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China Merchants Securities: After the short-term shock, focus on the dual main lines of tech recovery and interim report performance.

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Mars Finance News, China Merchants Securities released a research report stating that after the short-term shock, attention should be paid to the dual main lines of technology recovery and interim report performance. The significant market adjustment caused by Meta's sale of computing power is not a signal of excess computing power, but an inevitable choice to improve asset returns during the high capital expenditure phase. The industry is currently moving from pure Capex expansion to the ROIC verification phase, rather than entering a phase of excess computing power. The current market adjustment is mainly due to the large short-term gains in the broad computing power sector, combined with leveraged funds amplifying volatility, and pessimistic narratives easily trigger short-term negative fund feedback in the market. The previous multiple AI bubble theories and Apple price increases are all similar scenarios. However, after the liquidity shock, the firm believes that the AI industry trend has not been falsified, the supply-demand gap for storage chips remains unchanged, the price increase of MLCC remains unchanged, the gap for indium phosphide remains unchanged, and the technology direction is expected to recover. In addition to the technology direction, one can also moderately pay attention to directions where interim report performance and stock prices are mismatched. (Cailian She)
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