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CITIC Securities: The computing power sector has not yet reached the standard for a medium-term major shift, mainly due to short-term rebalancing needs.

MarsBitNews
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According to Mars Finance News, CITIC Construction Investment pointed out that over the past two weeks, the computing power sector staged a major rally, but volatility has increased. Stronger regulation, profit-taking by funds, and major adjustments to the US–Korea AI industrial chain have all raised market concerns about whether there will be a trend-level shift, with funds broadly rotating into low-valuation sectors. CITIC Construction Investment believes that the core contradiction behind the heightened volatility in the computing power sector lies in the fact that the industry fundamentals have absolute advantages while the trading structure is absolutely crowded. Judging from the fundamentals, valuations, and the overall trading structure, the current situation has not yet reached the standard for a mid-term, large-scale switch; it is mainly driven by demand for short-term rebalancing. The subsequent market turning point depends on changes in the valuation center and signals that the fundamentals are converging: first, the growth pace of the computing power sector’s own fundamentals slows down; second, the fundamentals of other industries show a clear improvement. In the short term, the market may open sharply lower and then stabilize quickly overall, generally exhibiting a rotational pattern of “tech down, defensives up.” Looking at the medium term, once overseas technology stocks stabilize, investors can continue to build positions in the computing power segment through internal rotation; for other improving cyclical signals, pay attention to coal and industrial metals.
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