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CITIC Securities: AI commercialization accelerates, technology sector fluctuates and diverges

K-LinePoet
A research report from CITIC Securities notes that, at the current point in time, the AI industry is in an early stage, and the opportunities brought by AI outweigh the challenges. At the industry level, new directions and new paradigms such as video generation models, world models, and physical AI continue to emerge, and technological innovations—such as the integration of video understanding and generation, the fusion of language models and multimodal models, and models’ continuous learning—are expected to keep driving model innovation trends. It is expected that the model iteration cycle will continue to shorten; meanwhile, model companies represented by Anthropic will continue to increase ARR and will gradually expand into more high-value enterprise scenarios, including finance, law, and healthcare. Returning to the market level, looking ahead to the second half of 2026, the biggest current challenges are that global technology stock valuations are too high and positioning is overly crowded. At the same time, listings over the next half to one year—such as SpaceX, Anthropic, and OpenAI—may also create pressure on market liquidity. Therefore, considering that macro liquidity in the second half of this year may tighten at the margin compared with the second half of 2025, market performance will rely more heavily on the continued delivery and verification of results from the earnings side. As long as industry trends remain steady, if a liquidity shock triggers a valuation pullback, the opportunities created will be greater than the risks. (First Financial)
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