Behind the Second Adjustment of Tech Stocks

CITIC Securities believes that the real core behind the adjustment of tech stocks is the dispute over the forward pricing of AI stocks: whether the pace of commercialization can match expectations, whether computing power advantages can be converted into pricing power, and whether "anti-distillation" technology can reshape model barriers—three variables remain unresolved. The impact of long-term Treasury buybacks in the U.S. is limited, and upward pressure on long-end rates has not subsided. A-share private equity positions hit a new high for the year, with optimistic market expectations already largely priced in. Amid a volatile landscape, be wary of grand narratives and gradually rebalance positions toward assets with certainty.