The CITIC Securities Research Report points out that the AI industry chain and capital expenditure in North America are still strong, and the main line of the market has not completely changed, yet capital is spreading in the direction of low levels, low holdings, and flexibility in profit recovery. Chemicals are in a state of low construction and low inventory, and stocks also have the characteristics of low holdings and low levels. Once product prices improve, performance and valuation are expected to resonate. On the non-ferrous side, although gold is being suppressed by high interest rates, the hegemonic logic of US AI technology is weakening, the superposition chips have been fully cleared, and the allocation value has increased. Consumption is more suitable for allocation after external demand completely weakens. Currently, participation should still be based on chips, valuation, and transaction pace. The portfolio uses chemicals as the main line of attack, uses gold to hedge against fluctuations, and preserves the allocation of AI infrastructure, non-bank finance, and high-dividend assets.

The CITIC Securities Research Report points out that the AI industry chain and capital expenditure in North America are still strong, and the main line of the market has not completely changed, yet capital is spreading in the direction of low levels, low holdings, and flexibility in profit recovery. Chemicals are in a state of low construction and low inventory, and stocks also have the characteristics of low holdings and low levels. Once product prices improve, performance and valuation are expected to resonate. On the non-ferrous side, although gold is being suppressed by high interest rates, the hegemonic logic of US AI technology is weakening, the superposition chips have been fully cleared, and the allocation value has increased. Consumption is more suitable for allocation after external demand completely weakens. Currently, participation should still be based on chips, valuation, and transaction pace. The portfolio uses chemicals as the main line of attack, uses gold to hedge against fluctuations, and preserves the allocation of AI infrastructure, non-bank finance, and high-dividend assets.