Zhongtai Securities(SH:600918) Mei Ri Jing Ji Xin Wen·2025-11-24 07:42Core Viewpoint - The current technology market is not yet over, with expectations for continuation after a short-term correction, primarily due to the low likelihood of a fundamental reversal in the AI industry in the US stock market [1] Group 1: US Market Insights - AI industry leaders continue to show strong performance growth, providing a positive outlook for A-share companies [1] - Share buybacks by US-listed companies are significantly offsetting institutional selling pressure, contributing to market stability [1] - The potential for high volatility and internal clearing at the individual stock level exists, but a systemic collapse similar to the 2000 tech bubble is unlikely [1] Group 2: A-share Market Outlook - The current stage of the AI sector in the A-share market corresponds to the period from 2023 to 2024 in the US, where funding is shifting from hardware to applications [1] - The hardware infrastructure phase has been fully realized, while the equipment and materials sectors are beginning to develop, and the application layer is just starting [1] - The domestic economy appears to be in a recovery phase, with ongoing support for technology narratives centered around artificial intelligence [1] Group 3: Investment Recommendations - It is suggested to focus on representative broad-based ETFs, particularly the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), to better navigate the anticipated high volatility in the market [1]