectations may re-increase the K-type differentiation of the market. It is recommended to maintain the AI+ energy structure in terms of configuration, while the AI narrative is biased again towards the North American chain.