The market focus has clearly shifted from "external emotional games" to "internal fundamental recovery"

Zhongtai Securities research report indicates that external shocks are weakening, market immunity is significantly enhanced, and the geopolitical premium brought by the US-Iran conflict is accelerating convergence. Although in the short term, there may inevitably be some fluctuations in the situation in the Middle East, the market focus has clearly shifted from "external emotional game" to "internal fundamental repair." It is recommended to focus on the following two main themes: Theme One: The AI hardware industry chain with strong capital expenditure to maintain high prosperity. We have always firmly recommended the AI hardware industry chain. Against the background of intensified global AI competition, the upward profit expectations at the molecular end are most certain and relatively insensitive to the US-Iran conflict. The focus is on optical modules, optical chips, and the communication industry. Theme Two: Sectors that were "wrongly killed" earlier. Valuations have fallen significantly compared to the beginning of the year, but sectors with good fundamentals include: industrial metals, semiconductor equipment, navigation equipment, batteries, engineering machinery and automotive components, and non-bank financial institutions in specific fields.