CITIC Securities 2027 Technology Stock Investment Strategy: Technology Stock Valuation Has Reached a Low Point, Grasp the New Opportunities of Technological Breakthroughs and Application Diffusion

CITIC Securities released the 2027 technology stock investment strategy, noting that the current valuation of the ChiNext market has returned to the lows of the 2017-2018 and 2023-2024 Federal Reserve hiking cycles. Once the 2027 rate hike expectations reverse, financing costs decline, model capabilities break through, and new applications drive ARR growth, the A-share technology sector will have significant recovery potential. The certainty of AI applications is increasing, with new opportunities emerging in AI film and television, AI4S, and enterprise AI. Domestic computing power and storage expansion will bring alpha opportunities.