According to the CITIC Securities Research Report, in the latter part of the industrial super cycle, after institutional tickets peak, there is usually a round of new highs for non-institutional tickets. The current AI narrative, the position of the profit cycle, and the global monetary environment can easily restrict institutional tickets: 1. AI computing power investment is not slowing down, but market expectations for commercialization space for cutting-edge model manufacturers are being adjusted; 2. All-A non-financial profits may continue to rise in the third quarter of 2026, but the peak of year-on-year growth may occur in the fourth quarter of this year; 3. The Federal Reserve has shown a tough attitude of controlling inflation, which will create a tight macro-liquidity atmosphere at least during the year. If you look at these factors from an institutional perspective and thinking, they will undoubtedly limit the height of the market. However, if we take the perspective of short-term sentiment and chip cycles, and add the catalytic effects of the three quarterly reports, the market has the soil for active capital to attack new technologies and new topics. It is recommended to actively seize the final offensive window of the year.

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