According to the Huatai Securities Research Report, global AI asset performance differentiation has intensified since mid-September. Overall, the market's focus is shifting from “demand certainty” to “return elasticity,” and capital expenditure may no longer be a single pricing anchor for AI assets. In terms of allocation, short-term upward pressure on global interest rates is still a core constraint on the AI asset denominator side. As the second-order trend in the AI industry approaches a phased inflection point, the market's demand for certainty on the molecular side may rise significantly before the new narrative emerged. Currently, AI trading may move from the extensive beta of “heaping computing power” to the alpha stage of “deterministic stock selection along bottlenecks and cash flow”. It is recommended to focus on PCBs, servers, liquid cooling, power supplies, etc. with high visibility in the three-quarter report, and continue to avoid pure themes and overvalued varieties.

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