[CITIC Securities: AI is concentrated in Q2, and energy may gradually heat up in the future] On August 30, CITIC Securities Research Report pointed out that "structural rapid rotation" of A-shares after 2022 will be the norm. The duration of extremely high rotation speed is generally 1 to 2 months. The commonality behind high-speed rotation is insufficient breadth of earnings upward revisions and scarcity of sustainable main lines. At present, trade frictions have entered a period of high incidence, and the impact of exchange gains and losses is also amplifying. Going overseas, one of the most important performance clues for A-shares, has encountered valuation constraints, which has restricted the width of the market and easily led to a market state of rapid industry rotation. Breaking the deadlock requires new changes. Recent AI progress has strengthened the existing trend of rapid growth in computing power demand, but it is not enough to change the long-term commercialization narrative. If possible new changes such as RSI and anti-distillation appear in the future, it is expected to open up the forward valuation space. In the stage of rapid market rotation, among the main style strategies, most of the winners are the "low valuation system" strategies. However, only the PB-ROE strategy is clearly dominant in the rapid rotation environment, and the strategy return rate is further enhanced as the rotation speed increases. The momentum strategy is the most damaged strategy in the rapid rotation stage. Market opportunities under high rotation may be more reflected in the valuation restoration of performance-supported varieties. In terms of configuration, we proposed a barbell structure of "AI + energy" in our mid-term strategy. AI will be concentrated in Q2, and energy may gradually heat up in the future.