TechFlow news, November 9 — CITIC Securities Research reported that since October, market volatility has increased, but timing strategies have not achieved high success rates. The underlying reason lies in the changing fundamental structure of incremental capital: the continuous inflow of stable absolute-return funds is reducing the effectiveness of traditional aggressive timing strategies. Currently, the truly important variables remain the stability of corporate overseas expansion environments and AI, involving Sino-U.S. relations and the progress of AI infrastructure investment and construction. At present, not only TMT sectors, but also non-ferrous metals, chemicals, and new energy have seen direct or indirect price increases influenced by the AI narrative. Together, these sectors account for over 60% of institutional holdings. In this context, the right approach to portfolio adjustment is not deliberately avoiding the AI narrative, but rather focusing on selecting stocks with a structurally rising ROE from its bottom level. The AI narrative merely affects the slope of the market trend, not the trend itself.
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