As of the lunch break on September 23, the Huabao Artificial Intelligence ETF on the ChiNext fell by 2.06%, with a transaction volume of 836 million yuan. The constituent stocks showed mixed performance, with JINGJIA MICRO leading the gains, while SANGFOR led the declines. Shenwan Hongyuan Securities stated that looking ahead, their understanding of the short-term market remains unchanged, as the A-shares have not yet escaped the small-scale consolidation phase. In recent times, overseas computing power catalysis has continued, with new catalysts emerging in solid-state batteries, energy storage, and Tesla robots, but this is still insufficient to push the overall index to a higher level. At the same time, key segments of the rotating market have encountered obstacles, limiting the elasticity of high-cut low trends. The mid-term market view remains unchanged; the bull market can be slow, but it still has depth. The "double bottom area" of A-share fundamentals and capital inflows suggests that the only possibilities moving forward are "continued bottoming" and "improvement." The window before spring 2026 is more conducive to technological catalysis, while demand-side and anti-involution catalysis still need to wait; the technological momentum trend may continue. In terms of allocation, investors can first prepare for structural trends: the AI computing power industry chain's prosperity continues, and the narrative of market-driven demand in energy storage continues. In the short term, anti-involution is still inclined towards event-driven themes/price increase themes, while in the mid-term, there are optimistic revaluation opportunities in photovoltaics and chemicals
