CITIC Securities says after last week's broad rally the market rotated into high-level, differentiated consolidation, marking a second style switch. The Shanghai Composite fell as formerly defensive large-cap blue chips weakened; the ChiNext Index rose against the trend while STAR 50 and Beijing 50 softened. Earlier leaders in nonferrous metals gave back the most ground; only communications outperformed, supported by overseas validation of the compute-power chain. Average daily turnover slipped

CITIC Securities says after last week's broad rally the market rotated into high-level, differentiated consolidation, marking a second style switch. The Shanghai Composite fell as formerly defensive large-cap blue chips weakened; the ChiNext Index rose against the trend while STAR 50 and Beijing 50 softened. Earlier leaders in nonferrous metals gave back the most ground; only communications outperformed, supported by overseas validation of the compute-power chain. Average daily turnover slipped to CNY 2.35 trillion; incremental flows rotated into bond ETFs for hedging, and a rebound from low levels is still building. Based on catalysts and timing, compute-power technologies, micro-cap crossovers, new power-supply architecture and lithium batteries are likely to heat up; CITIC Securities recommends focusing on these four themes given the market environment, catalysts and composite quant indicators.