野村策略师：动能股年底拉回是正常现象，也是健康的调整

Group 1 - The core viewpoint is that the pullback of momentum stocks at the end of the year is a normal and healthy adjustment, as investors are applying stricter standards to evaluate AI investments [1] - The AI investment theme is transitioning from a capital expenditure frenzy in its "childhood" phase to a more turbulent and mature "adulthood" phase, leading to a more pragmatic assessment by the market [1] - Investors are now scrutinizing AI companies' balance sheets, potential return on investment, possible gross margin compression, and energy bottleneck issues, indicating a healthy shift in investment evaluation [1]