Recently noticed an interesting signal - the madness of the AI zone may be coming to an end.

The research report released by Zhongjingang mentioned how fervent everyone's pursuit of AI was during the third quarter of last year. The crowding was at its peak. But now, after the high in September, it has clearly loosened, and trading activity has dropped to a relatively low level. In simple terms: those who should have run have run, those who should be observing are observing, and the short-term risk of a stampede has basically been completely released.

Does this mean it's time to buy the dip? Not exactly.

From a long-term perspective, the ceiling for AI in this sector is high, the technology continues to advance, and the application scenarios are expanding. China International Capital Corporation (CICC) hasn't changed this judgment. However, the short-term situation is a bit subtle—models show that the current market prefers value stocks. As the year-end approaches, institutions are managing their risk exposures, and funds are naturally flowing towards defensive assets. We are currently experiencing a style switch between high growth and low valuation.

So the strategy has to be a bit twisted: keep an eye on AI for the long term without letting go, and also leave some room for the value zone in the short term. Don’t throw away all your chips just because of short-term fluctuations, but also don’t stubbornly cling to growth stocks. The market's rhythm has changed, and you need to adjust accordingly.

In short, the story of AI is far from over; it’s just not the right time to chase highs now. A cooling-off period is often a good time to lay out your plans—provided you can tell what a pullback is and what a reversal is. At this position, it’s at least less crowded now.