The research report is quite practical. The K-shaped divergence is inherently narrative-driven. Now that the Federal Reserve's tone has softened, non-AI sectors can finally catch a breath. It just depends on whether their earnings can sustain that breath.

CITIC Securities research report states that K-shaped divergence is reinforced by narratives, and narrative swings leading to volatility and convergence are normal. Two marginal changes: first, the global monetary environment narrative shifts, the Federal Reserve's policy stance is being more comprehensively reviewed, the tightening and strong dollar narrative retracts, and sentiment in non-AI sectors recovers; second, AI industry trend news sparks controversy, the market has low tolerance for negative AI information, and downstream needs richer commercial monetization to support upstream investment. It is also expected that the outflow pressure on A-share broad-based ETFs will significantly ease, coupled with the correction of the rate hike narrative, which may catalyze a recovery in non-AI sectors with earnings support.