[CITIC Securities: The next round of technology market launch window is likely to be in the fourth quarter] On October 9, CITIC Securities Research Report stated that the transmission of "CapEx → ROIC → EPS" in the computing power industry has been initially verified. The growth of capital expenditures from 2027 to 2028 will support the upward trend of the computing power chain's profitability and will form a solid support for the subsequent technology market. At the same time, the accelerated progress of RSI, the iteration of large versions of domestic models, and the demand for Meta Muse verification of C-side agents are pushing the market focus to extend from infrastructure investment to model capabilities, personal agents, and application monetization. The next round of technology market launch window is likely to be in the fourth quarter of 2026. It also needs to verify three conditions: marginal reversal of interest rate expectations, new narrative to build consensus, and completion of financial rebalancing. It is recommended to insist that structure is more important than position, and pay attention to structural opportunities such as Hong Kong stock model iteration, Internet platforms, hardware technology upgrades, and domestic semiconductor equipment.