CSI: AI IS CENTRALIZED IN Q2 AND ALLOWS FOR A POSSIBLE NEXT STEP-UP WEN

CSI NOTES THAT AI'S APPLICATION IN Q2 IS CENTRALIZED AND THAT THE ENABLING AREA IS LIKELY TO WARM UP. THE REPORT ANALYSES THAT AFTER 2022, THERE WAS A “STRUCTURAL RAPID ROTATION” OF THE A STOCK MARKET, WITH EXTREMELY HIGH ROTATION SPEEDS GENERALLY LASTING BETWEEN ONE AND TWO MONTHS, WITH THE COMMONALITY BEHIND IT BEING INSUFFICIENT PROFIT-MAKING BREADTH AND SCARCE SUSTAINABLE MAIN LINES. AT PRESENT, THE IMPACT OF EXCHANGE GAINS AND LOSSES IS BEING AMPLIFIED BY TRADE FRICTIONS AT A HIGH LEVEL, AND SEA-TO-SEA AS ONE OF THE MOST IMPORTANT PERFORMANCE CLUES FOR UNIT A IS SUBJECT TO VALUATION CONSTRAINTS THAT LIMIT THE BREADTH OF THE SITUATION AND TEND TO CREATE A RAPIDLY ROTATING MARKET FOR THE INDUSTRY. BREAKING THE DEADLOCK REQUIRED NEW CHANGES, AND RECENT PROGRESS IN AI REINFORCED THE FAST-GROWING TREND IN COMPUTING DEMAND, BUT WAS INSUFFICIENT TO CHANGE THE NARRATIVE OF COMMERCIALIZATION IN THE LONG TERM. IN TERMS OF CONFIGURATION, THE REPORT PROPOSES A “AI+ABLE” BELL STRUCTURE, WHICH IS CENTRALIZED IN Q2 AND ALLOWS FOR A POSSIBLE GRADUAL WARMING。