[CITIC Securities: AI computing power, although the business logic remains unchanged, the volatility is intensifying, and it is recommended to cautiously pursue higher prices] According to a report by Golden Finance on June 28th, CITIC Securities Research Report pointed out that the following factors will determine the trend of the market in the third quarter: in terms of fundamentals, AI computing power still maintains a high level of momentum, and the performance and overseas financial reports are worth paying attention to. At the same time, under the macroeconomic pressure since April, the measures to boost the economy at the Politburo meeting in July are more important; In terms of liquidity, external disturbances have increased while maintaining neutrality internally; In terms of risk appetite, geopolitical events and the listing of industry giants will cause short-term fluctuations in the market, and considering the global linkage effect of technology stocks, major overseas computing powers such as Japan, South Korea, and the United States also need to be continuously tracked. In terms of industry configuration, although the logic of AI computing power remains unchanged, fluctuations have intensified. It is recommended to cautiously pursue higher prices and layout in the event of a downturn; Lithium batteries are expected to enter the peak season, energy storage demand continues to rebound, and there are opportunities for valuation repair in the stage of new energy; Dividends are expected to rebound from oversold, and the allocation cost-effectiveness is relatively high.