CITIC Securities says global tech deleveraging largely ended in late July, enabling overseas tech to recover first as macro constraints eased and industry momentum was validated; market pricing has shifted from liquidity toward fundamentals. A-share tech lags due to trade crowding and financing pressures from prior rapid gains, not a reversal of industry trends. History shows funding structure affects rhythm while mid‑term direction is set by earnings realization. Compute-industry chain demand r

CITIC Securities says global tech deleveraging largely ended in late July, enabling overseas tech to recover first as macro constraints eased and industry momentum was validated; market pricing has shifted from liquidity toward fundamentals. A-share tech lags due to trade crowding and financing pressures from prior rapid gains, not a reversal of industry trends. History shows funding structure affects rhythm while mid‑term direction is set by earnings realization. Compute-industry chain demand remains resilient and the A-share tech repair is ongoing. Recommended positioning: prioritize core assets with high fundamental visibility; monitor innovative drugs and industrial metals.