CITIC Securities: Market correction is nearing its end.

CITIC Securities released a research report stating that global macro liquidity has already shown a tightening trend, and the extreme style of technology leading global stock market gains has shown signs of loosening, with global stock market volatility likely to amplify in the future. In this round of adjustment, the rapid increase in supply of AI-related long-term bonds and the repricing of credit risk have reinforced each other, making market concerns about the scope for AI commercialization more explicit. If the AI investment cycle turns downward, long-end US Treasury yields will decline in tandem, and domestic-demand assets represented by Hong Kong stocks may attract more capital attention; when technological rivalry intensifies and there are concerns about external demand, Chinese assets will instead, in a weaker environment, continue to increase attention to pure domestic-demand names, especially Hong Kong stocks.