CITIC Securities: A-shares are shifting toward diversified pricing.

Bao Chengchao, chief analyst of strategy research at CITIC Securities, said that in recent years, with the transformation and upgrading of the domestic economy and the continued reform of the capital market, the investment value of A-shares has gradually increased. From a fundamental perspective, the A-share market is currently in an upward profit cycle, listed companies' performance continues to be delivered, and the prosperity of sectors such as finance, innovative drugs, new energy, nonferrous metals, and chemicals has improved significantly, with the market shifting from being driven by a single main line to diversified pricing. From the perspective of industrial trends, global AI capital expenditure is still in an expansion phase, and the domestic AI industry chain is globally leading in computing power, models, and applications.