CITIC Construction Investment released a research report stating that this week the market has further switched from early small-market growth to small-market value and procyclical direction. Agriculture, forestry, animal husbandry and fishing, coal, non-bank finance, trade and retail, basic chemicals, social services, and petroleum and petrochemicals performed ahead, with significant adjustments in communications, power equipment, and pharmaceuticals; concepts such as Huawei, new energy vehicles, data centers/AIDC, energy storage, artificial intelligence, rural revitalization, chips and robots are still highly active. AI is still the main line of the mid-term boom, but fluctuations in high-computing power hardware increased. In the middle of the week, it was catalyzed by overseas AI performance. Memory chips, PCBs, CPO, etc. were quickly repaired, and prices of core products were still rising recently. In the future, more attention was paid to delivering results and switching between high and low. The popularity of agriculture has increased markedly with the support of food security and rural revitalization policies; the “15th Five-Year Plan” for coal strengthens the energy security and supply system, compounding the strengthening of resources such as chemicals, steel, oil and gas, etc., and the procyclical direction became an important increase this week. The new energy concept is still active, but the sector's performance is weak, reflecting more internal rotation; the popularity of innovative drugs has declined in the short term, and the policy logic of BD has not changed in the medium term.

CITIC Construction Investment released a research report stating that this week the market has further switched from early small-market growth to small-market value and procyclical direction. Agriculture, forestry, animal husbandry and fishing, coal, non-bank finance, trade and retail, basic chemicals, social services, and petroleum and petrochemicals performed ahead, with significant adjustments in communications, power equipment, and pharmaceuticals; concepts such as Huawei, new energy vehicles, data centers/AIDC, energy storage, artificial intelligence, rural revitalization, chips and robots are still highly active. AI is still the main line of the mid-term boom, but fluctuations in high-computing power hardware increased. In the middle of the week, it was catalyzed by overseas AI performance. Memory chips, PCBs, CPO, etc. were quickly repaired, and prices of core products were still rising recently. In the future, more attention was paid to delivering results and switching between high and low. The popularity of agriculture has increased markedly with the support of food security and rural revitalization policies; the “15th Five-Year Plan” for coal strengthens the energy security and supply system, compounding the strengthening of resources such as chemicals, steel, oil and gas, etc., and the procyclical direction became an important increase this week. The new energy concept is still active, but the sector's performance is weak, reflecting more internal rotation; the popularity of innovative drugs has declined in the short term, and the policy logic of BD has not changed in the medium term.