金吾财讯 | 中信建投证券研究指，市场短期仍将围绕“震荡再平衡”展开，指数预计有望延续W型底部构筑过程。配置层面，AI 仍是中长期增长主线，同步推进结构再平衡。短期需保持战略定力，耐心等待海外去杠杆进度、财报验证及新指引等不确定性因素出清，再行提升科技主线风险敞口。在方向选择上，优先关注上游材料设备与国产算力等业绩和订单确定性强、利润兑现能力高的环节。同步推进结构再平衡，兼顾具备基本面支撑、估值修复弹性较大的低位领域，稳步优化结构布局。行业重点关注：AI(上游材料设备、国产算力等)、中游制造出口链(新能源、机械、船舶等)、上游资源与红利防御等。风险提示：政策落地不及预期；中东地缘局势恶化风险；美股波动超预期。
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