CITIC Securities: The overall risk of the current technology zone in US stocks is relatively limited.

On August 21, Jin10 Data reported that due to the combined impact of macroeconomics, elections and other factors, the technology zone of US stocks has fluctuated significantly in the past month, and market concerns have intensified accordingly. Under the assumption of soft landing benchmark in macroeconomics, combined with our analysis of the GenAI technology wave and the valuation level of the technology zone and weighted individual stocks of US stocks, we believe that the overall risk of the technology zone of US stocks is relatively limited, and the high fluctuation in the market mainly comes from excessive concerns about the macro level, aversion to uncertainty of the election, and crowded trading structures in the early stage. Reasonable valuation is one of the most important guarantees for the market. Excluding individual weighted stocks, the overall valuation of the technology zone of US stocks is in a reasonable period, and with the steady performance cycle of the zone, we continue to maintain an optimistic outlook for the next 6-12 months.