【中信证券：产业趋势仍然向上，节奏有所放缓】中信证券研报称，将行情划分为北美AI链、对非美市场出海和内需三条业绩线索：1）对北美AI链而言，经过半个月的修复，涨价链条的赔率明显下降，近期AI叙事上有一些边际变化，但尚不足以带动整个板块重估，还需要耐心等远期新叙事的出现；2）对非美市场出海而言，中欧贸易争端在未来一段时间可能会继续焦灼，压制不少高端制造板块估值，同时临近半年报密集披露期，汇兑损失的影响亦不容小觑；3）对于纯内需品种，国产算力景气相对优势明显，但考虑到估值对于远期叙事的乐观反映，板块资金情绪或无法独立于北美AI链。整体而言，不少板块的产业趋势仍然向上，但制约估值扩张的因素在增多，上行节奏可能放缓，二季度动辄翻倍的情况在十年维度上都极为罕见，投资者需要回归合理预期回报。市场机会或将更多体现为具备业绩支撑品种的估值修复，后续市场降波的过程也是筹码结构优化、优质资产被重新定价的过程，为中长期行情的延续夯实基础。
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