The CITIC Construction Investment Research Report points out that in this round of adjustments, capital fluctuations have increased again, leveraged capital has continued to flow out, and the possibility that the subsequent market decline will accelerate due to passive deleveraging has increased, and it is becoming particularly critical for market stabilization capital to continue to play a supporting role. The technology sector continues to be characterized by high volatility. The current round of adjustments in the technology growth sector has reached an extreme level in history in terms of both magnitude and speed. It also means that short-term selling pressure may have been fully released, providing room for a technical rebound. Considering that the technology sector's performance growth rate in the third quarter was generally good, and fundamentals are still supported, the market is expected to usher in a round of technical rebound after the pessimism is fully expressed, but this is more of a restorative nature after a fall, rather than a reversal of the trend. In the medium term, it is still constrained by factors such as financial chips, overseas interest rate hikes, and geopolitics. Until the above factors are substantially mitigated, the medium-term trend in the technology sector will continue to be dominated by shocks. Short-term industry allocation ideas, use definitive dividends to lock in bottom positions, use a light-chip structure to wait for style rebalance, and use real assets to hedge against both inflation and geopolitical risks. The industry focuses on: banking, non-banking, utilities, coal, petroleum, oil transportation, basic chemicals, pig breeding, AI industry chains, etc.

The CITIC Construction Investment Research Report points out that in this round of adjustments, capital fluctuations have increased again, leveraged capital has continued to flow out, and the possibility that the subsequent market decline will accelerate due to passive deleveraging has increased, and it is becoming particularly critical for market stabilization capital to continue to play a supporting role. The technology sector continues to be characterized by high volatility. The current round of adjustments in the technology growth sector has reached an extreme level in history in terms of both magnitude and speed. It also means that short-term selling pressure may have been fully released, providing room for a technical rebound. Considering that the technology sector's performance growth rate in the third quarter was generally good, and fundamentals are still supported, the market is expected to usher in a round of technical rebound after the pessimism is fully expressed, but this is more of a restorative nature after a fall, rather than a reversal of the trend. In the medium term, it is still constrained by factors such as financial chips, overseas interest rate hikes, and geopolitics. Until the above factors are substantially mitigated, the medium-term trend in the technology sector will continue to be dominated by shocks. Short-term industry allocation ideas, use definitive dividends to lock in bottom positions, use a light-chip structure to wait for style rebalance, and use real assets to hedge against both inflation and geopolitical risks. The industry focuses on: banking, non-banking, utilities, coal, petroleum, oil transportation, basic chemicals, pig breeding, AI industry chains, etc.