中信证券：调仓尽量选择ROE底部向上趋势性抬升的品种

Group 1 - The core viewpoint of the article is that since October, market volatility has increased, but the success rate of market timing has not improved due to changes in the underlying structure of incremental capital, with stable absolute return funds entering the market reducing the effectiveness of traditional aggressive timing strategies [1] - The current important variables affecting the market are the stability of the corporate overseas environment and the progress of AI infrastructure investment, which are closely related to Sino-U.S. relations [1] - The TMT sector, along with non-ferrous metals, chemicals, and new energy, has seen price increases directly or indirectly influenced by AI narratives, with these sectors collectively accounting for over 60% of institutional holdings [1] Group 2 - In this context, the strategy for portfolio adjustment is not to deliberately avoid AI narratives but to select stocks with a trend of rising ROE from the bottom, indicating that AI narratives have influenced the slope of market trends rather than the overall trend itself [1]