According to the September technology sector investment strategy released by CITIC Securities, the disclosure of the global technology stock interim report is gradually coming to an end. Whether it is the revenue and orders of the US stock CSP and Neocloud, the CAPEX ROIC and Nvidia interim report's guidance on revenue growth in the 2028 fiscal year, or the sharp increase in second-quarter performance of A-share leaders such as SMIC and Changxin Technology, it has been fully proven that there is no systemic “excess computing power.” Looking ahead to the future market of technology stocks, although EPS performance is still strong, it is still facing a series of valuation suppression factors such as fluctuations in US interest rate hike expectations, higher long-term bond interest rates, and the impact of the Anthropic listing on US stock liquidity. The AI sector as a whole still shows the characteristics of “strong reality and weak expectations”. The overall sentiment still needs to wait for new narratives such as AI4S, enterprise-level AI, and RSI to become more clear and forge consensus. The subsequent market is expected to return to a stage where new narratives such as AI4S, enterprise-level AI, and RSI drive marginal pricing. Looking ahead to September, the iteration of new models, the progress of major overseas model IPOs, and the expansion of semiconductor production are still the most important narrative catalysts in the technology sector. Meanwhile, the September 3rd CyberCab press conference is also expected to regain the market's focus on physical AI. In terms of configuration, adhere to the rebalance of hardware and software/cloud, expansion chain+technology upgrade chain > price increase chain, structure over position: focus on leading Internet companies with rich AI application ecosystems and accelerated cloud business, the hardware sector is first promoting semiconductor devices that are still gaining momentum, followed by domestic storage and advanced foundry leaders with good performance and reasonable valuation, and Daguang; on the topic, focus on opportunities in new application directions such as autonomous driving/physical AI, AI skits/comics, FDE, and enterprise-level AI brought about by the launch of CyberCab.

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