中信建投：AI算力虽景气逻辑不变但波动加剧，建议谨慎追高

Odaily Odaily reported that a research report from China Securities Co., Ltd. indicated that the following factors will determine the trend of the third quarter market: In terms of fundamentals, AI computing power maintains a high level of prosperity, with interim reports and overseas financial results worthy of attention. Meanwhile, given the macroeconomic pressure since April, the stimulus measures for the economy from the July Politburo meeting are particularly important. Regarding liquidity, external disturbances are increasing while the internal environment remains neutral. In terms of risk appetite, geopolitical events and listings of major industry players will cause short-term market fluctuations. Considering the linkage effect of global tech stocks, key overseas computing power markets such as Japan, South Korea, and the US also require continuous monitoring.

For industry allocation, although the fundamental logic for AI computing power remains strong, volatility is increasing. It is recommended to be cautious about chasing highs and to position during pullbacks. The lithium battery sector is expected to enter its peak season, energy storage demand continues to recover, and new energy presents opportunities for valuation recovery. Dividend stocks are likely to stage a rebound from oversold levels, offering good allocation value. Key sectors to watch include: banking, coal, public utilities, AI, optical modules, storage, chips, industrial metals, and lithium battery materials (VC). (Jin Shi)