中信证券：AI叙事只是影响了行情斜率而不是趋势 调仓思路不用刻意回避AI叙事

Core Insights - Market volatility has increased since October, but the success rate of market timing remains low due to changes in the underlying structure of incremental capital [1] - The stability of the overseas business environment and the progress of AI infrastructure investment are currently the most important variables affecting the market [1] - The rise in sectors such as TMT, non-ferrous metals, chemicals, and new energy is directly or indirectly influenced by AI narratives, with these sectors collectively accounting for over 60% of institutional holdings [1] - The strategy for portfolio adjustment should focus on selecting stocks with a rising trend in ROE rather than avoiding AI narratives, as AI narratives influence the slope of market trends rather than the overall trend [1]