CITIC Securities: The current risk is released in advance to re-allocate class A shares/Hong Kong stocks at the end of the year, and the opportunity to lay out in 2026

CITIC Securities Research Report pointed out that the fluctuation of global risk assets is ostensibly a liquidity problem, and the essence is that risk assets are too dependent on the single narrative of AI. When the pace of industrial development cannot keep up with the rhythm of the secondary market, appropriate valuation revisions are also a way to mitigate risks. On Thursday night, Beijing time, the release of US non-farm payrolls data and the downward revision of the Federal Reserve's interest rate cut expectations during the year triggered the revision of high asset valuations. The market's anxiety about the sustainability of AI infrastructure in North America was also amplified by the expectation of a delay in interest rate cuts. The expansion of AI commercialization scenarios, cost-side hardware concessions, and rising financial stability risks forcing the Federal Reserve to cut interest rates earlier may all break the current impasse. Before that, for class A shares, the steady return-oriented absolute income funds continued to enter the market to enhance the inherent stability of the market, and under the increasing number of incremental funds based on the left-hand stable capital ecosystem, class A shares/Hong Kong stocks may be more like US stocks in the future. For investors who need to increase their rights, the early release of the current risk has given the opportunity to re-allocate class A shares/Hong Kong stocks at the end of the year and lay out 2026.