[CITIC Securities: Style Rebalancing Has Begun, Focus on Directions with Clear Performance Logic in Allocation] Golden Finance reported that on June 14, CITIC Securities' strategy pointed out that the recent cooling of the technology sector may be related to the imminent listing of Changxin Technology and the slowdown in ARR growth of overseas model factories. The market is concerned about two things: first, the listing of Changxin Technology might cause a significant short-term liquidity shock to the domestic technology sector, prompting preemptive sell-offs; second, the commercialization speed and potential of model factories may face downward revisions. Additionally, macro-level concerns are accumulating. Despite frequent media reports suggesting that the U.S. and Iran are close to reaching a ceasefire agreement, Iran's recent assertive stance seems to indicate its intention to use this opportunity to reshape its geopolitical position and influence in the Middle East. Regardless of whether the U.S.-Iran agreement can be quickly finalized, its impact on the market differs from that of April-May: if finalized, the recovery of global industrial production will alter the persistent weakness in non-AI sectors, leading to short-term corrections in K-shaped divergence; if prolonged, rising inflation and tightening expectations could negatively affect sentiment in overseas technology-related sectors. In the A-share market, as the pace of large-scale sell-offs slows and selling pressure weakens, the capital flow has begun to stabilize, and non-hot sectors are starting to recover. CITIC Securities believes that style rebalancing has indeed begun, but allocation should still focus on directions with clear performance logic rather than switching for the sake of switching.