According to the CITIC Securities Research Report, in July 2026, the strong cross-market market driven by AI hardware showed a high level of differentiation. The pharmaceutical, consumer, real estate and other industries in the Greater China and South Korea markets recovered, but did not form a consistent market across markets; from a stylistic perspective, all major stock markets experienced a significant decline in momentum and restoration of undervaluation. We believe that the market performance in July was due to the concentrated cooling of trend transactions driven by AI hardware in the early period, and capital was shifting to targets with lower valuations and limited previous increases. Considering that the AI industry is still booming and has not formed a consistent mainstream market other than technology and hardware, we think it is not enough to confirm the reversal of medium- to long-term industry and style trends.

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