CITIC Securities: Fund clustering is becoming the market norm, scarcity of AI computing power continues.

According to the research report from CITIC Securities, in a macro environment of high growth scarcity, the phenomenon of fund pooling is evolving from a stage of trading into a long-term market norm, with the driving force shifting from style rotation to "certainty of earnings growth." The research indicates that AI computing power is scarce due to high technological barriers and supply-demand tension, and this scarcity pattern will continue, making it difficult to repeat the oversupply old path in the new energy industry. However, as funds are in a feedback loop, the market urgently needs participating funds, and the inflow of individual investors' funds is still full of expectations. Investors should focus on the realization of earnings and the pace of capacity deployment, while also being alert to signals of peak capital expenditure. Additionally, the analysis suggests that there is still significant room for improvement in the concentration of profits among leading A-share companies.