CICC: The market has entered a consolidation period, and the main logic of AI computing power is still there

According to Jinshi data, CITIC Construction Investment Research Report pointed out that the market fell for three consecutive days from September 2 to 4, and the slow bull market entered a consolidation period for the first time. The main reason is that market trading was overheated in late August, and the concentration of funds in the TMT sector led to a deterioration in the trading structure. Important activities at the beginning of the month and expectations of the Federal Reserve's interest rate cut were close to being fulfilled, and risk appetite decreased. Statistics show that the index pullback is relatively mild under the background of slow bull, with a long consolidation period, showing a trend of volatile recovery, and the market has switched high and low. During the consolidation period, risk appetite decreased, and the dividend sector continued to be retained as a bottom position. The core logic of AI computing power has not been falsified, and the track direction of the previous growth rate is behind but the economic logic is still there.