CICC Fund Management: The long-term uncertainty of the AI computing power industry chain is constantly increasing.

Guotai Junan Securities recently stated that the current valuation of the CSI TMT Index has reached historical highs, and the overall potential risks in the sector are accumulating. At this stage, investment operations need to pay more attention to risk prevention. As some hot tracks are gradually becoming crowded, future investment strategies should be more cautious, carefully weighing risk and return ratios, and focusing on exploring bottom assets with sufficient odds and structural opportunities catalyzed by cutting-edge technological innovation. With the significant rise in the AI computing power industry chain, the market's growth expectations for 2027 are gradually being priced in. Future performance growth will heavily rely on sufficient AI commercial revenue realization and continuous financing support, while long-term uncertainties are constantly increasing. Therefore, handling positions in the computing power sector in the future needs to be more cautious, strictly controlling the risk-return ratio, and avoiding blindly chasing highs.