中信证券：AI叙事相关板块已占机构持仓六成

Core Insights - The report from CITIC Securities indicates that 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 identified as crucial variables impacting the market [1] Group 1: Market Trends - The report highlights that not only the TMT sector but also non-ferrous metals, chemicals, and new energy sectors have seen price increases influenced directly or indirectly by AI narratives [1] - These sectors collectively account for over 60% of institutional holdings, suggesting a significant impact on investment strategies [1] Group 2: Investment Strategy - The recommended adjustment strategy is not to deliberately avoid AI narratives but to select stocks with a rising trend in return on equity (ROE) from a low base [1] - AI narratives are seen as affecting the slope of market trends rather than the overall trend itself [1]