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On August 23, the momentum of economic growth in the United States is accelerating. The S&P Global U.S. Composite PMI index rose by 1.5 points in August to 56.0, the highest level since April 2022, marking the third consecutive month of growth. Meanwhile, the services PMI index increased by 2.2 points to 56.8, the highest level since March 2022. The manufacturing PMI index decreased by 0.7 points to 53.9, the lowest level in the past five months, but still remains in the expansion zone. Additionally, hiring activities across U.S. businesses, led by the services sector, increased at the fastest pace since January 2025. These data indicate that the annual GDP growth rate in the U.S. will reach +3.0% in the third quarter of 2026, compared to +1.5% in the second quarter. Artificial intelligence is driving a historic wave of growth.

CITIC Securities' research report argues that the recent adjustments in tech stocks cannot be simply attributed to high U.S. long-term bond yields. The underlying issue is the forward pricing of AI-related stocks, which involves three key narrative variables: 1) Whether the pace and scope of commercialization can keep up with market expectations; 2) Whether computational power advantages lead to market share and pricing power advantages; 3) Whether the current gap in computational power will significantly widen the future gap in AI models. The current consensus concern is the pace and scope of commercialization, with the biggest potential variable being whether 'anti-distillation' will widen the model gap in the future. As for macroeconomic factors, the U.S. Treasury's announcement of bond buybacks has a very limited impact. However, in the short term, a weaker dollar and reduced interest rate hike expectations are conducive to the convergence of K-shaped differentiation in the global market. Nevertheless, the fundamental factors causing the sustained rise in U.S. long-term rates have not changed fundamentally, and there may be continued disturbances in the near future. Under the influence of these external disturbances, the funding structure of A-shares in the short term determines that the complexity of market dynamics is increasing, and during this volatile market phase, it is essential to manage psychological expectations and avoid excessive grand narratives.

CITIC Securities' research report argues that the recent adjustments in tech stocks cannot be simply attributed to high U.S. long-term bond yields. The underlying issue is the forward pricing of AI-related stocks, which involves three key narrative variables: 1) whether the pace and scope of commercialization can keep up with market expectations; 2) whether computational advantages translate into market share and pricing power; 3) whether the current gap in computational power will significantly widen the future AI model gap. The current consensus concern revolves around the pace and scope of commercialization, with the biggest potential variable being whether 'anti-distillation' will widen the model gap in the future. As for macroeconomic factors, the impact of the U.S. Treasury's announcement to repurchase long-term bonds is very limited. However, in the short term, a weakening dollar and a reduction in interest rate hike expectations are conducive to the convergence of K-shaped differentiation in the global market. Nevertheless, the factors causing the sustained rise in U.S. long-term rates have not fundamentally changed, and there may be continued disturbances in the near future. Under the influence of these external disturbances, the funding structure of A-shares in the short term determines that the complexity of market dynamics is increasing, and during this phase of market volatility, it is essential to manage psychological expectations and avoid excessive grand narratives.