CITIC Securities: Enthusiasm for AI downstream, Changxin’s industrial chain, brokerage firms, and pharmaceutical & biotech themes may heat up.

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CITIC Securities research report said that last week market volatility intensified, broad-based indices continued to weaken, and high-end technology themes that had posted sizable gains earlier saw a concentrated deep pullback. Short-term panic selling was released in clusters, and the rotation pace in the market accelerated further. Existing capital began large-scale reshuffling across sectors and in both high- and low-position within themes, significantly amplifying structural style migration. Funds continued to flow sharply out of high-end small-cap stocks lacking earnings support, while reallocating to high-dividend defense and lower-position consumer and healthcare/pharmaceutical risk hedges. Judging from catalytic factors and timing, enthusiasm for AI downstream, the ChangXin industrial chain, brokerages, and pharmaceutical and biological sectors is expected to heat up. Combining the market environment, catalysts, and comprehensive quantitative indicators, it is recommended to focus on the four major theme directions mentioned above.
CITIC SEC-2.80%
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