Zhongtai Securities says the mid–late August pullback began as expected; the
market retraced after a rally, volumes fell and stabilized. It maintains a
mid‑term view that the market should strengthen again in September. The
correction offers a right‑side buying opportunity; allocation focus remains on
technology manufacturing and nonferrous metals. Mid‑term recommendations:
increase exposure to STAR 50, nonferrous metals and gold. In September, if AI
revenue concerns ease and Fed rate expectations improve, STAR 50 may see a trend
recovery. Short‑term defensive preferences are power equipment and energy &
chemical manufacturers; thematic focus on edge AI and AI applications with
existing commercialization paths. Be cautious on overseas compute capacity until
end‑of‑month model releases and revenue data validate demand.
