CITIC Securities: External risks are controllable, focusing on three main sectors: AI computing power, coal, and coal chemical industry.

CITIC Securities believes that the US-Iran negotiations are currently stuck in a repeated tug-of-war, with oil prices fluctuating and rising back above $105. While this could be a persistent market disturbance factor, the tail risk of losing control and worsening sharply is relatively limited, and the A-shares market has also become somewhat desensitized to geopolitical fears. The performance of the AI computing power sector has experienced some disturbances, but from a horizontal perspective, it still belongs to a scarce high-growth sector. The market performance after the earnings reports also reflects the transition of the AI computing power industry from a “theme concept” to a “performance realization” stage. In an environment of scarce prosperity, market funds tend to concentrate on high-growth tracks. Overall, the current market is in a critical window for prosperity verification, focusing on three main logical lines: AI computing power sector, energy security sectors such as coal and coal chemical industry, and midstream manufacturing, especially new energy sectors. Industry key focuses: AI computing power (semiconductors, optical communications, etc.), oil and gas production, coal, coal chemicals, power equipment, machinery equipment, etc.