CITIC Construction Investment released a research report saying that at the end of July, global technology deleveraging was basically over, overseas technology took the lead in recovering under the easing of macroeconomic restrictions and verification of the industrial climate, and the market was once again shifting from capital pricing to fundamental pricing. A-share technology recovery is relatively slow, mainly due to the accumulated transaction congestion, financing pressure, and regulatory cooling due to the accelerated rise in the early period, rather than a reversal in industry trends. Historical experience shows that the funding structure mainly affects the pace of the market, and the medium-term direction is still determined by performance delivery. Currently, demand in the computing power industry chain is still resilient, and the restoration of A-share technology is not over. Priority should be given to core assets with high fundamental certainty in terms of allocation, while focusing on innovative drugs and industrial metals. The industry focuses on: optical communication, servers, innovative drugs, non-ferrous metals, machinery, new energy, etc.

CITIC Construction Investment released a research report saying that at the end of July, global technology deleveraging was basically over, overseas technology took the lead in recovering under the easing of macroeconomic restrictions and verification of the industrial climate, and the market was once again shifting from capital pricing to fundamental pricing. A-share technology recovery is relatively slow, mainly due to the accumulated transaction congestion, financing pressure, and regulatory cooling due to the accelerated rise in the early period, rather than a reversal in industry trends. Historical experience shows that the funding structure mainly affects the pace of the market, and the medium-term direction is still determined by performance delivery. Currently, demand in the computing power industry chain is still resilient, and the restoration of A-share technology is not over. Priority should be given to core assets with high fundamental certainty in terms of allocation, while focusing on innovative drugs and industrial metals. The industry focuses on: optical communication, servers, innovative drugs, non-ferrous metals, machinery, new energy, etc.