According to CSI, the US Federal Reserve policy is expected to change in the near future in parallel with the A share of the capital, and some of the non-AI blocks that were squeezed by AI in the previous period are under increasing repair conditions.

According to the article, over the past period there has been a marked segmentation of the market, with AI-related assets continuing to win, while non-AI blocks have been suppressed by strong United States dollars, high interest rate expectations and risk bias. As inflation and employment data in the United States changed, the market pre-set for the continued falconization of the Federal Reserve began to loosen, with the return on the United States debt and the dollar index falling, and extreme austerity was expected to cool down.

The Fed expects to return.

According to CSI, the market is re-evaluating the Federal Reserve policy path, instead of placing interest rates on a unilateral note. The report mentions that some inflation indicators show relatively moderate trend pressures and that employment data in June have reinforced the judgement of the labour market to cool.

Against this background, the pre-period strong dollar and high interest rate factors, which were suppressed by non-AI block valuations, eased. According to the article, this helped to move the market style from extreme AI transactions to a more balanced structure.

Within the AI chain, re-evaluation begins.

The article also mentioned that recent actions by Meta in connection with Iaas had triggered market disputes, reflecting the low tolerance of current funding for negative AI messages. CSI judged that the event had a limited impact on AI ' s own calculus, but revealed that the market ' s sensitivity to the commercialization and distribution of profits in the AI industrial chain was increasing.

It was reported that discussions among North American AI application manufacturers around token costs were also warming. As the hardware chain has clearly won a large technology unit, the distribution of upstream and downstream revenues within the AI plate is becoming an important point of view for the next phase.

Fonzie ETF redeems or reduces pressure

It is expected that the net outflow pressure of the A-Branch-based ETF in the second half of the year will be significantly slowed, which will become a significant change at the market liquidity level. The first half of the year was continuously redeemed, while the industry and the theme ETF maintained a net requisition, with a distinct financial structure.

  • Over the last three weeks, there has been a series of purges of 300 ETFs at the main depth.
  • In the first half of the year, the QuikiETF accumulated acquitted about 1.86 trillion yuan.
  • ETF net requisition for the same period

The article argues that the financial pressure would have been eased if the pressure on the FETF was reduced in the second half of the year and if the non-AI block for incremental funding was not available in the preceding period.

Focus on performance-based directions

The CSI indicates that the "AI+able" structure is maintained in configuration, but preference begins to shrink in the direction of stronger supply constraints and relatively low valuations. In the AI chain, the cloud manufacturer, storage and part of the lower-middle and lower-middle links are considered.

In the non-AI direction, the report refers to sectors such as electricity, chemical, colour, voucher and innovation, and considers that some of these varieties have the characteristics of both low valuation, performance or adequate pre-positioning, and may benefit from rebalancing the second half of the year with market style.