According to a research report from CICC, the recent trends in the AI market have exhibited a pattern of diffusion, highlighting the need to focus on the re-evaluation of upstream "shovel sellers". Since the start of this year, the A-share market has shown notable structural trends, with the technology-driven ChiNext and STAR 50 indexes performing robustly, surging by 30.9% and 51.2%, respectively. The AI industry chain has emerged as the central theme.

Since the second quarter, there has been an increase in volatility within the AI sector. Previously leading segments such as semiconductors, optical modules, and PCBs have reached historically high levels of trading congestion. Lately, the market trend has gradually spread to upstream AI raw materials and infrastructure sectors, which have experienced lower levels of congestion. Sub-sectors like minor metals, electronic fabrics, and optical fibers have been performing admirably.

CICC believes that, given the ongoing and intensifying trends in the AI industry, the current market trend is more likely to be characterized by style diffusion rather than a comprehensive shift in market style. Therefore, certain sub-sectors in the upstream of the AI industry chain warrant attention.