历史单边上涨行情中,启动较早,且较早完成一轮调整的主线,往往能够开启第二波涨幅,成为长期主线。我们认为,AI经历3-5月的调整与近两个月的缓慢抬头,满足启动再次成为主线的两个条件:1)筹码沉淀到位(拥挤度低位);2)长期逻辑仍在(资本开支指引下算力大周期持续演绎)。核心观点:历史单边上涨行情中,启动较早,且较早完成一轮调整的主线,往往能够开启第二波涨幅,成为长期主线。我们认为,AI经历3-5月的...
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